Massmutual Premier Funds NPORT-P MassMutual Core Bond Fund (Jun 2021 report)

MassMutual Short-Duration Bond Fund —  Portfolio of Investments

June 30, 2021 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 98.9%
CORPORATE DEBT — 52.9%
Agriculture — 1.5%
BAT Capital Corp.
4.700% 4/02/27	$	1,750,000	$	1,978,450
Imperial Brands Finance PLC
3.125% 7/26/24 (a)		1,393,000		1,466,425
3.500% 2/11/23 (a)		579,000		598,633
Wens Foodstuffs Group Co. Ltd.
2.349% 10/29/25 (a)		1,750,000		1,610,404
				5,653,912
Airlines — 0.1%
Delta Air Lines, Inc./SkyMiles IP Ltd.
4.500% 10/20/25 (a)		408,000		438,581
Auto Manufacturers — 2.6%
Ford Motor Credit Co. LLC
3 mo. USD LIBOR + 1.235% 1.391% FRN 2/15/23		1,130,000		1,125,762
3.087% 1/09/23		625,000		637,500
3.350% 11/01/22		2,155,000		2,208,659
General Motors Co.
6.125% 10/01/25		282,000		333,953
General Motors Financial Co., Inc.
3.250% 1/05/23		1,136,000		1,178,754
Harley-Davidson Financial Services, Inc.
3.350% 6/08/25 (a)		977,000		1,044,693
Hyundai Capital America
1.500% 6/15/26 (a)		1,805,000		1,791,926
Kia Corp.
1.000% 4/16/24 (a)		985,000		990,110
Nissan Motor Acceptance Corp.
1.900% 9/14/21 (a)		485,000		486,331
				9,797,688
Auto Parts & Equipment — 0.3%
Metalsa SA de CV
4.900% 4/24/23 (a)		950,000		992,759
Banks — 11.5%
ABN AMRO Bank NV
4.750% 7/28/25 (a)		1,755,000		1,967,243
Arab National Bank 5 year CMT + 2.974%
3.326% VRN 10/28/30 (a)		1,350,000		1,392,862
Banco Santander SA
1.849% 3/25/26		1,400,000		1,416,268
Bank of America Corp.
3.950% 4/21/25		385,000		422,629
4.000% 1/22/25		1,396,000		1,532,393

MassMutual Short-Duration Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
4.250% 10/22/26	$	700,000	$	790,765
The Bank of Nova Scotia
4.500% 12/16/25		2,166,000		2,454,452
Barclays PLC
5.200% 5/12/26		840,000		959,398
BPCE SA
4.625% 7/11/24 (a)		350,000		384,792
5.700% 10/22/23 (a)		2,315,000		2,562,527
Citigroup, Inc.
4.400% 6/10/25		2,800,000		3,128,408
Credit Suisse AG
6.500% 8/08/23 (a)		1,750,000		1,933,120
Danske Bank A/S
5.000% 1/12/22 (a)		1,080,000		1,105,038
Deutsche Bank AG SOFR + 2.159%
2.222% VRN 9/18/24		935,000		960,142
The Goldman Sachs Group, Inc.
4.250% 10/21/25		4,755,000		5,319,703
HSBC Holdings PLC
4.250% 3/14/24		934,000		1,011,696
4.250% 8/18/25		1,051,000		1,165,105
4.375% 11/23/26		154,000		173,896
ING Groep NV SOFR + 1.005%
1.726% VRN 4/01/27		868,000		875,794
JP Morgan Chase & Co. SOFR + .540%
0.824% VRN 6/01/25		1,960,000		1,956,394
Lloyds Banking Group PLC
4.050% 8/16/23		1,840,000		1,972,862
Macquarie Group Ltd. SOFR + 1.069%
1.340% VRN 1/12/27 (a)		1,120,000		1,111,062
Morgan Stanley
3.700% 10/23/24		930,000		1,014,715
4.350% 9/08/26		1,750,000		1,982,533
Natwest Group PLC 1 year CMT + .900%
1.642% VRN 6/14/27		725,000		725,387
Sberbank of Russia Via SB Capital SA
5.250% 5/23/23 (a)		1,350,000		1,429,312
Societe Generale SA 1 year CMT + 1.100%
1.488% VRN 12/14/26 (a)		1,469,000		1,455,697
UBS Group AG
4.125% 9/24/25 (a)		1,770,000		1,971,780
Wells Fargo & Co.
SOFR + .510% 0.805% VRN 5/19/25		409,000		408,319
4.100% 6/03/26		197,000		221,341
				43,805,633
Beverages — 0.3%
Bacardi Ltd.
4.450% 5/15/25 (a)		1,186,000		1,318,601
Chemicals — 1.0%
DuPont de Nemours, Inc.
4.493% 11/15/25		480,000		546,038
MEGlobal Canada ULC
5.000% 5/18/25 (a)		950,000		1,065,045
RPM International, Inc.
3.450% 11/15/22		43,000		44,342
Syngenta Finance NV

MassMutual Short-Duration Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
4.441% 4/24/23 (a)	$	1,460,000	$	1,541,160
4.892% 4/24/25 (a)		565,000		626,266
				3,822,851
Commercial Services — 1.5%
Adani Ports & Special Economic Zone Ltd.
3.375% 7/24/24 (a)		3,129,000		3,251,532
Element Fleet Management
1.600% 4/06/24 (a)		510,000		518,333
Triton Container International Ltd.
2.050% 4/15/26 (a)		2,015,000		2,022,270
				5,792,135
Computers — 0.7%
Dell International LLC/EMC Corp.
4.000% 7/15/24		763,000		829,733
5.850% 7/15/25		836,000		981,364
Genpact Luxembourg Sarl
3.700% STEP 4/01/22		780,000		794,887
				2,605,984
Distribution & Wholesale — 0.8%
Li & Fung Ltd.
4.500% 8/18/25 (a)		2,850,000		2,952,486
Diversified Financial Services — 4.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
2.875% 8/14/24		1,830,000		1,914,278
4.500% 9/15/23		440,000		471,745
Aircastle Ltd.
5.000% 4/01/23		1,790,000		1,914,616
Antares Holdings LP
3.950% 7/15/26 (a)		910,000		947,375
6.000% 8/15/23 (a)		1,172,000		1,269,317
Aviation Capital Group LLC
1.950% 1/30/26 (a)		990,000		990,676
Avolon Holdings Funding Ltd.
2.875% 2/15/25 (a)		2,130,000		2,193,759
BGC Partners, Inc.
4.375% 12/15/25		1,075,000		1,163,664
Brookfield Finance, Inc.
4.000% 4/01/24		710,000		767,282
Lazard Group LLC
3.750% 2/13/25		1,840,000		2,007,809
LeasePlan Corp. NV
2.875% 10/24/24 (a)		520,000		546,159
Park Aerospace Holdings Ltd.
5.250% 8/15/22 (a)		650,000		680,127
SPARC EM SPC Panama Metro Line 2 SP
0.000% 12/05/22 (a)		512,162		500,608
Synchrony Financial
2.850% 7/25/22		1,140,000		1,166,872
				16,534,287

MassMutual Short-Duration Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Electric — 1.5%
Alliant Energy Finance LLC
1.400% 3/15/26 (a)	$	545,000	$	537,081
CenterPoint Energy, Inc.
1.450% 6/01/26		540,000		540,626
National Central Cooling Co. PJSC
2.500% 10/21/27 (a)		1,341,000		1,331,055
OGE Energy Corp.
0.703% 5/26/23		480,000		479,576
Pacific Gas and Electric Co.
1.750% 6/16/22		2,165,000		2,163,740
Puget Energy, Inc.
6.000% 9/01/21		740,000		747,052
				5,799,130
Gas — 0.7%
Atmos Energy Corp.
0.625% 3/09/23		775,000		775,230
ONE Gas, Inc.
1.100% 3/11/24		2,045,000		2,046,421
				2,821,651
Housewares — 0.4%
Newell Brands, Inc.
4.350% STEP 4/01/23		1,585,000		1,660,287
Insurance — 2.9%
AmTrust Financial Services, Inc.
6.125% 8/15/23		1,565,000		1,579,426
Athene Global Funding
2.750% 6/25/24 (a)		1,840,000		1,928,817
Brighthouse Financial Global Funding
1.000% 4/12/24 (a)		605,000		606,210
1.550% 5/24/26 (a)		1,036,000		1,045,453
CNO Financial Group, Inc.
5.250% 5/30/25		1,740,000		1,973,869
Enstar Group Ltd.
4.500% 3/10/22		1,800,000		1,836,761
GA Global Funding Trust
1.625% 1/15/26 (a)		530,000		536,761
Trinity Acquisition PLC
3.500% 9/15/21		295,000		296,114
Unum Group
3.875% 11/05/25		995,000		1,089,423
				10,892,834
Internet — 0.3%
Weibo Corp.
3.500% 7/05/24		950,000		1,001,433
Investment Companies — 2.5%
Ares Capital Corp.
3.875% 1/15/26		1,160,000		1,243,130
4.200% 6/10/24		1,159,000		1,245,249
BlackRock TCP Capital Corp.
3.900% 8/23/24		835,000		888,008

MassMutual Short-Duration Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
4.125% 8/11/22	$	1,805,000	$	1,864,940
Golub Capital BDC, Inc.
2.500% 8/24/26		600,000		604,493
3.375% 4/15/24		536,000		559,251
Icahn Enterprises LP/ Icahn Enterprises Finance Corp.
4.750% 9/15/24		960,000		1,003,200
Sixth Street Specialty Lending, Inc.
2.500% 8/01/26		240,000		243,368
3.875% 11/01/24		1,665,000		1,767,434
				9,419,073
Iron & Steel — 1.4%
Severstal OAO Via Steel Capital SA
3.150% 9/16/24 (a)		2,000,000		2,085,496
Steel Dynamics, Inc.
2.400% 6/15/25		375,000		392,276
Vale Overseas Ltd.
6.250% 8/10/26		2,235,000		2,691,164
				5,168,936
Leisure Time — 0.2%
Harley-Davidson, Inc.
3.500% 7/28/25 (b)		540,000		582,193
Lodging — 0.6%
Las Vegas Sands Corp.
3.200% 8/08/24		1,665,000		1,747,602
Marriott International, Inc.
5.750% 5/01/25		389,000		449,170
				2,196,772
Machinery – Construction & Mining — 0.3%
The Weir Group PLC
2.200% 5/13/26 (a)		1,070,000		1,074,838
Machinery – Diversified — 0.3%
CNH Industrial Capital LLC
3.875% 10/15/21		1,015,000		1,024,485
Media — 1.2%
Cable Onda SA
4.500% 1/30/30 (a) (b)		1,330,000		1,402,352
Sirius XM Radio, Inc.
3.875% 8/01/22 (a)		2,200,000		2,203,960
ViacomCBS, Inc.
4.750% 5/15/25		865,000		979,203
				4,585,515
Mining — 0.6%
Glencore Funding LLC
1.625% 4/27/26 (a)		975,000		978,739
4.125% 5/30/23 (a)		1,050,000		1,116,819
				2,095,558

MassMutual Short-Duration Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Multi-National — 0.6%
Africa Finance Corp.
3.125% 6/16/25 (a)	$	2,075,000	$	2,153,601
Oil & Gas — 3.1%
Cenovus Energy, Inc.
3.000% 8/15/22		1,065,000		1,086,611
Diamondback Energy, Inc.
0.900% 3/24/23		1,315,000		1,315,447
EQT Corp.
3.000% 10/01/22 (b)		1,305,000		1,332,731
7.625% STEP 2/01/25		790,000		921,527
Occidental Petroleum Corp.
5.500% 12/01/25		2,725,000		3,008,904
Ovintiv Exploration, Inc.
5.625% 7/01/24		1,220,000		1,358,472
Petroleos Mexicanos
4.625% 9/21/23		2,635,000		2,750,387
				11,774,079
Packaging & Containers — 0.5%
Berry Global, Inc.
1.650% 1/15/27 (a)		1,415,000		1,402,746
Sealed Air Corp.
5.500% 9/15/25 (a)		284,000		316,305
				1,719,051
Pharmaceuticals — 0.7%
AbbVie, Inc.
3.800% 3/15/25		745,000		815,171
Mylan, Inc.
3.125% 1/15/23 (a)		875,000		906,456
Teva Pharmaceutical Finance Netherlands III BV
2.200% 7/21/21		654,000		651,606
Viatris, Inc.
1.650% 6/22/25 (a)		355,000		359,637
				2,732,870
Pipelines — 1.9%
Energy Transfer LP
4.200% 9/15/23		1,670,000		1,786,020
EnLink Midstream Partners LP
4.400% 4/01/24		1,920,000		2,016,000
EQM Midstream Partners LP
4.750% 7/15/23		1,305,000		1,362,094
Plains All American Pipeline LP/PAA Finance Corp.
4.500% 12/15/26		235,000		263,910
4.650% 10/15/25		1,630,000		1,823,902
				7,251,926
Real Estate — 1.5%
Country Garden Holdings Co. Ltd.
8.000% 1/27/24 (a)		2,930,000		3,080,137
MAF Sukuk Ltd.
4.500% 11/03/25 (a)		1,375,000		1,520,901

MassMutual Short-Duration Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Shimao Group Holdings Ltd.
6.125% 2/21/24 (a)	$	1,200,000	$	1,236,600
				5,837,638
Real Estate Investment Trusts (REITS) — 1.8%
Host Hotels & Resorts LP
3.750% 10/15/23		1,805,000		1,902,747
Service Properties Trust
4.350% 10/01/24		2,000,000		2,014,000
Tanger Properties LP
3.875% 12/01/23		530,000		560,314
Trust Fibra Uno
5.250% 1/30/26 (a)		1,475,000		1,659,375
Vornado Realty LP
2.150% 6/01/26		665,000		674,229
				6,810,665
Retail — 0.6%
Nordstrom, Inc.
2.300% 4/08/24 (a)		480,000		481,514
QVC, Inc.
4.375% 3/15/23		1,850,000		1,950,807
				2,432,321
Semiconductors — 0.4%
Marvell Technology, Inc.
1.650% 4/15/26 (a)		890,000		889,879
Skyworks Solutions, Inc.
0.900% 6/01/23		670,000		671,956
				1,561,835
Storage & Warehousing — 0.4%
GLP China Holdings Ltd.
4.974% 2/26/24 (a)		1,584,000		1,704,161
Telecommunications — 2.6%
AT&T, Inc.
1.700% 3/25/26		980,000		990,518
NBN Co. Ltd.
1.450% 5/05/26 (a)		1,115,000		1,118,001
Qwest Corp
6.750% 12/01/21		1,255,000		1,284,806
Sprint Communications, Inc.
9.250% 4/15/22		800,000		850,000
Telecom Italia SpA
5.303% 5/30/24 (a)		920,000		1,007,124
Telefonaktiebolaget LM Ericsson
4.125% 5/15/22		1,406,000		1,444,665
Tower Bersama Infrastructure Tbk PT
4.250% 1/21/25 (a)		3,070,000		3,235,134
				9,930,248
Toys, Games & Hobbies — 0.5%
Mattel, Inc.
3.375% 4/01/26 (a)		1,900,000		1,971,250

MassMutual Short-Duration Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Trucking & Leasing — 0.3%
Penske Truck Leasing Co. LP/PTL Finance Corp.
1.700% 6/15/26 (a)	$	1,235,000	$	1,242,099
Venture Capital — 0.4%
Hercules Capital, Inc.
4.625% 10/23/22		1,495,000		1,518,907
TOTAL CORPORATE DEBT (Cost $196,882,492)				200,678,273
MUNICIPAL OBLIGATIONS — 0.1%
Louisiana State Public Facilities Authority, Revenue Bonds, Series 2011-A, Class A2, 3 mo. USD LIBOR
1.076% FRN 4/26/27		3,448		3,452
Pennsylvania Higher Education Assistance Agency, Revenue Bonds, Series 2006-2, Class B,
1.430% FRN 10/25/42 (c)		450,000		447,806
TOTAL MUNICIPAL OBLIGATIONS (Cost $447,261)				451,258
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 44.7%
Automobile Asset-Backed Securities — 6.0%
Avis Budget Rental Car Funding AESOP LLC
Series 2020-1A, Class C, 3.020% 8/20/26 (a)		5,143,000		5,340,681
Series 2019-3A, Class C, 3.150% 3/20/26 (a)		2,764,000		2,875,133
Series 2019-1A, Class C, 4.530% 3/20/23 (a)		633,000		643,236
Series 2018-1A, Class C, 4.730% 9/20/24 (a)		1,270,000		1,348,775
Carmax Auto Owner Trust
Series 2021-2, Class D, 1.550% 10/15/27		1,227,000		1,235,222
Series 2019-4, Class D, 2.800% 4/15/26		1,399,000		1,446,482
Carvana Auto Receivables Trust
Series 2021-N1, Class D, 1.500% 1/10/28		2,646,000		2,644,293
Series 2021-P2, 1.880% 5/10/28 (a)		1,331,000		1,331,340
Santander Revolving Auto Loan Trust, Series 2019-A, Class D
3.450% 1/26/32 (a)		1,720,000		1,785,402
Westlake Automobile Receivables Trust
Series 2021-1A, Class D, 1.230% 4/15/26 (a)		1,220,000		1,221,308
Series 2021-1A, Class E, 2.330% 8/17/26 (a)		1,505,000		1,501,986
Series 2019-3A, Class E, 3.590% 3/17/25 (a)		1,395,000		1,435,729
				22,809,587
Commercial Mortgage-Backed Securities — 5.9%
BAMLL Commercial Mortgage Securities Trust
Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350% 1.423% FRN 9/15/34 (a)		300,000		299,629
Series 2019-BPR, Class CMP, 4.024% VRN 11/05/32 (a) (c)		800,000		777,721
Series 2019-BPR, Class DMP, 4.024% VRN 11/05/32 (a) (c)		1,110,000		1,021,200
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class AM,
5.513% VRN 1/12/45 (c)		164,616		162,947
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500%
1.573% FRN 7/15/35 (a)		500,000		500,001
BX Commercial Mortgage Trust
Series 2020-BXLP, Class E, 1 mo. USD LIBOR + 1.600% 1.673% FRN 12/15/36 (a)		1,827,429		1,827,428

MassMutual Short-Duration Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 1.773% FRN 11/15/35 (a)	$	1,855,000	$	1,855,579
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 1.873% FRN 10/15/36 (a)		707,918		708,580
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.073% FRN 10/15/36 (a)		2,758,344		2,760,068
BX Trust, Series 2021-SOAR, Class E, 1 mo. USD LIBOR + 1.800%
1.900% FRN 6/15/38 (a)		700,000		700,874
CAMB Commercial Mortgage Trust
Series 2019-LIFE, Class C, 1 mo. USD LIBOR + 1.450% 1.523% FRN 12/15/37 (a)		2,000,000		2,002,504
Series 2019-LIFE, Class E, 1 mo. USD LIBOR + 2.150% 2.223% FRN 12/15/37 (a)		1,335,725		1,338,232
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1 mo. USD LIBOR + 1.600%
1.673% FRN 5/15/36 (a)		820,000		821,282
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%
1.873% FRN 5/15/36 (a)		739,000		739,232
Life 2021-BMR Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD LIBOR + 1.750%
1.823% FRN 3/15/38 (a)		796,000		798,488
MHC Commercial Mortgage Trust, Series 2021-MHC, Class E, 1 mo. USD LIBOR + 2.101%
2.174% FRN 4/15/38 (a)		1,710,000		1,712,139
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class B
3.769% 2/15/46		1,000,000		1,013,309
Morgan Stanley Capital I Trust, Series 2012-STAR, Class D,
4.057% VRN 8/05/34 (a) (c)		1,000,000		992,185
One New York Plaza Trust
Series 2020-1NYP, Class C, 1 mo. USD LIBOR + 2.200% 2.273% FRN 1/15/26 (a)		1,319,000		1,332,185
Series 2020-1NYP, Class D, 1 mo. USD LIBOR + 2.750% 2.823% FRN 1/15/26 (a)		886,000		895,964
				22,259,547
Home Equity Asset-Backed Securities — 0.0%
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + .240%
0.332% FRN 10/25/34 (a)		129,102		128,079
Other Asset-Backed Securities — 20.0%
321 Henderson Receivables LLC
Series 2006-1A, Class A1, 1 mo. USD LIBOR + .200% 0.273% FRN 3/15/41 (a)		67,635		67,091
Series 2006-2A, Class A1, 1 mo. USD LIBOR + .200% 0.273% FRN 6/15/41 (a)		160,120		156,731
AASET Trust, Series 2020-1A, Class B
4.335% 1/16/40 (a)		489,753		343,673
Adams Outdoor Advertising LP, Series 2018-1, Class A
4.810% 11/15/48 (a)		769,949		825,374
Affirm Asset Securitization Trust, Series 2021-Z1, Class A
1.070% 8/15/25 (a)		1,358,390		1,357,934
Arbor Realty Commercial Real Estate Notes, Series 2018-FL1, Class A, 1 mo. USD LIBOR + 1.150%
1.223% FRN 6/15/28 (a)		880,000		880,279

MassMutual Short-Duration Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Bain Capital Credit CLO Ltd., Series 2020-2A, Class A, 3 mo. USD LIBOR + 1.850%
2.040% FRN 7/21/31 (a)	$	1,000,000	$	1,000,000
BlueMountain CLO Ltd., Series 2013-1A, Class A1R2, 3 mo. USD LIBOR + 1.230%
1.418% FRN 1/20/29 (a)		697,895		697,943
BlueMountain Fuji US CLO I Ltd., Series 2017-1A, Class A1R, 3 mo. USD LIBOR + .980%
1.168% FRN 7/20/29 (a)		1,100,000		1,098,562
BRE Grand Islander Timeshare Issuer LLC
Series 2017-1A, Class A, 2.940% 5/25/29 (a)		183,533		184,009
Series 2019-A, Class B, 3.780% 9/26/33 (a)		532,661		535,672
Business Jet Securities LLC
Series 2021-1A, Class A, 2.162% 4/15/36 (a)		1,939,976		1,955,635
Series 2020-1A, Class A, 2.981% 11/15/35 (a)		456,249		464,595
Capital Automotive REIT, Series 2017-1A, Class A1
3.870% 4/15/47 (a)		567,074		568,303
CARS-DB4 LP, Series 2020-1A, Class B1
4.170% 2/15/50 (a)		1,100,000		1,156,603
Castlelake Aircraft Structured Trust, Series 2018-1, Class A
4.125% 6/15/43 (a)		603,872		601,706
Cbam CLO Management Cbam, Series 2018-6A, Class A1R, 3 mo. USD LIBOR + 1.270%
1.454% FRN 1/15/31 (a)		1,500,000		1,500,104
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD LIBOR + .980%
1.168% FRN 4/20/31 (a)		300,000		299,628
CF Hippolyta LLC, Series 2020-1, Class B1
2.280% 7/15/60 (a)		212,826		216,395
CIFC Funding 2017-II Ltd., Series 2017-2A, Class BR, 3 mo. USD LIBOR + 1.500%
1.628% FRN 4/20/30 (a)		500,000		500,013
CIFC Funding 2017-IV Ltd., Series 2017-4A, Class A2R, 3 mo. USD LIBOR + 1.550%
1.638% FRN 10/24/30 (a)		800,000		800,202
DataBank Issuer, Series 2021-1A, Class A2
2.060% 2/27/51 (a)		2,170,000		2,198,203
Diamond Resorts Owner Trust 2021-1, Series 2021-1A, Class B
2.050% 11/21/33 (a)		1,719,498		1,717,385
Elara HGV Timeshare Issuer LLC
Series 2017-A, Class A, 2.690% 3/25/30 (a)		210,031		216,055
Series 2014-A, Class B, 3.020% VRN 2/25/27 (a) (c)		40,246		40,547
Series 2019-A, Class C, 3.450% 1/25/34 (a)		1,253,899		1,225,490
FCI Funding LLC, Series 2019-1A, Class A
3.630% 2/18/31 (a)		116,760		118,195
Firstkey Homes 2020 Trust, Series 2021, Class E2
2.489% 8/17/28 (a) (g)		760,000		759,984
Flatiron CLO 17 Ltd., Series 2017-1A, Class AR, 3 mo. USD LIBOR + .980%
1.136% FRN 5/15/30 (a)		2,000,000		2,001,086
FNA VI LLC, Series 2021-1A, Class A
1.350% 1/10/32 (a)		4,234,372		4,229,828
GCI Funding I LLC, Series 2021-1, Class A
2.380% 6/18/46 (a) (d)		506,000		505,870
Goldentree Loan Management US CLO 4 Ltd., Series 2019-4A, Class AR, 3 mo. USD LIBOR + 1.110%
1.248% FRN 4/24/31 (a)		1,750,000		1,750,044
Goodgreen Trust
Series 2019-2A, Class A, 2.760% 4/15/55 (a)		1,233,220		1,263,923

MassMutual Short-Duration Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2016-1A, Class A, 3.230% 10/15/52 (a)	$	599,501	$	627,230
Series 2019-1A, Class A, 3.860% 10/15/54 (a)		520,114		551,886
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (c)		1,044,645		1,108,865
Hero Funding Trust
Series 2017-3A, Class A1, 3.190% 9/20/48 (a)		607,494		622,954
Series 2017-2A, Class A1, 3.280% 9/20/48 (a)		141,512		147,361
Series 2016-4A, Class A1, 3.570% 9/20/47 (a)		346,931		358,060
Series 2017-2A, Class A2, 4.070% 9/20/48 (a)		116,597		121,081
Series 2018-1A, Class A2, 4.670% 9/20/48 (a)		678,060		734,192
Horizon Aircraft Finance I Ltd., Series 2018-1, Class A
4.458% 12/15/38 (a)		447,997		454,557
Horizon Aircraft Finance III Ltd.
Series 2019-2, Class A, 3.425% 11/15/39 (a)		373,272		366,932
Series 2019-2, Class B, 4.458% 11/15/39 (a)		1,757,143		1,704,409
HPS Loan Management Ltd., Series 15A-19, Class A1, 3 mo. USD LIBOR + 1.320%
1.504% FRN 7/22/32 (a)		500,000		500,307
Kayne CLO, 3 mo. USD LIBOR + 1.400%
1.584% FRN 7/15/31 (a)		800,000		799,580
KKR CLO Ltd., Series 28A, Class A, 3 mo. USD LIBOR + 1.140%
1.259% FRN 3/15/31 (a)		400,000		400,012
KREF Ltd., Series 2018-FL1, Class AS, 1 mo. USD LIBOR + 1.350%
1.432% FRN 6/15/36 (a)		2,600,000		2,600,819
MACH 1 Cayman Ltd., Series 2019-1, Class A
3.474% 10/15/39 (a)		810,828		810,764
Milos CLO Ltd., Series 2017-1A, Class AR, 3 mo. USD LIBOR + 1.070%
1.258% FRN 10/20/30 (a)		1,150,000		1,147,329
Mosaic Solar Loans LLC
Series 2018-2GS, Class A, 4.200% 2/22/44 (a)		536,704		583,777
Series 2017-1A, Class A, 4.450% 6/20/42 (a)		118,673		129,404
Neuberger Berman Loan Advisers CLO 25 Ltd., Series 2017-25A, Class BR, 3 mo. USD LIBOR + 1.350%
1.540% FRN 10/18/29 (a)		2,150,000		2,144,982
Newark BSL CLO 2 Ltd., Series 2017-1A, Class A2R, 3 mo. USD LIBOR + 1.400%
1.576% FRN 7/25/30 (a)		375,000		373,980
NP SPE II LLC, Series 2017-1A, Class A1
3.372% 10/21/47 (a)		344,543		353,650
NRZ Advance Receivables Trust, Series 2020-T3, Class DT3
2.458% 10/15/52 (a)		899,000		900,367
Oak Street Investment Grade Net Lease Fund
Series 2020-1A, Class A3, 2.260% 11/20/50 (a)		853,000		859,329
Series 2021-1A, Class A3, 2.800% 1/20/51 (a)		2,000,000		2,039,719
Orange Lake Timeshare Trust, Series 2016-A, Class B
2.910% 3/08/29 (a)		288,419		291,092
Oxford Finance Funding Trust, Series 2020-1A, Class A2
3.101% 2/15/28 (a)		698,000		712,205
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A
3.967% 6/15/44 (a)		659,306		657,616
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%
2.942% FRN 2/25/23 (a)		670,000		671,246
RAMP Trust, Series 2005-EFC1, Class M5, 1 mo. USD LIBOR + .650%
1.067% FRN 5/25/35		2,500,000		2,477,346
Rockford Tower CLO Ltd., Series 2017-2A, Class BR, 3 mo. USD LIBOR + 1.500%
1.684% FRN 10/15/29 (a)		1,000,000		1,000,026

MassMutual Short-Duration Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
RR 3 Ltd., Series 2018-3A, Class A1R2, 3 mo. USD LIBOR + 1.090%
1.274% FRN 1/15/30 (a)	$	1,250,000	$	1,250,008
SBA Tower Trust, Series 2014-2A, Class C,
3.869% STEP 10/15/49 (a)		1,030,000		1,082,308
Sierra Receivables Funding LLC, Series 2020-2A, Class C
3.510% 7/20/37 (a)		182,456		187,627
SoFi Consumer Loan Program Trust, Series 2019-3, Class D
3.890% 5/25/28 (a)		2,981,000		3,054,751
Store Master Funding I-VII, Series 2018-1A, Class A3
4.400% 10/20/48 (a)		1,229,167		1,270,552
Structured Asset Investment Loan Trust 2004-11, Series 2004-11, Class M1, 1 mo. USD LIBOR + .930%
1.022% FRN 1/25/35		1,574,856		1,544,876
TAL Advantage VII LLC, Series 2020-1A, Class B
3.290% 9/20/45 (a)		737,000		750,996
Thrust Engine Leasing, Series 2021-1A, Class A
4.163% 7/15/40 (a) (d)		1,200,000		1,199,954
TICP CLO XI Ltd., Series 2018-11A, Class A, 3 mo. USD LIBOR + 1.180%
1.368% FRN 10/20/31 (a)		850,000		850,017
Trafigura Securitisation Finance PLC, Series 2018-1A, Class B
4.290% 3/15/22 (a)		1,870,000		1,871,027
Treman Park CLO Ltd., Series 2015-1A, Class ARR, 3 mo. USD LIBOR + 1.070%
1.258% FRN 10/20/28 (a)		822,604		822,909
Trinity Rail Leasing LP, Series 2019-1A, Class A
3.820% 4/17/49 (a)		1,504,690		1,566,676
Vantage Data Centers LLC, Series 2020-1A, Class A2
1.645% 9/15/45 (a)		1,425,000		1,429,374
VSE VOI Mortgage LLC, Series 2016-A, Class B
2.740% 7/20/33 (a)		267,884		268,471
Welk Resorts LLC, Series 2017-AA, Class B
3.410% 6/15/33 (a)		468,056		463,285
Willis Engine Structured Trust IV, Series 2018-A, Class A,
4.750% STEP 9/15/43 (a)		586,605		582,670
				75,683,640
Student Loans Asset-Backed Securities — 6.8%
Access Group, Inc., Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500%
1.592% FRN 7/25/58 (a)		530,000		492,662
College Ave Student Loans 2021-A LLC, Series 2021-A, Class B
2.320% 7/25/51 (a)		3,419,000		3,409,152
College Avenue Student Loans LLC
Series 2018-A, Class A1, 1 mo. USD LIBOR + 1.200% 1.292% FRN 12/26/47 (a)		1,012,162		1,018,741
Series 2019-A, Class B, 3.810% 12/28/48 (a)		1,038,000		1,068,202
College Loan Corp. Trust, Series 2005-2, Class B, 3 mo. USD LIBOR + .490%
0.674% FRN 1/15/37		449,176		400,677
Commonbond Student Loan Trust
Series 2018-AGS, Class C, 3.820% 2/25/44 (a)		118,303		117,910
Series 2018-BGS, Class C, 4.120% 9/25/45 (a)		87,539		88,378
Series 2018-CGS, Class C, 4.350% 2/25/46 (a)		36,194		36,578
Series 2017-AGS, Class C, 5.280% 5/25/41 (a)		147,512		155,779
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B
2.500% 1/25/30 (a)		152,259		152,673
Earnest Student Loan Program LLC, Series 2016-B, Class A1, 1 mo. USD LIBOR + 2.050%
2.142% FRN 2/26/35 (a)		114,337		108,826

MassMutual Short-Duration Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
EdLinc Student Loan Funding, Series 2017-A, Class A, PRIME - 1.150%
2.100% FRN 12/01/47 (a)	$	922,786	$	934,042
ELFI Graduate Loan Program LLC, Series 2018-A, Class B
4.000% 8/25/42 (a)		312,876		320,067
Laurel Road Prime Student Loan Trust
Series 2017-C, Class B, 2.950% 11/25/42 (a)		418,373		410,576
Series 2019-A, Class BFX, 3.000% 10/25/48 (a)		522,946		517,841
Series 2017-B, Class CFX, 3.610% 8/25/42 (a)		452,896		427,703
Series 2018-B, Class BFX, 3.720% 5/26/43 (a)		546,147		546,558
Navient Private Education Refi Loan Trust, Series 2020-BA, Class B
2.770% 1/15/69 (a)		1,800,000		1,855,158
Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750%
1.842% FRN 12/26/40 (a)		89,332		89,653
Nelnet Student Loan Trust
Series 2007-2A, Class A4A2, 1.497% FRN 6/25/35 (a) (c)		2,800,000		2,773,573
Series 2018-5A, Class B, 1 mo. USD LIBOR + 1.450% 1.542% FRN 2/25/67 (a)		1,000,000		957,698
Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500% 1.592% FRN 6/25/54 (a)		395,000		396,110
SLC Student Loan Trust, Series 2005-3, Class B, 3 mo. USD LIBOR + .250%
0.369% FRN 6/15/55		1,131,253		1,032,170
SLM Student Loan Trust
Series 2006-7, Class B, 3 mo. USD LIBOR + .200% 0.376% FRN 1/27/42		2,660,143		2,422,290
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 0.466% FRN 1/25/44		1,153,606		1,062,940
Series 2005-9, Class B, 3 mo. USD LIBOR + .300% 0.476% FRN 1/25/41		861,493		803,070
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 0.486% FRN 1/25/55		417,285		389,698
Series 2003-11, Class B, 3 mo. USD LIBOR + .650% 0.769% FRN 12/15/38		327,122		299,462
Series 2006-2, Class R, 1.000% 1/25/41		339,100		1,797,230
SoFi Alternative Trust, Series 2019-C, Class PT,
4.558% VRN 1/25/45 (a) (c)		1,516,913		1,616,156
				25,701,573
Whole Loan Collateral Collateralized Mortgage Obligations — 6.0%
Angel Oak Mortgage Trust
Series 2020-5, Class A2, 1.579% VRN 5/25/65 (a) (c)		630,261		632,451
Series 2020-5, Class A3, 2.041% VRN 5/25/65 (a) (c)		573,480		576,173
Series 2021-1, Class M1, 2.215% VRN 1/25/66 (a) (c)		670,000		674,111
Series 2018-3, Class A3, 3.238% VRN 5/25/59 (a) (c)		926,906		926,239
Bank of America Mortgage Securities, Series 2004-G, Class 2A7,
3.063% VRN 8/25/34 (c)		17,822		17,547
Citigroup Mortgage Loan Trust
Series 2019-IMC1, Class A3, 3.030% VRN 7/25/49 (a) (c)		593,519		599,790
Series 2019-IMC1, Class M1, 3.170% VRN 7/25/49 (a) (c)		1,798,000		1,824,816
Credit Suisse Mortgage Capital Certificates, Series 2021-NQM4, Class M1
1.000% 5/25/66 (a) (d)		1,072,000		1,071,995
Credit Suisse Mortgage Trust, Series 2021-NQM2, Class A3,
1.538% VRN 2/25/66 (a) (c)		2,126,111		2,135,678
Deephaven Residential Mortgage Trust, Series 2021-1, Class A3,
1.128% VRN 5/25/65 (a) (c)		921,266		918,269
Merrill Lynch Mortgage Investors, Inc., Series 2004-A1, Class IIA2,
2.300% VRN 2/25/34 (c)		51,205		50,177
MFA Trust, Series 2020-NQM1, Class A3,
2.300% VRN 8/25/49 (a) (c)		1,216,541		1,222,998
NewRez Warehouse Securitization Trust Series 2021-1, Class C, 1 mo. USD LIBOR + 1.050%
1.142% FRN 5/25/55 (a)		1,957,000		1,957,000
OBX Series 2021-NQM1, Class M1,
2.219% VRN 2/25/66 (a) (c)		703,000		705,939

MassMutual Short-Duration Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Onslow Bay Financial LLC, Series 2020-INV1, Class A21,
3.500% VRN 12/25/49 (a) (c)	$	774,808	$	790,230
STAR Trust, Series 2021-1, Class A3,
1.528% VRN 5/25/65 (a) (c)		3,077,110		3,073,822
Starwood Mortgage Residential Trust, Series 2021-3, Class A3,
1.518% VRN 6/25/56 (a) (c) (d)		830,000		829,996
Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3,
2.916% VRN 9/27/49 (a) (c)		1,372,537		1,389,631
Verus Securitization Trust
Series 2019-INV2, Class A3, 3.219% VRN 7/25/59 (a) (c)		1,505,169		1,525,808
Series 2019-INV3, Class M1, 3.279% VRN 11/25/59 (a) (c)		667,000		684,585
Series 2020-4, Class M1, 3.291% VRN 5/25/65 (a) (c)		1,254,000		1,288,325
				22,895,580
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $168,024,677)				169,478,006
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 0.7%
Pass-Through Securities — 0.0%
Federal Home Loan Mortgage Corp. Pool #1Q0239, 1 year CMT + 2.204% 2.328% 3/01/37		97,816		102,771
Federal National Mortgage Association Pool #775539 12 mo. USD LIBOR + 1.641% 1.891% 5/01/34		15,634		16,207
Government National Mortgage Association Pool #507545 7.500% 8/15/29		22,659		26,227
				145,205
Whole Loans — 0.7%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2021-DNA2, Class M2, SOFR30A + 2.300%
2.318% FRN 8/25/33 (a)		2,024,000		2,074,347
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2, 1 mo. USD LIBOR + 2.300%
2.392% FRN 8/25/31 (a)		313,524		315,643
				2,389,990
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $2,477,566)				2,535,195
U.S. TREASURY OBLIGATIONS — 0.5%
U.S. Treasury Bonds & Notes — 0.5%
U.S. Treasury Note
8.000% 11/15/21 (e)		1,720,000		1,770,896
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,962,681)				1,770,896
TOTAL BONDS & NOTES (Cost $369,794,677)				374,913,628
TOTAL PURCHASED OPTIONS (#) — 0.1% (Cost $609,046)				479,102

MassMutual Short-Duration Bond Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
MUTUAL FUNDS — 0.3%
Diversified Financial Services — 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio (f)		1,252,240	$	1,252,240
TOTAL MUTUAL FUNDS (Cost $1,252,240)				1,252,240
TOTAL LONG-TERM INVESTMENTS (Cost $371,655,963)				376,644,970

		Principal Amount
SHORT-TERM INVESTMENTS — 2.0%
Commercial Paper — 1.3%
American Honda Finance Corp.
0.183% 9/21/21	$	2,000,000		1,999,078
BAT International Finance
0.183% 7/19/21 (a)		1,000,000		999,925
Eaton Corp.
0.142% 7/02/21 (a)		1,000,000		999,993
VW Credit, Inc.
0.203% 9/08/21 (a)		1,000,000		999,636
				4,998,632
Repurchase Agreement — 0.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (h)		2,629,035		2,629,035
TOTAL SHORT-TERM INVESTMENTS (Cost $7,627,738)				7,627,667
TOTAL INVESTMENTS — 101.3% (Cost $379,283,701) (i)				384,272,637
Other Assets/(Liabilities) — (1.3)%				(4,915,804)
NET ASSETS — 100.0%			$	379,356,833

Abbreviation Legend

CLO Collateralized Loan Obligation

FRN Floating Rate Note

STEP Step Up Bond

VRN Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(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 June 30, 2021, the aggregate market value of these securities amounted to $240,357,324 or 63.36% of net assets.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2021, was $1,227,015 or 0.32% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. (Note 2).

MassMutual Short-Duration Bond Fund —  Portfolio of Investments (Continued)

Notes to Portfolio of Investments (continued)

(c) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at June 30, 2021.

(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2021, these securities amounted to a value of $3,607,815 or 0.95% of net assets.

(e) A portion of this security is pledged/held as collateral for open derivatives.

(f)	Represents investment of security lending cash collateral. (Note 2).
(g)	A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.

(h) Maturity value of $2,629,035. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 1/31/23, and an aggregate market value, including accrued interest, of $2,681,664.

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

(#) Interest Rate Swaptions Purchased
			Paid by Fund		Received by Fund
Description	Counterparty	Expiration Date	Rate	Frequency	Rate	Frequency	Notional Amount		Value		Premium Paid (Received)		Unrealized Appreciation/ (Depreciation)
Call
10-Year Interest Rate Swap, 12/15/42	Barclays Bank PLC	12/13/32	3-Month USD LIBOR BBA	Quarterly	2.44%	Semi-Annually	USD	800,000	$	66,272	$	39,994	$	26,278
Put
10-Year Interest Rate Swap, 2/02/43	Credit Suisse International	1/31/33	3.11%	Semi-Annually	3-Month USD LIBOR BBA	Quarterly	USD	11,880,000	$	412,830	$	569,052	$	(156,222)
									$	479,102	$	609,046	$	(129,944)

Futures contracts
	Expiration Date	Number of Contracts		Notional Amount		Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Note 10 Year	9/21/21		337	$	44,516,695	$	135,805
Short
90 Day Eurodollar	9/13/21		8	$	(1,951,273)	$	(45,927)
U.S. Treasury Ultra 10 Year	9/21/21		122		(17,715,337)		(243,444)
U.S. Treasury Note 2 Year	9/30/21		178		(39,286,582)		69,566
U.S. Treasury Note 5 Year	9/30/21		1,345		(166,607,678)		594,748
90 Day Eurodollar	3/14/22		7		(1,706,839)		(39,661)
90 Day Eurodollar	9/19/22		6		(1,462,405)		(32,120)
90 Day Eurodollar	3/13/23		5		(1,217,921)		(24,142)
90 Day Eurodollar	12/18/23		7		(1,703,515)		(26,798)
90 Day Eurodollar	12/16/24		19		(4,618,125)		(58,488)
						$	193,734

Currency Legend

USD U.S. Dollar

MassMutual Inflation-Protected and Income Fund —  Portfolio of Investments

June 30, 2021 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 75.6%
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 51.3%
Automobile Asset-Backed Securities — 0.9%
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class C
4.530% 3/20/23 (a)	$	322,000	$	327,207
Carvana Auto Receivables Trust, Series 2021-P2
1.880% 5/10/28 (a)		1,331,000		1,331,340
Exeter Automobile Receivables Trust, Series 2020-2A, Class A
1.130% 8/15/23 (a)		112,527		112,611
OneMain Direct Auto Receivables Trust, Series 2018-1A, Class A
3.430% 12/16/24 (a)		224,875		225,870
OSCAR US Funding Trust, Series 2018-2A, Class A3
3.390% 9/12/22 (a)		385,510		386,725
OSCAR US Funding XI LLC, Series 2019-2A, Class A2
2.490% 8/10/22 (a)		212,674		213,141
Santander Drive Auto Receivables Trust, Series 2020-2, Class A2A
0.620% 5/15/23		388,151		388,218
World Omni Auto Receivables Trust, Series 2019-C, Class A2B, 1 mo. USD LIBOR + .230%
0.303% FRN 2/15/23		377,571		377,595
				3,362,707
Commercial Mortgage-Backed Securities — 3.6%
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500%
1.573% FRN 7/15/35 (a)		1,150,000		1,150,003
BX Commercial Mortgage Trust
Series 2020-BXLP, Class E, 1 mo. USD LIBOR + 1.600% 1.673% FRN 12/15/36 (a)		1,164,586		1,164,585
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 1.773% FRN 11/15/35 (a)		1,449,000		1,449,452
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.073% FRN 10/15/36 (a)		2,217,901		2,219,287

MassMutual Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD LIBOR + 1.750%
1.823% FRN 12/15/37 (a)	$	250,836	$	251,229
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1 mo. USD LIBOR + 1.600%
1.673% FRN 5/15/36 (a)		6,000,000		6,009,380
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2018-LAQ, Class A, 1 mo. USD LIBOR + 1.000%
1.073% FRN 6/15/32 (a)		397,263		397,512
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%
1.873% FRN 5/15/36 (a)		389,000		389,122
				13,030,570
Home Equity Asset-Backed Securities — 3.0%
ABFC Trust, Series 2005-WF1, Class M1, 1 mo. USD LIBOR + .540%
0.632% FRN 11/25/34		1,534,987		1,530,057
Centex Home Equity Loan Trust
Series 2006-A, Class M1, 1 mo. USD LIBOR + .300% 0.392% FRN 6/25/36		1,175,278		1,164,118
Series 2005-D, Class M3, 1 mo. USD LIBOR + .720% 0.812% FRN 10/25/35		1,814,751		1,811,634
Home Equity Asset Trust, Series 2005-9, Class M1, 1 mo. USD LIBOR + .615%
0.707% FRN 4/25/36		3,216,635		3,188,136
JP Morgan Mortgage Acquisition Trust, Series 2006-CW1, Class A5, 1 mo. USD LIBOR + .480%
0.572% FRN 5/25/36		761,960		760,911
Option One Mortgage Loan Trust Asset-Backed Certificates, Series 2005-5, Class M1, 1 mo. USD LIBOR + .585%
0.677% FRN 12/25/35		2,437,293		2,422,489
				10,877,345
Other Asset-Backed Securities — 29.6%
321 Henderson Receivables LLC
Series 2006-2A, Class A1, 1 mo. USD LIBOR + .200% 0.273% FRN 6/15/41 (a)		620,386		607,255
Series 2006-3A, Class A1, 1 mo. USD LIBOR + .200% 0.273% FRN 9/15/41 (a)		70,308		68,885
Series 2007-1A, Class A1, 1 mo. USD LIBOR + .200% 0.273% FRN 3/15/42 (a)		385,997		373,192

MassMutual Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Affirm Asset Securitization Trust
Series 2021-Z1, Class A, 1.070% 8/15/25 (a)	$	3,036,400	$	3,035,382
Series 2020-Z2, Class A, 1.900% 1/15/25 (a)		4,211,552		4,245,675
Series 2020-A, Class A, 2.100% 2/18/25 (a)		7,757,000		7,829,983
Series 2020-Z1, Class A, 3.460% 10/15/24 (a)		1,622,899		1,644,312
AIMCO CLO, Series 2015-AA, Class AR, 3 mo. USD LIBOR + .850%
1.034% FRN 1/15/28 (a)		1,011,112		1,011,161
Arbor Realty Commercial Real Estate Notes, Series 2018-FL1, Class A, 1 mo. USD LIBOR + 1.150%
1.223% FRN 6/15/28 (a)		920,000		920,292
Carlyle Global Market Strategies CLO Ltd., Series 2013-2A, Class AR, 3 mo. USD LIBOR + .890%
1.080% FRN 1/18/29 (a)		1,600,043		1,600,040
Citigroup Mortgage Loan Trust, Series 2006-WFH2, Class M1, 1 mo. USD LIBOR + .405%
0.497% FRN 8/25/36		3,787,267		3,760,969
Crossroads Asset Trust, Series 2021-A, Class A2
0.820% 3/20/24 (a)		810,000		810,900
FCI Funding LLC
Series 2021-1A, Class A, 1.130% 4/15/33 (a)		4,158,904		4,159,127
Series 2021-1A, Class B, 1.530% 4/15/33 (a)		2,772,312		2,772,566
First Franklin Mortgage Loan Trust
Series 2006-FF15, Class A5, 1 mo. USD LIBOR + .160% 0.252% FRN 11/25/36		1,002,946		983,572
Series 2005-FF9, Class A4, 1 mo. USD LIBOR + .720% 0.812% FRN 10/25/35		1,094,986		1,090,054
FNA VI LLC, Series 2021-1A, Class A
1.350% 1/10/32 (a)		5,222,853		5,217,249
FREED ABS Trust
Series 2021-2, Class A, 0.680% 6/19/28 (a)		2,954,071		2,954,431
Series 2021-2, Class B, 1.030% 6/19/28 (a)		2,652,000		2,649,812
Gracie Point International Funding, Series 2021-1A, Class A, 1 mo. USD LIBOR + .750%
0.860% FRN 11/01/23 (a)		4,267,000		4,267,000
JP Morgan Mortgage Acquisition Trust, Series 2007-CH3, Class A5, 1 mo. USD LIBOR + .260%
0.352% FRN 3/25/37		515,478		507,722
KREF Ltd.
Series 2018-FL1, Class A, 1 mo. USD LIBOR + 1.100% 1.182% FRN 6/15/36 (a)		3,959,171		3,960,413
Series 2018-FL1, Class AS, 1 mo. USD LIBOR + 1.350% 1.432% FRN 6/15/36 (a)		1,520,000		1,520,479

MassMutual Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2018-FL1, Class D, 1 mo. USD LIBOR + 2.550% 2.632% FRN 6/15/36 (a)	$	2,110,000	$	2,112,648
LCM Ltd., Series 19A, Class AR, 3 mo. USD LIBOR + 1.240%
1.424% FRN 7/15/27 (a)		779,904		780,014
Lendmark Funding Trust
Series 2019-2A, Class A, 2.780% 4/20/28 (a)		3,655,000		3,755,566
Series 2018-2A, Class A, 4.230% 4/20/27 (a)		1,200,000		1,213,926
Long Beach Mortgage Loan Trust, Series 2006-WL1, Class 2A4, 1 mo. USD LIBOR + .680%
0.772% FRN 1/25/46		450,472		446,288
Magnetite XVIII Ltd., Series 2016-18A, Class AR, 3 mo. USD LIBOR + 1.080%
1.236% FRN 11/15/28 (a)		3,000,000		3,000,030
Marlette Funding Trust
Series 2020-1A, Class B, 2.380% 3/15/30 (a)		6,800,000		6,869,786
Series 2019-4A, Class A, 2.390% 12/17/29 (a)		1,565,082		1,573,054
Series 2019-3A, Class A, 2.690% 9/17/29 (a)		661,654		663,824
Series 2019-4A, Class B, 2.950% 12/17/29 (a)		2,250,000		2,288,957
Series 2019-2A, Class A, 3.130% 7/16/29 (a)		793,296		796,138
Series 2019-1A, Class A, 3.440% 4/16/29 (a)		625,724		626,898
Series 2019-2A, Class B, 3.530% 7/16/29 (a)		2,015,000		2,043,391
New Residential Advance Receivables Trust Advance Receivables Backed
Series 2020-T1, Class BT1, 1.823% 8/15/53 (a)		1,000,000		1,000,358
Series 2020-T1, Class DT1, 3.011% 8/15/53 (a)		1,510,000		1,516,583
NP SPE II LLC, Series 2019-1A, Class A1
2.574% 9/20/49 (a)		265,296		266,772
NRZ Advance Receivables Trust, Series 2020-T3, Class CT3
1.814% 10/15/52 (a)		965,000		968,670
OCP CLO Ltd., Series 2015-10A, Class A1R, 3 mo. USD LIBOR + .820%
0.996% FRN 10/26/27 (a)		470,843		470,863
Onemain Financial Issuance Trust, Series 2018-1A, Class A
3.300% 3/14/29 (a)		2,685,803		2,695,363
Orange Lake Timeshare Trust, Series 2016-A, Class A
2.610% 3/08/29 (a)		503,846		509,347
PFS Financing Corp., Series 2019-B, Class B, 1 mo. USD LIBOR + .800%
0.873% FRN 9/15/23 (a)		1,100,000		1,100,795
Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2I
4.262% 9/05/48 (a)		2,528,500		2,536,864
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%
2.942% FRN 2/25/23 (a)		270,000		270,502
RAMP Series Trust, Series 2006-RZ4, Class A3, 1 mo. USD LIBOR + .270%
0.362% FRN 10/25/36		2,269,611		2,254,708

MassMutual Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Sierra Receivables Funding LLC
Series 2019-3A, Class C, 3.000% 8/20/36 (a)	$	1,457,655	$	1,487,801
Series 2019-1A, Class C, 3.770% 1/20/36 (a)		404,412		414,412
Series 2018-1A, Class B, 4.036% 4/20/35		426,409		437,541
Series 2019-3A, Class D, 4.180% 8/20/36 (a)		365,657		371,656
Series 2019-1A, Class D, 4.750% 1/20/36 (a)		259,498		265,775
SoFi Consumer Loan Program LLC
Series 2016-1A, Class A, 3.260% 8/25/25 (a)		563,747		563,747
Series 2016-2A, Class B, 4.770% VRN 10/27/25 (a) (b)		639,729		639,729
Structured Asset Investment Loan Trust, Series 2005-2, Class M2, 1 mo. USD LIBOR + .735%
0.827% FRN 3/25/35		1,645,794		1,638,983
Structured Asset Securities Corp. Mortgage Loan Trust
Series 2006-BC6, Class A4, 1 mo. USD LIBOR + .170% 0.262% FRN 1/25/37		451,258		443,112
Series 2006-WF1, Class M4, 1 mo. USD LIBOR + .645% 0.737% FRN 2/25/36		613,000		604,709
Trafigura Securitisation Finance PLC
Series 2018-1A, Class A1, 1 mo. USD LIBOR + .730% 0.803% FRN 3/15/22 (a)		1,340,000		1,339,839
Series 2018-1A, Class A2, 3.730% 3/15/22 (a)		1,000,000		1,005,976
Upstart Securitization Trust
Series 2020-3, Class A, 1.702% 11/20/30 (a)		2,665,647		2,681,303
Series 2018-2, Class C, 5.494% 12/22/25 (a)		302,276		303,727
				107,950,126
Student Loans Asset-Backed Securities — 7.5%
Brazos Higher Education Authority, Inc., Series 2006-2, Class B2
1.596% 6/25/42		1,050,000		1,032,417
Chase Education Loan Trust, Series 2007-A, Class A4, 3 mo. USD LIBOR + .100%
0.246% FRN 3/28/68		2,057,876		2,027,001
College Loan Corp. Trust, Series 2005-2, Class B, 3 mo. USD LIBOR + .490%
0.674% FRN 1/15/37		287,473		256,433
Commonbond Student Loan Trust
Series 2019-AGS, Class A2, 1 mo. USD LIBOR + .900% 0.992% FRN 1/25/47 (a)		832,374		833,304
Series 2021-AGS, Class B, 1.400% 3/25/52 (a)		587,000		584,526
Series 2018-CGS, Class C, 4.350% 2/25/46 (a)		18,097		18,289
DRB Prime Student Loan Trust

MassMutual Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2017-A, Class A1, 1 mo. USD LIBOR + .850% 0.942% FRN 5/27/42 (a)	$	836,759	$	837,099
Series 2016-A, Class A1, 1 mo. USD LIBOR + 2.000% 2.092% FRN 4/25/40 (a)		150,955		149,634
EdLinc Student Loan Funding Trust, Series 2017-A, Class A, PRIME - 1.150%
2.100% FRN 12/01/47 (a)		288,371		291,888
Edsouth Indenture, No.10 LLC, Series 2015-2, Class B, 1 mo. USD LIBOR + 1.500%
1.592% FRN 12/25/58 (a)		750,000		747,680
ELFI Graduate Loan Program LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + .750%
0.842% FRN 8/25/42 (a)		1,015,405		1,008,712
Goal Capital Funding Trust, Series 2010-1, Class A, 3 mo. USD LIBOR + .700%
0.847% FRN 8/25/48 (a)		170,885		170,623
JP Morgan Student Loan Trust, Series 2007-A, Class B, 3 mo. USD LIBOR + .350%
0.534% FRN 6/28/39 (a)		265,346		245,361
KeyCorp Student Loan Trust, Series 2005-A, Class 2B, 3 mo. USD LIBOR + .730%
0.876% FRN 9/27/38		984,944		985,593
Laurel Road Prime Student Loan Trust
Series 2017-C, Class A1, 1 mo. USD LIBOR + .550% 0.642% FRN 11/25/42 (a)		79,023		76,603
Series 2019-A, Class A1FX, 2.340% 10/25/48 (a)		303,145		305,224
Series 2018-B, Class A2FX, 3.540% 5/26/43 (a)		1,681,083		1,713,291
Navient Student Loan Trust
Series 2016-7A, Class A, 1 mo. USD LIBOR + 1.150% 1.242% FRN 3/25/66 (a)		1,418,791		1,457,451
Series 2019-3A, Class B, 1 mo. USD LIBOR + 1.550% 1.642% FRN 7/25/68 (a)		2,550,000		2,552,649
Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750%
1.842% FRN 12/26/40 (a)		78,753		79,036
Nelnet Student Loan Trust
Series 2005-2, Class B, 3 mo. USD LIBOR + .170% 0.305% FRN 3/23/37		523,365		455,881
Series 2006-2, Class B, 3 mo. USD LIBOR + .200% 0.376% FRN 1/25/38		368,702		322,062
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 0.397% FRN 6/25/41		238,463		216,866
Series 2004-3, Class B, 3 mo. USD LIBOR + .350% 0.526% FRN 10/25/40		585,937		544,916
Series 2014-2A, Class B, 1 mo. USD LIBOR + 1.500% 1.592% FRN 6/25/41 (a)		295,000		293,929
SLC Student Loan Trust

MassMutual Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2006-2, Class B, 3 mo. USD LIBOR + .230% 0.349% FRN 12/15/39	$	292,354	$	262,738
Series 2005-2, Class B, 3 mo. USD LIBOR + .280% 0.399% FRN 3/15/40		977,082		896,259
SLM Student Loan Trust
Series 2005-5, Class A4, 3 mo. USD LIBOR + .140% 0.316% FRN 10/25/28		1,053,462		1,048,221
Series 2006-4, Class B, 3 mo. USD LIBOR + .200% 0.376% FRN 1/25/70		192,647		175,722
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 0.386% FRN 10/25/40		236,584		219,361
Series 2006-2, Class B, 3 mo. USD LIBOR + .220% 0.396% FRN 1/25/41		281,155		254,081
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 0.486% FRN 1/25/55		250,371		233,819
Series 2004-3, Class B, 3 mo. USD LIBOR + .470% 0.646% FRN 10/25/64		193,445		183,180
Series 2003-11, Class B, 3 mo. USD LIBOR + .650% 0.769% FRN 12/15/38		223,038		204,179
SMB Private Education Loan Trust
Series 2019-A, Class A2B, 1 mo. USD LIBOR + .870% 0.971% FRN 7/15/36 (a)		1,457,931		1,467,729
Series 2014-A, Class A2B, 1 mo. USD LIBOR + 1.150% 1.223% FRN 5/15/26 (a)		123,884		123,928
SoFi Alternative Trust, Series 2019-C, Class PT,
4.558% VRN 1/25/45 (a) (b)		879,370		936,902
SoFi Professional Loan Program LLC
Series 2019-C, Class A1FX, 2.130% 11/16/48 (a)		107,254		107,346
Series 2016-B, Class A2B, 2.740% 10/25/32 (a)		2,053,585		2,076,030
Series 2018-D, Class A2FX, 3.600% 2/25/48 (a)		1,744,243		1,789,016
				27,184,979
Whole Loan Collateral Collateralized Mortgage Obligations — 6.7%
Angel Oak Mortgage Trust, Series 2018-3, Class A3,
3.238% VRN 5/25/59 (a) (b)		398,570		398,283
BRAVO Residential Funding Trust, Series 2019-NQM1, Class A1,
2.666% VRN 7/25/59 (a) (b)		4,044,623		4,073,690
CIM Trust, Series 2019-INV3, Class A11, 1 mo. USD LIBOR + 1.000%
1.042% FRN 8/25/49 (a)		1,565,321		1,567,916
Citigroup Mortgage Loan Trust, Series 2019-IMC1, Class A3,
3.030% VRN 7/25/49 (a) (b)		529,430		535,024
Deephaven Residential Mortgage Trust, Series 2019-4A, Class A3,
3.047% VRN 10/25/59 (a) (b)		2,115,108		2,123,706
HomeBanc Mortgage Trust, Series 2005-3, Class A1, 1 mo. USD LIBOR + .480%
0.572% FRN 7/25/35		899,885		897,924
NewRez Warehouse Securitization Trust 2021-1, Series 2021-1, Class A, 1 mo. USD LIBOR + .750%
0.842% FRN 5/25/55 (a)		5,333,000		5,340,741

MassMutual Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Onslow Bay Financial LLC
Series 2020-EXP1, Class 2A2, 1 mo. USD LIBOR + .950% 1.042% FRN 2/25/60 (a)	$	1,002,981	$	1,007,213
Series 2021-NQM2, Class A2, 1.357% VRN 5/25/61 (a) (b) (c)		1,000,000		999,983
Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates, Series 2005-4, Class 1APT, 1 mo. USD LIBOR + .620%
0.712% FRN 11/25/35		386,668		383,519
STAR Trust, Series 2021-1, Class A3,
1.528% VRN 5/25/65 (a) (b)		4,677,207		4,672,210
Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3,
2.916% VRN 9/27/49 (a) (b)		1,043,657		1,056,655
Verus Securitization Trust, Series 2019-INV2, Class A3,
3.219% VRN 7/25/59 (a) (b)		1,220,407		1,237,141
				24,294,005
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $185,847,787)				186,699,732
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 8.9%
Whole Loans — 8.9%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2021-DNA1, Class M1, SOFR30A + .650% 0.668% FRN 1/25/51 (a)		1,551,310		1,551,310
Series 2020-DNA6, Class M1, SOFR30A + .900% 0.918% FRN 12/25/50 (a)		1,227,203		1,227,844
Series 2018-DNA2, Class M2AS, 1 mo. USD LIBOR + .950% 1.042% FRN 12/25/30 (a)		1,800,000		1,797,003
Series 2020-DNA5, Class M1, SOFR30A + 1.300% 1.318% FRN 10/25/50 (a)		321,938		322,086
Series 2020-DNA1, Class M2, 1 mo. USD LIBOR + 1.700% 1.792% FRN 1/25/50 (a)		4,742,986		4,760,934
Series 2018-DNA3, Class M2A, 1 mo. USD LIBOR + 2.100% 2.192% FRN 9/25/48 (a)		1,800,000		1,811,508
Series 2018-DNA2, Class M2A, 1 mo. USD LIBOR + 2.150% 2.242% FRN 12/25/30 (a)		4,710,500		4,741,638
Series 2020-DNA5, Class M2, SOFR30A + 2.800% 2.818% FRN 10/25/50 (a)		1,525,000		1,546,610
Federal National Mortgage Association Connecticut Avenue Securities Trust
Series 2019-R05, Class 1M2, 1 mo. USD LIBOR + 2.000% 2.092% FRN 7/25/39 (a)		4,683,980		4,703,150

MassMutual Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2019-R03, Class 1M2, 1 mo. USD LIBOR + 2.150% 2.242% FRN 9/25/31 (a)	$	6,296,732	$	6,336,922
Series 2019-R02, Class 1M2, 1 mo. USD LIBOR + 2.300% 2.392% FRN 8/25/31 (a)		3,523,693		3,547,508
				32,346,513
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $32,298,276)				32,346,513
U.S. TREASURY OBLIGATIONS — 15.4%
U.S. Treasury Bonds & Notes — 15.4%
U.S. Treasury Inflation Index
0.125% 10/15/24		2,913,680		3,139,946
0.125% 4/15/25		1,033,610		1,115,599
0.125% 10/15/25		514,475		559,900
0.125% 4/15/26		3,410,896		3,710,948
0.125% 7/15/26		2,751,111		3,012,681
0.125% 1/15/30		3,113,070		3,418,864
0.125% 7/15/30		468,585		517,280
0.125% 1/15/31		614,660		676,870
0.125% 2/15/51		410,188		451,367
0.250% 1/15/25		2,705,280		2,927,972
0.250% 7/15/29		2,635,444		2,933,201
0.250% 2/15/50		1,453,830		1,648,280
0.375% 7/15/23		1,147,230		1,220,635
0.375% 7/15/25 (d)		2,195,349		2,410,539
0.500% 4/15/24		1,111,499		1,198,001
0.500% 1/15/28		1,515,304		1,699,469
0.625% 4/15/23		558,917		591,218
0.625% 1/15/26		2,584,303		2,870,124
0.625% 2/15/43		116,124		138,900
0.750% 7/15/28		2,520,732		2,893,525
0.750% 2/15/42		236,308		288,139
0.750% 2/15/45		2,142,980		2,646,525
0.875% 1/15/29		633,534		733,365
0.875% 2/15/47		1,050,710		1,353,459
1.000% 2/15/46		563,385		737,330
1.000% 2/15/49		429,697		579,364
1.375% 2/15/44		1,202,828		1,662,110
2.000% 1/15/26		1,479,665		1,740,976
2.125% 2/15/40		617,615		921,686
2.125% 2/15/41		987,503		1,489,664

MassMutual Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
2.375% 1/15/25	$	991,459	$	1,152,184
3.625% 4/15/28		1,526,879		2,059,617
3.875% 4/15/29		2,517,262		3,541,112
				56,040,850
TOTAL U.S. TREASURY OBLIGATIONS (Cost $53,351,182)				56,040,850
TOTAL BONDS & NOTES (Cost $271,497,245)				275,087,095
TOTAL PURCHASED OPTIONS (#) — 0.2% (Cost $1,137,772)				912,614
TOTAL LONG-TERM INVESTMENTS (Cost $272,635,017)				275,999,709
SHORT-TERM INVESTMENTS — 23.6%
Commercial Paper — 22.4%
Agilent Tech, Inc.
0.122% 7/01/21 (a)		4,000,000		3,999,986
American Electric Power Co., Inc.
0.203% 7/21/21 (a)		5,000,000		4,999,580
AT&T, Inc.
0.407% 12/15/21 (a)		5,000,000		4,995,660
Commonwealth Edison Co.
0.101% 7/02/21		5,000,000		4,999,986
Dentsply International, Inc.
0.254% 9/30/21 (a)		5,000,000		4,997,432
El Dupont
0.325% 12/08/21 (a)		1,000,000		999,088
0.325% 12/08/21 (a)		2,500,000		2,497,719
Enbridge (us), Inc.
0.356% 9/15/21 (a)		5,000,000		4,997,957
Evergy Kansas
0.132% 7/01/21 (a)		4,000,000		3,999,986
PPG Industries, Inc.
0.427% 8/02/21		5,000,000		4,999,303
Public Service Enterprise Group, Inc.
0.203% 8/20/21 (a)		5,000,000		4,998,810

MassMutual Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Rogers Communications, Inc.
0.458% 8/25/21 (a)	$	4,000,000	$	3,998,911
Schlumberger Holdings
0.407% 7/29/21 (a)		2,000,000		1,999,776
Southern Co. Gas Capital
0.152% 7/23/21 (a)		5,000,000		4,999,537
Suncor Energy, Inc.
0.244% 8/24/21 (a)		5,000,000		4,998,679
VW Credit, Inc.
0.233% 9/08/21 (a)		5,000,000		4,998,182
Walgreens Boots Alliance, Inc.
0.172% 7/14/21 (a)		5,000,000		4,999,671
Walt Disney Co.
0.305% 9/24/21 (a)		2,000,000		1,999,288
0.356% 7/16/21 (a)		2,000,000		1,999,913
Waste Management, Inc.
0.458% 9/15/21 (a)		5,000,000		4,998,064
				81,477,528
Repurchase Agreement — 1.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (e)		4,517,613		4,517,613
TOTAL SHORT-TERM INVESTMENTS (Cost $85,978,113)				85,995,141
TOTAL INVESTMENTS — 99.4% (Cost $358,613,130) (f)				361,994,850
Other Assets/(Liabilities) — 0.6%				2,107,900
NET ASSETS — 100.0%			$	364,102,750

Abbreviation Legend

CLO Collateralized Loan Obligation

FRN Floating Rate Note

VRN Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2021, the aggregate market value of these securities amounted to $256,113,496 or 70.34% of net assets.

(b) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at June 30, 2021.

(c) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2021, these securities amounted to a value of $999,983 or 0.27% of net assets.

(d) A portion of this security is pledged/held as collateral for open derivatives.

(e) Maturity value of $4,517,613. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 1/31/23, and an aggregate market value, including accrued interest, of $4,608,004.

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

MassMutual Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

(#) Interest Rate Swaptions Purchased
			Paid by Fund		Received by Fund
Description	Counterparty	Expiration Date	Rate	Frequency	Rate	Frequency	Notional Amount		Value		Premium Paid (Received)		Unrealized Appreciation/ (Depreciation)
Call
10-Year Interest Rate Swap, 12/15/42	Barclays Bank PLC	12/13/32	3-Month USD LIBOR BBA	Quarterly	2.44%	Semi-Annually	USD	1,219,750	$	101,044	$	60,978	$	40,066
Put
10-Year Interest Rate Swap, 12/15/42	Barclays Bank PLC	12/13/32	2.94%	Semi-Annually	3-Month USD LIBOR BBA	Quarterly	USD	14,190,000	$	545,038	$	709,401	$	(164,363)
10-Year Interest Rate Swap, 2/02/43	Credit Suisse International	1/31/33	3.11%	Semi-Annually	3-Month USD LIBOR BBA	Quarterly	USD	7,670,000		266,532		367,393		(100,861)
										811,570		1,076,794		(265,224)
									$	912,614	$	1,137,772	$	(225,158)

Futures contracts
	Expiration Date	Number of Contracts		Notional Amount		Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Long Bond	9/21/21		16	$	2,540,357	$	31,643
U.S. Treasury Note 2 Year	9/30/21		108		23,806,887		(12,293)
						$	19,350
Short
U.S. Treasury Ultra 10 Year	9/21/21		2	$	(293,931)	$	(475)
U.S. Treasury Ultra Bond	9/21/21		10		(1,931,871)		4,996
U.S. Treasury Note 5 Year	9/30/21		15		(1,848,937)		(2,508)
						$	2,013

MassMutual Inflation-Protected and Income Fund —  Portfolio of Investments (Continued)

OTC Interest Rate Swaps
Paid by the Fund		Received by the Fund
Rate/ Reference	Frequency	Rate/ Reference	Frequency	Counterparty	Termination Date	Notional Amount		Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation (Depreciation)
1.978%	Maturity	U.S. Consumer Price Index	Maturity	Bank of America N.A.	12/24/22	USD	2,000,000	$	64,374	$	—	$	64,374
1.833%	Maturity	U.S. Consumer Price Index	Maturity	Goldman Sachs International	8/28/23	USD	1,500,000		71,405		—		71,405
2.000%	Maturity	U.S. Consumer Price Index	Maturity	JP Morgan Chase Bank N.A.	12/24/23	USD	4,500,000		166,328		—		166,328
								$	302,107	$	—	$	302,107

OTC Total Return Swaps
Paid by the Fund		Received by the Fund
Rate/ Reference	Frequency	Rate/ Reference	Frequency	Counterparty	Termination Date	No. of Contracts/ Notional	Value		Upfront Premium Received (Paid)/ Received		Unrealized Appreciation (Depreciation)
0.21%	Maturity	Bloomberg Barclays US Treasury Inflation Notes TR Index	Maturity	Barclays Bank PLC	11/30/21	61,108,709	$	369,421	$	—	$	369,421
0.24%	Maturity	Bloomberg Barclays US Treasury Inflation Notes TR Index	Maturity	BNP Paribas SA	7/30/21	43,111,313		600,386		—		600,386
0.24%	Maturity	Bloomberg Barclays US Treasury Inflation Notes TR Index	Maturity	BNP Paribas SA	8/31/21	20,095,298		613,456		—		613,456
0.21%	Maturity	Bloomberg Barclays US Treasury Inflation Notes TR Index	Maturity	BNP Paribas SA	10/29/21	49,984,125		911,211		—		911,211
0.21%	Maturity	Bloomberg Barclays US Treasury Inflation Notes TR Index	Maturity	Goldman Sachs & Co.	10/29/21	49,713,717		906,281		—		906,281
0.24%	Maturity	Bloomberg Barclays US Treasury Inflation Notes TR Index	Maturity	Goldman Sachs International	7/30/21	28,111,313		391,490		—		391,490
0.24%	Maturity	Bloomberg Barclays US Treasury Inflation Notes TR Index	Maturity	Goldman Sachs International	8/31/21	41,122,701		1,255,367		—		1,255,367
							$	5,047,612	$	—	$	5,047,612

Currency Legend

USD U.S. Dollar

MassMutual Core Bond Fund —  Portfolio of Investments

June 30, 2021 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 98.3%
CORPORATE DEBT — 37.8%
Aerospace & Defense — 0.4%
The Boeing Co.
1.433% 2/04/24	$	4,745,000	$	4,760,780
Agriculture — 1.1%
BAT Capital Corp.
2.259% 3/25/28		930,000		923,826
4.700% 4/02/27		2,855,000		3,227,698
4.758% 9/06/49		805,000		872,877
Imperial Brands Finance PLC
3.500% 7/26/26 (a)		1,675,000		1,793,886
3.875% 7/26/29 (a)		1,842,000		1,997,298
Reynolds American, Inc.
5.850% 8/15/45		1,025,000		1,255,826
Viterra Finance BV
3.200% 4/21/31 (a)		3,140,000		3,168,012
				13,239,423
Airlines — 0.3%
Delta Air Lines, Inc./SkyMiles IP Ltd.
4.500% 10/20/25 (a)		1,258,000		1,352,290
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A,
4.100% 10/01/29		1,179,810		1,233,213
United Airlines Pass-Through Trust, Series 2018-1, Class B,
4.600% 9/01/27		422,810		436,591
				3,022,094
Auto Manufacturers — 0.4%
General Motors Co.
4.200% 10/01/27		1,290,000		1,438,231
5.150% 4/01/38		785,000		957,940
6.800% 10/01/27		1,995,000		2,514,083
				4,910,254
Banks — 5.5%
Associated Banc-Corp.
4.250% 1/15/25		2,580,000		2,807,409
Bank of America Corp.
SOFR + 2.150% 2.592% VRN 4/29/31		1,730,000		1,785,504
4.183% 11/25/27		1,380,000		1,546,873
3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38		1,125,000		1,337,767
3 mo. USD LIBOR + 1.310% 4.271% VRN 7/23/29		615,000		707,096
6.110% 1/29/37		1,275,000		1,746,861
7.750% 5/14/38		1,055,000		1,669,517
The Bank of Nova Scotia 3 mo. USD LIBOR + 2.648%
4.650% VRN (b)		3,550,000		3,638,750

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Barclays PLC
4.337% 1/10/28	$	1,600,000	$	1,789,857
BPCE SA SOFR + 1.520%
1.652% VRN 10/06/26 (a)		2,860,000		2,873,755
Citigroup, Inc.
4.450% 9/29/27		1,075,000		1,228,079
6.000% 10/31/33		510,000		678,205
6.625% 6/15/32		500,000		680,631
8.125% 7/15/39		225,000		388,988
Credit Suisse AG
6.500% 8/08/23 (a)		3,806,000		4,204,260
Discover Bank 5 year USD Swap + 1.730%
4.682% VRN 8/09/28		3,275,000		3,478,541
First Republic Bank
4.375% 8/01/46		2,620,000		3,213,721
Fulton Financial Corp.
3.600% 3/16/22		215,000		219,146
The Goldman Sachs Group, Inc.
4.250% 10/21/25		375,000		419,535
5.950% 1/15/27		1,333,000		1,623,208
6.250% 2/01/41		440,000		653,959
6.750% 10/01/37		1,065,000		1,550,877
HSBC Holdings PLC
4.250% 3/14/24		1,659,000		1,797,006
4.250% 8/18/25		1,938,000		2,148,404
4.375% 11/23/26		1,341,000		1,514,254
JP Morgan Chase & Co.
SOFR + 2.515% 2.956% VRN 5/13/31		1,350,000		1,419,635
5.600% 7/15/41		1,225,000		1,718,492
Mizrahi Tefahot Bank Ltd. 5 year CMT + 2.250%
3.077% VRN 4/07/31 (a)		3,585,000		3,620,850
Morgan Stanley
SOFR + 1.485% 3.217% VRN 4/22/42		1,775,000		1,883,397
4.350% 9/08/26		3,925,000		4,446,539
Nordea Bank Abp 5 year CMT + 4.110%
6.625% VRN (a) (b)		2,892,000		3,316,777
SVB Financial Group
2.100% 5/15/28		1,960,000		1,989,653
Valley National Bancorp
5.125% 9/27/23		1,710,000		1,862,471
Wells Fargo & Co.
5.375% 11/02/43		851,000		1,134,421
5.606% 1/15/44		620,000		846,936
				65,941,374
Beverages — 0.7%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.900% 2/01/46		4,425,000		5,584,457
Molson Coors Beverage Co.
4.200% 7/15/46		1,689,000		1,883,298
5.000% 5/01/42		350,000		429,797
				7,897,552
Chemicals — 0.4%
DuPont de Nemours, Inc.
5.319% 11/15/38		2,075,000		2,734,230

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Syngenta Finance NV
4.441% 4/24/23 (a)	$	2,400,000	$	2,533,413
				5,267,643
Commercial Services — 0.3%
Triton Container International Ltd.
2.050% 4/15/26 (a)		3,225,000		3,236,636
Computers — 0.3%
Apple, Inc.
2.650% 5/11/50		955,000		938,474
Dell International LLC / EMC Corp.
8.100% 7/15/36		450,000		688,714
Leidos, Inc.
2.300% 2/15/31		1,575,000		1,536,602
4.375% 5/15/30		785,000		891,391
				4,055,181
Diversified Financial Services — 3.6%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
4.500% 9/15/23		1,840,000		1,972,750
6.500% 7/15/25		885,000		1,038,550
Aircastle Ltd.
4.400% 9/25/23		3,835,000		4,104,802
Antares Holdings LP
3.950% 7/15/26 (a)		1,215,000		1,264,902
6.000% 8/15/23 (a)		3,935,000		4,261,743
8.500% 5/18/25 (a)		1,185,000		1,412,838
Ares Finance Co. III LLC 5 year CMT + 3.237%
4.125% VRN 6/30/51 (a)		1,875,000		1,877,344
Ares Finance Co. LLC
4.000% 10/08/24 (a)		2,380,000		2,545,476
Aviation Capital Group LLC
1.950% 1/30/26 (a)		1,625,000		1,626,110
Avolon Holdings Funding Ltd.
3.250% 2/15/27 (a)		1,945,000		2,006,279
4.250% 4/15/26 (a)		3,091,000		3,351,021
5.500% 1/15/26 (a)		205,000		232,345
Blue Owl Finance LLC
3.125% 6/10/31 (a)		2,530,000		2,518,791
Brookfield Finance, Inc.
4.350% 4/15/30		2,145,000		2,478,718
4.850% 3/29/29		2,168,000		2,554,953
GE Capital International Funding Co. Unlimited Co.
4.418% 11/15/35		790,000		948,209
Global Aircraft Leasing Co. Ltd.
6.500% 9/15/24 (a)		1,852,328		1,862,303
Lazard Group LLC
3.625% 3/01/27		1,209,000		1,319,178
4.500% 9/19/28		2,055,000		2,369,829
Park Aerospace Holdings Ltd.
4.500% 3/15/23 (a)		2,225,000		2,338,620
5.250% 8/15/22 (a)		1,300,000		1,360,255
				43,445,016

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Electric — 1.2%
Appalachian Power Co.
4.500% 3/01/49	$	1,500,000	$	1,833,893
The Cleveland Electric Illuminating Co.
5.950% 12/15/36		589,000		749,842
CMS Energy Corp.
4.700% 3/31/43		655,000		798,225
4.875% 3/01/44		700,000		894,861
Entergy Arkansas LLC
2.650% 6/15/51		2,290,000		2,168,803
FirstEnergy Transmission LLC
4.550% 4/01/49 (a)		1,180,000		1,383,147
ITC Holdings Corp.
2.950% 5/14/30 (a)		1,220,000		1,285,330
Nevada Power Co.
6.650% 4/01/36		1,000,000		1,453,399
Pacific Gas and Electric Co.
2.500% 2/01/31		1,035,000		971,120
PPL Capital Funding, Inc.
4.000% 9/15/47 (c)		1,050,000		1,240,020
Puget Energy, Inc.
2.379% 6/15/28 (a)		1,030,000		1,041,443
				13,820,083
Electronics — 0.2%
Avnet, Inc.
3.000% 5/15/31		2,690,000		2,683,280
Food — 0.7%
JBS Finance Luxembourg Sarl
3.625% 1/15/32 (a)		6,550,000		6,547,969
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
5.500% 1/15/30 (a)		928,000		1,037,857
Smithfield Foods, Inc.
3.000% 10/15/30 (a)		1,208,000		1,219,234
				8,805,060
Gas — 0.3%
CenterPoint Energy Resources Corp.
6.625% 11/01/37		1,500,000		2,093,644
NiSource, Inc.
4.800% 2/15/44		1,350,000		1,657,642
				3,751,286
Health Care – Services — 0.4%
City of Hope
4.378% 8/15/48		1,275,000		1,595,777
HCA, Inc.
3.500% 7/15/51		3,015,000		3,016,055
				4,611,832
Insurance — 6.0%
Allstate Corp. 3 mo. USD LIBOR + 2.938%
5.750% VRN 8/15/53		4,970,000		5,411,087

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
American International Group, Inc. 3 mo. USD LIBOR + 2.868%
5.750% VRN 4/01/48	$	4,174,000	$	4,787,944
AmTrust Financial Services, Inc.
6.125% 8/15/23		4,330,000		4,369,914
Athene Global Funding
2.673% 6/07/31 (a)		3,080,000		3,123,239
Athene Holding Ltd.
6.150% 4/03/30		3,900,000		4,935,500
AXIS Specialty Finance LLC
3.900% 7/15/29		1,505,000		1,643,952
5 year CMT + 3.186% 4.900% VRN 1/15/40		1,670,000		1,770,868
AXIS Specialty Finance PLC
4.000% 12/06/27		2,760,000		3,058,081
Brighthouse Financial, Inc.
3.700% 6/22/27 (c)		1,069,000		1,162,922
4.700% 6/22/47		1,525,000		1,695,605
5.625% 5/15/30		3,207,000		3,905,788
CNO Financial Group, Inc.
5.250% 5/30/29		2,801,000		3,331,831
Enstar Finance LLC 5 year CMT + 5.468%
5.750% VRN 9/01/40		2,700,000		2,865,375
Enstar Group Ltd.
4.950% 6/01/29		2,050,000		2,355,992
Global Atlantic Fin Co.
3.125% 6/15/31 (a)		2,060,000		2,073,840
5 year CMT + 3.796% 4.700% VRN 10/15/51 (a) (d)		3,580,000		3,590,561
Markel Corp. 5 year CMT + 5.662%
6.000% VRN (b)		1,230,000		1,374,525
MetLife Capital Trust IV
7.875% 12/15/67 (a)		925,000		1,288,063
New York Life Insurance Co.
3.750% 5/15/50 (a)		695,000		776,705
Prudential Financial, Inc.
3 mo. USD LIBOR + 3.920% 5.625% VRN 6/15/43		1,300,000		1,395,268
3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48 (c)		3,380,000		3,964,893
3 mo. USD LIBOR + 4.175% 5.875% VRN 9/15/42		650,000		687,178
RenaissanceRe Finance, Inc.
3.450% 7/01/27		2,450,000		2,679,247
Sammons Financial Group, Inc.
3.350% 4/16/31 (a)		4,980,000		5,131,180
Teachers Insurance & Annuity Association of America
4.270% 5/15/47 (a)		1,025,000		1,226,290
USF&G Capital I
8.500% 12/15/45 (a)		1,015,000		1,598,337
Voya Financial, Inc. 3 mo. USD LIBOR + 2.084%
4.700% VRN 1/23/48		1,010,000		1,064,664
				71,268,849
Internet — 0.3%
Amazon.com, Inc.
4.050% 8/22/47		1,055,000		1,287,887
Expedia Group, Inc.
4.625% 8/01/27		1,745,000		1,973,083
				3,260,970
Investment Companies — 1.8%
Ares Capital Corp.

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
2.150% 7/15/26	$	2,275,000	$	2,263,344
4.200% 6/10/24		2,100,000		2,256,274
BlackRock TCP Capital Corp.
3.900% 8/23/24		4,215,000		4,482,578
4.125% 8/11/22		2,810,000		2,903,314
Golub Capital BDC, Inc.
2.500% 8/24/26		1,165,000		1,173,723
3.375% 4/15/24		2,390,000		2,493,677
Sixth Street Specialty Lending, Inc.
2.500% 8/01/26		1,305,000		1,323,316
3.875% 11/01/24		4,505,000		4,782,157
				21,678,383
Iron & Steel — 0.2%
Vale Overseas Ltd.
6.250% 8/10/26		1,550,000		1,866,355
6.875% 11/21/36		825,000		1,130,836
				2,997,191
Lodging — 0.1%
Marriott International, Inc. /MD
2.850% 4/15/31		1,470,000		1,494,451
Machinery – Construction & Mining — 0.3%
The Weir Group PLC
2.200% 5/13/26 (a)		3,415,000		3,430,442
Media — 1.2%
Charter Communications Operating LLC/Charter Communications Operating Capital
3.900% 6/01/52		750,000		764,251
6.484% 10/23/45		1,905,000		2,625,120
Comcast Corp.
3.450% 2/01/50		675,000		730,493
3.969% 11/01/47		660,000		769,057
4.750% 3/01/44		925,000		1,180,061
Discovery Communications LLC
4.000% 9/15/55		1,186,000		1,256,307
4.650% 5/15/50		705,000		830,983
Time Warner Cable, Inc.
6.750% 6/15/39		655,000		912,529
ViacomCBS, Inc.
4.200% 5/19/32 (c)		1,131,000		1,306,825
4.950% 1/15/31 (c)		1,324,000		1,597,564
The Walt Disney Co.
3.600% 1/13/51		1,990,000		2,257,524
				14,230,714
Metal Fabricate & Hardware — 0.3%
The Timken Co.
4.500% 12/15/28		2,730,000		3,052,408
Mining — 0.5%
Glencore Finance Canada Ltd.
5.550% STEP 10/25/42 (a)		857,000		1,106,721
Glencore Funding LLC
3.875% 10/27/27 (a)		950,000		1,044,810
4.625% 4/29/24 (a)		2,585,000		2,833,621

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Teck Resources Ltd.
6.000% 8/15/40	$	1,075,000	$	1,374,549
				6,359,701
Miscellaneous - Manufacturing — 0.1%
General Electric Co.
6.875% 1/10/39		429,000		643,608
Oil & Gas — 2.2%
BP Capital Markets PLC 5 year CMT + 4.036%
4.375% VRN (b)		3,775,000		4,020,375
Cenovus Energy, Inc.
6.750% 11/15/39		1,176,000		1,597,456
Devon Energy Corp.
5.600% 7/15/41		1,075,000		1,332,971
EQT Corp.
3.900% 10/01/27		2,770,000		2,967,363
Marathon Petroleum Corp.
4.500% 4/01/48		495,000		565,434
6.500% 3/01/41		1,060,000		1,472,415
Occidental Petroleum Corp.
6.600% 3/15/46		1,228,000		1,459,724
Ovintiv Exploration, Inc.
5.375% 1/01/26		1,875,000		2,113,803
5.625% 7/01/24		1,200,000		1,336,201
Ovintiv, Inc.
6.500% 2/01/38		530,000		704,688
Patterson-UTI Energy, Inc.
3.950% 2/01/28		2,060,000		2,086,367
Petroleos Mexicanos
5.350% 2/12/28		1,925,000		1,893,141
6.375% 1/23/45		640,000		550,400
6.500% 3/13/27		295,000		311,057
6.625% 6/15/38		202,000		186,879
Santos Finance Ltd.
3.649% 4/29/31 (a)		1,910,000		1,957,098
Saudi Arabian Oil Co.
4.250% 4/16/39 (a)		1,080,000		1,208,064
				25,763,436
Oil & Gas Services — 0.5%
Halliburton Co.
5.000% 11/15/45		1,300,000		1,584,892
NOV, Inc.
3.600% 12/01/29		2,155,000		2,252,989
3.950% 12/01/42		1,778,000		1,760,164
				5,598,045
Packaging & Containers — 0.2%
Amcor Flexibles North America, Inc.
2.690% 5/25/31		1,959,000		2,000,304
Pharmaceuticals — 0.9%
AbbVie, Inc.
4.700% 5/14/45		1,465,000		1,830,434
Bristol-Myers Squibb Co.
4.350% 11/15/47		1,150,000		1,453,832

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Cigna Corp.
4.800% 7/15/46	$	1,105,000	$	1,402,216
CVS Health Corp.
5.050% 3/25/48		370,000		480,732
6.125% 9/15/39		895,000		1,249,391
CVS Pass-Through Trust
5.926% 1/10/34 (a)		1,730,171		2,093,550
Utah Acquisition Sub, Inc.
5.250% 6/15/46		1,750,000		2,136,590
				10,646,745
Pipelines — 1.9%
Energy Transfer LP
4.200% 4/15/27		1,150,000		1,270,705
6.125% 12/15/45		1,235,000		1,574,712
3 mo. USD LIBOR + 4.028% 6.250% VRN (b)		2,635,000		2,325,388
EnLink Midstream Partners LP
4.150% 6/01/25		2,972,000		3,112,694
4.850% 7/15/26		996,000		1,030,860
Enterprise Products Operating LLC
3 mo. USD LIBOR + 3.033% 5.250% VRN 8/16/77		2,550,000		2,675,498
3 mo. USD LIBOR + 2.570% 5.375% VRN 2/15/78		1,120,000		1,155,900
MPLX LP 3 mo. USD LIBOR + 4.652%
6.875% VRN (b)		3,550,000		3,616,030
Plains All American Pipeline LP 3 mo. USD LIBOR + 4.110%
6.125% VRN (b)		2,590,000		2,287,488
Plains All American Pipeline LP/PAA Finance Corp.
3.800% 9/15/30		1,570,000		1,680,947
4.700% 6/15/44		1,525,000		1,617,899
6.650% 1/15/37		475,000		622,422
				22,970,543
Private Equity — 0.6%
Apollo Management Holdings LP 5 year CMT + 3.266%
4.950% VRN 1/14/50 (a)		1,970,000		2,046,337
Carlyle Finance Subsidiary LLC
3.500% 9/19/29 (a)		1,345,000		1,445,942
Hercules Capital, Inc.
4.625% 10/23/22		3,220,000		3,271,492
KKR Group Finance Co. VIII LLC
3.500% 8/25/50 (a)		920,000		963,365
				7,727,136
Real Estate Investment Trusts (REITS) — 2.3%
American Tower Trust #1
3.652% 3/15/48 (a)		1,810,000		1,984,028
Highwoods Realty LP
4.125% 3/15/28		625,000		700,653
Host Hotels & Resorts LP
3.500% 9/15/30		2,756,000		2,895,073
Kimco Realty Corp.
4.125% 12/01/46		855,000		969,807
4.450% 9/01/47		1,055,000		1,264,793
SBA Tower Trust
1.884% 7/15/50 (a)		1,936,000		1,960,904
Service Properties Trust

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
4.500% 6/15/23	$	953,000	$	976,825
4.950% 10/01/29		1,445,000		1,425,131
Spirit Realty LP
2.700% 2/15/32		715,000		709,630
3.200% 1/15/27		425,000		452,189
3.400% 1/15/30		490,000		522,777
4.000% 7/15/29		2,405,000		2,667,394
4.450% 9/15/26		298,000		332,477
STORE Capital Corp.
2.750% 11/18/30		565,000		569,355
4.625% 3/15/29		2,177,000		2,478,240
Tanger Properties LP
3.875% 12/01/23		711,000		751,666
VEREIT Operating Partnership LP
3.100% 12/15/29		3,615,000		3,862,799
3.400% 1/15/28		710,000		772,755
WEA Finance LLC
2.875% 1/15/27 (a)		1,949,000		2,012,632
				27,309,128
Retail — 0.4%
El Puerto de Liverpool SAB de CV
3.950% 10/02/24 (a)		3,375,000		3,607,031
O'Reilly Automotive, Inc.
4.200% 4/01/30		1,205,000		1,388,650
				4,995,681
Software — 0.5%
Microsoft Corp.
2.921% 3/17/52		2,560,000		2,717,212
MSCI, Inc.
3.625% 11/01/31 (a)		2,095,000		2,148,842
Oracle Corp.
3.600% 4/01/50		1,215,000		1,250,382
				6,116,436
Telecommunications — 1.3%
AT&T, Inc.
3.500% 9/15/53 (a)		333,000		334,835
3.550% 9/15/55 (a)		6,775,000		6,810,637
Crown Castle Towers LLC
4.241% 7/15/48 (a)		1,750,000		1,976,856
NBN Co., Ltd.
2.625% 5/05/31 (a)		1,885,000		1,933,086
Qwest Corp
6.750% 12/01/21		908,000		929,565
Telefonica Emisiones SAU
4.665% 3/06/38		1,040,000		1,222,180
Verizon Communications, Inc.
2.875% 11/20/50		1,000,000		955,019
2.987% 10/30/56		1,414,000		1,330,450
				15,492,628
Transportation — 0.3%
Canadian Pacific Railway Co.
2.050% 3/05/30		852,000		848,891

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
CSX Corp.
4.750% 11/15/48	$	820,000	$	1,061,430
Norfolk Southern Corp.
4.050% 8/15/52		1,180,000		1,396,290
				3,306,611
Trucking & Leasing — 0.1%
GATX Corp.
1.900% 6/01/31		845,000		805,474
TOTAL CORPORATE DEBT (Cost $421,274,919)				450,596,378
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 33.1%
Automobile Asset-Backed Securities — 1.1%
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class C
4.530% 3/20/23 (a)		1,577,000		1,602,501
Carvana Auto Receivables Trust, Series 2021-P1, Class D
1.820% 12/10/27		2,302,000		2,298,857
OneMain Direct Auto Receivables Trust, Series 2019-1A, Class B
3.950% 11/14/28 (a)		2,383,000		2,540,884
Santander Drive Auto Receivables Trust, Series 2021-2, Class D
1.350% 7/15/27		5,000,000		5,005,103
Santander Revolving Auto Loan Trust, Series 2019-A, Class D
3.450% 1/26/32 (a)		1,408,000		1,461,539
				12,908,884
Commercial Mortgage-Backed Securities — 10.3%
Aventura Mall Trust, Series 2018-AVM, Class C,
4.249% VRN 7/05/40 (a) (e)		4,140,000		4,376,639
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350%
1.423% FRN 9/15/34 (a)		760,000		759,061
BANK, Series 2020-BN30, Class MCDF,
3.016% VRN 12/15/53 (e)		3,165,000		2,970,164
BBCMS Mortgage Trust
Series 2018-CHRS, Class B, 4.409% VRN 8/05/38 (a) (e)		2,200,000		2,385,762
Series 2018-CHRS, Class C, 4.409% VRN 8/05/38 (a) (e)		1,590,000		1,652,679
Series 2018-CHRS, Class D, 4.409% VRN 8/05/38 (a) (e)		1,220,000		1,204,977
Benchmark Mortgage Trust
Series 2021-B23, Class 360A, 2.852% VRN 2/15/54 (a) (e)		3,150,000		3,185,451
Series 2021-B23, Class 360B, 2.852% VRN 2/15/54 (a) (e)		4,800,000		4,721,807
Series 2021-B25, Class 300C, 3.094% VRN 4/15/54 (a) (e)		3,100,000		2,990,260
BGME Trust
Series 2021-VR, Class D, 3.094% VRN 1/10/43 (a) (e)		3,790,000		3,698,574
Series 2021-VR, Class C, 3.094% VRN 1/10/43 (a) (e)		16,248,000		16,166,916
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500%
1.573% FRN 7/15/35 (a)		1,850,000		1,850,005
BX Commercial Mortgage Trust
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 1.773% FRN 11/15/35 (a)		2,142,000		2,142,669
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 1.873% FRN 10/15/36 (a)		1,946,321		1,948,143
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.073% FRN 10/15/36 (a)		2,366,364		2,367,843

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
BX Trust, Series 2021-SOAR, Class E, 1 mo. USD LIBOR + 1.800%
1.900% FRN 6/15/38 (a)	$	2,300,000	$	2,302,871
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD LIBOR + 1.750%
1.823% FRN 12/15/37 (a)		1,104,426		1,106,155
Century Plaza Towers
Series 2019-CPT, Class E, 3.097% VRN 11/13/39 (a) (e)		1,961,000		1,926,795
Series 2019-CPT, Class D, 3.097% VRN 11/13/39 (a) (e)		1,256,000		1,287,434
Citigroup Commercial Mortgage Trust, Series 2019-GC41, Class C
3.502% 8/10/56		1,259,000		1,324,008
Cold Storage Trust, Series 2020-ICE5, Class D, 1 mo. USD LIBOR + 2.100%
2.173% FRN 11/15/37 (a)		4,423,457		4,440,047
Commercial Mortgage Pass-Through Certificates
Series 2015-CR23, Class B, 4.183% VRN 5/10/48 (e)		1,200,000		1,288,329
Series 2015-CR23, Class C, 4.433% VRN 5/10/48 (e)		1,050,000		1,129,057
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class E, 1 mo. USD LIBOR + 2.150%
2.223% FRN 5/15/36 (a)		750,000		751,405
DROP Mortgage Trust
Series 2021-FILE, Class C, 1 mo. USD LIBOR + 2.250% 2.320% FRN 4/15/26 (a)		3,365,000		3,375,520
Series 2021-FILE, Class D, 1 mo. USD LIBOR + 2.750% 2.820% FRN 4/15/26 (a)		1,162,000		1,167,085
Extended Stay America Trust
Series 2021-ESH, Class C, 1 mo. USD LIBOR + 1.700% 1.775% FRN 7/15/38 (a) (d)		5,100,000		5,120,709
Series 2021-ESH, Class D, 1 mo. USD LIBOR + 2.250% 2.325% FRN 7/15/38 (a) (d)		2,400,000		2,417,243
GS Mortgage Securities Trust
Series 2019-GC39, Class C, 4.005% VRN 5/10/52 (e)		1,357,000		1,473,703
Series 2012-GC6, Class AS, 4.948% 1/10/45 (a)		800,000		809,235
Jackson Park Trust, Series 2019-LIC, Class C
3.131% 10/14/39 (a)		2,900,000		2,932,512
JPMBB Commercial Mortgage Securities Trust, Series 2015-C27, Class B
3.898% 2/15/48		2,800,000		2,985,277
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class C,
4.302% VRN 10/15/50 (e)		2,900,000		3,129,009
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%
1.873% FRN 5/15/36 (a)		1,730,000		1,730,543
Life 2021-BMR Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD LIBOR + 1.750%
1.823% FRN 3/15/38 (a)		2,549,000		2,556,967
Manhattan West Mortgage Trust, Series 2020-1MW, Class B,
2.413% VRN 9/10/39 (a) (e)		2,799,000		2,863,163
MFT Trust
Series 2020-ABC, Class A, 3.358% 2/10/42 (a)		1,185,000		1,249,642
Series 2020-ABC, Class B, 3.593% VRN 2/10/42 (a) (e)		1,278,000		1,339,781
MHC Commercial Mortgage Trust
Series 2021-MHC, Class D, 1 mo. USD LIBOR + 1.601% 1.674% FRN 4/15/38 (a)		2,100,000		2,101,971
Series 2021-MHC, Class E, 1 mo. USD LIBOR + 2.101% 2.174% FRN 4/15/38 (a)		5,140,000		5,146,429
MKT Mortgage Trust
Series 2020-525M, Class D, 3.039% VRN 2/12/40 (a) (e)		595,000		603,282
Series 2020-525M, Class E, 3.039% VRN 2/12/40 (a) (e)		1,220,000		1,187,045
Morgan Stanley Capital I Trust, Series 2018-H3, Class B,
4.620% VRN 7/15/51 (e)		740,000		849,359

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
SLG Office Trust, Series 2021-OVA, Class E
2.851% 7/15/41 (a)	$	4,113,000	$	4,039,149
VASA Trust, Series 2021-VASA, Class D, 1 mo. USD LIBOR + 2.100%
2.173% FRN 7/15/39 (a)		4,879,000		4,880,463
Wells Fargo Commercial Mortgage Trust, Series 2018-C45, Class B
4.556% 6/16/51		390,000		439,402
Wells Fargo Commercial Mortgage Trust 2021-FCMT, Series 2021-FCMT, Class B, 1 mo. USD LIBOR + 1.850%
1.923% FRN 5/15/31 (a)		3,000,000		3,007,507
				123,382,047
Other Asset-Backed Securities — 13.9%
321 Henderson Receivables LLC, Series 2015-1A, Class A
3.260% 9/15/72 (a)		2,656,759		2,873,908
AASET Trust, Series 2020-1A, Class A
3.351% 1/16/40 (a)		1,840,399		1,818,347
Adams Outdoor Advertising LP, Series 2018-1, Class A
4.810% 11/15/48 (a)		2,253,510		2,415,730
AGL CLO 7 Ltd., Series 2020-7A, Class A1, 3 mo. USD LIBOR + 1.800%
1.984% FRN 7/15/31 (a)		500,000		500,000
Anchorage Capital CLO 9 Ltd., Series 2016-9A, Class CR, 3 mo. USD LIBOR + 2.850%
3.034% FRN 7/15/32 (a)		1,000,000		1,000,172
Apidos CLO XXV, Series 2016-25A, Class A2R, 3 mo. USD LIBOR + 1.700%
1.888% FRN 10/20/31 (a)		2,610,000		2,610,133
ASSURANT CLO Ltd., Series 2018-3A, Class CR, 3 mo. USD LIBOR + 2.050%
2.151% FRN 10/20/31 (a)		1,250,000		1,250,000
Avery Point VII CLO Ltd., Series 2015-7A, Class DR, 3 mo. USD LIBOR + 3.600%
3.784% FRN 1/15/28 (a)		1,000,000		1,000,255
Ballyrock CLO Ltd., Series 2019-2A, Class CR, 3 mo. USD LIBOR + 3.150%
3.305% FRN 11/20/30 (a)		800,000		795,461
Benefit Street Partners CLO V-B Ltd., Series 2018-5BA, Class A1A, 3 mo. USD LIBOR + 1.090%
1.278% FRN 4/20/31 (a)		1,920,000		1,916,922
Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class B, 3 mo. USD LIBOR + 1.950%
2.134% FRN 10/15/32 (a)		750,000		750,663
BlueMountain CLO XXV Ltd., Series 2019-25A, Class B, 3 mo. USD LIBOR + 1.800%
1.984% FRN 7/15/32 (a)		2,750,000		2,750,000
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A
2.940% 5/25/29 (a)		381,404		382,395
Business Jet Securities LLC
Series 2021-1A, Class A, 2.162% 4/15/36 (a)		4,367,334		4,402,587
Series 2020-1A, Class A, 2.981% 11/15/35 (a)		804,439		819,155
Series 2021-1A, Class C, 5.067% 4/15/36 (a)		1,519,715		1,524,564
Canyon Capital CLO Ltd.
Series 2019-2A, Class A, 3 mo. USD LIBOR + 1.370% 1.554% FRN 10/15/32 (a)		600,000		601,277
Series 2019-2A, Class C, 3 mo. USD LIBOR + 2.750% 2.934% FRN 10/15/32 (a)		400,000		400,588
Capital Automotive REIT
Series 2020-1A, Class A3, 3.250% 2/15/50 (a)		572,912		603,789
Series 2014-1A, Class A, 3.660% 10/15/44 (a)		1,006,598		1,014,339
Series 2020-1A, Class A6, 3.810% 2/15/50 (a)		492,178		514,949

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2017-1A, Class A2, 4.180% 4/15/47 (a)	$	878,051	$	929,118
Carlyle Global Market Strategies CLO Ltd.
Series 2018-4A, Class A2, 3 mo. USD LIBOR + 1.800% 1.988% FRN 1/20/31 (a)		1,080,000		1,080,060
Series 2015-3A, Class CR, 3 mo. USD LIBOR + 2.850% 3.034% FRN 7/28/28 (a)		310,000		309,996
Castlelake Aircraft Securitization Trust, Series 2019-1A, Class A
3.967% 4/15/39 (a)		1,674,906		1,672,612
Castlelake Aircraft Structured Trust, Series 2018-1, Class A
4.125% 6/15/43 (a)		2,607,629		2,598,278
CBAM Ltd., Series 2018-6A, Class B1R, 3 mo. USD LIBOR + 2.100%
2.284% FRN 1/15/31 (a)		1,200,000		1,200,245
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD LIBOR + .980%
1.168% FRN 4/20/31 (a)		1,000,000		998,759
CF Hippolyta LLC, Series 2020-1, Class B1
2.280% 7/15/60 (a)		670,928		682,177
CIFC Funding Ltd., Series 2017-5A, Class A1, 3 mo. USD LIBOR + 1.180%
1.370% FRN 11/16/30 (a)		2,100,000		2,100,575
Clear Creek CLO Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 1.200%
1.388% FRN 10/20/30 (a)		2,120,000		2,120,373
Crestline Denali CLO XIV Ltd., Series 2016-1A, Class A1R, 3 mo. USD LIBOR + 1.280%
1.453% FRN 10/23/31 (a)		1,298,592		1,298,646
Eaton Vance CLO Ltd.
Series 2018-1A, Class B, 3 mo. USD LIBOR + 1.750% 1.934% FRN 10/15/30 (a)		1,700,000		1,700,107
Series 2020-1A, Class C, 3 mo. USD LIBOR + 2.800% 2.984% FRN 10/15/30 (a)		400,000		401,202
Elmwood CLO II Ltd., Series 2019-2A, Class AR, 3 mo. USD LIBOR + 1.150%
1.338% FRN 4/20/34 (a)		3,500,000		3,503,150
Elmwood CLO III Ltd., Series 2019-3A, Class B, 3 mo. USD LIBOR + 1.950%
2.134% FRN 10/15/32 (a)		1,300,000		1,300,995
Elmwood CLO IV Ltd., Series 2020-1A, Class A, 3 mo. USD LIBOR + 1.240%
1.424% FRN 4/15/33 (a)		1,000,000		1,003,739
FCI Funding LLC, Series 2019-1A, Class A
3.630% 2/18/31 (a)		160,653		162,627
Flatiron CLO Ltd.
Series 2019-1A, Class B, 3 mo. USD LIBOR + 1.900% 2.056% FRN 11/16/32 (a)		1,300,000		1,301,739
Series 2019-1A, Class C, 3 mo. USD LIBOR + 2.700% 2.856% FRN 11/16/32 (a)		250,000		250,717
GCI Funding I LLC, Series 2021-1, Class A
2.380% 6/18/46 (a) (f)		1,611,000		1,610,585
Global Container Assets Ltd., Series 2015-1A, Class A2
3.450% 2/05/30 (a)		352,105		352,463
Goldentree Loan Management US CLO Ltd., Series 2019-5A, Class C, 3 mo. USD LIBOR + 2.700%
2.888% FRN 10/20/32 (a)		500,000		501,234
Goodgreen Trust
Series 2019-2A, Class A, 2.760% 4/15/55 (a)		3,279,404		3,361,052
Series 2016-1A, Class A, 3.230% 10/15/52 (a)		1,279,218		1,338,386
Series 2017-1A, Class A, 3.740% 10/15/52 (a)		618,863		654,534
Series 2019-1A, Class A, 3.860% 10/15/54 (a)		1,322,597		1,403,389

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (e)	$	1,635,334	$	1,735,866
Hero Funding Trust
Series 2016-3A, Class A1, 3.080% 9/20/42 (a)		669,151		691,910
Series 2017-3A, Class A1, 3.190% 9/20/48 (a)		693,631		711,284
Series 2017-2A, Class A1, 3.280% 9/20/48 (a)		212,267		221,042
Series 2016-4A, Class A1, 3.570% 9/20/47 (a)		673,652		695,263
Series 2017-2A, Class A2, 4.070% 9/20/48 (a)		170,731		177,298
Series 2018-1A, Class A2, 4.670% 9/20/48 (a)		1,220,508		1,321,546
Highbridge Loan Management Ltd., Series 13A-18, Class C, 3 mo. USD LIBOR + 2.150%
2.334% FRN 10/15/30 (a)		1,000,000		1,000,028
Horizon Aircraft Finance I Ltd.
Series 2019-1, Class A, 3.721% 7/15/39 (a)		1,453,162		1,428,820
Series 2018-1, Class A, 4.458% 12/15/38 (a)		1,085,530		1,101,426
Horizon Aircraft Finance III Ltd., Series 2019-2, Class A
3.425% 11/15/39 (a)		3,474,225		3,415,218
HPS Loan Management Ltd., Series 15A-19, Class A1, 3 mo. USD LIBOR + 1.320%
1.504% FRN 7/22/32 (a)		800,000		800,490
ICG US CLO Ltd., Series 2019-1A, Class A1A, 3 mo. USD LIBOR + 1.380%
1.556% FRN 10/26/32 (a)		900,000		902,592
J.G. Wentworth LLC, Series 2018-2A, Class A
3.960% 10/15/75 (a)		1,468,740		1,657,309
J.G. Wentworth XXXV LLC, Series 2015-2A, Class A
3.870% 3/15/58 (a)		610,099		690,204
KKR Financial CLO Ltd., Series 24, Class A1, 3 mo. USD LIBOR + 1.360%
1.548% FRN 4/20/32 (a)		1,800,000		1,800,000
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1
4.300% 1/15/42 (a)		1,989,679		1,969,426
MACH 1 Cayman Ltd., Series 2019-1, Class A
3.474% 10/15/39 (a)		2,224,764		2,224,588
Madison Park Funding Ltd.
Series 2018-28A, Class B, 3 mo. USD LIBOR + 1.600% 1.784% FRN 7/15/30 (a)		2,090,000		2,090,046
Series 2018-32A, Class CR, 3 mo. USD LIBOR + 2.000% 2.188% FRN 1/22/31 (a)		1,750,000		1,746,701
Series 2018-29A, Class C, 3 mo. USD LIBOR + 2.200% 2.390% FRN 10/18/30 (a)		680,000		680,103
Mariner Finance Issuance Trust
Series 2021-AA, Class B, 2.330% 3/20/36 (a)		1,771,000		1,800,137
Series 2021-AA, Class C, 2.960% 3/20/36 (a)		835,000		842,989
Mosaic Solar Loans LLC
Series 2017-2A, Class A, 3.820% 6/22/43 (a)		503,240		534,429
Series 2018-1A, Class A, 4.010% 6/22/43 (a)		223,284		240,636
Series 2017-1A, Class A, 4.450% 6/20/42 (a)		230,931		251,814
MVW Owner Trust, Series 2017-1A, Class A
2.420% 12/20/34 (a)		144,617		147,378
New Residential Advance Receivables Trust, Series 2020-T1, Class ET1
5.467% 8/15/53 (a)		2,495,000		2,501,580
NP SPE LLC, Series 2017-1A, Class A2
4.219% 10/21/47 (a)		2,190,000		2,253,976
Octagon Investment Partners 39 Ltd., Series 2018-3A, Class C, 3 mo. USD LIBOR + 2.200%
2.388% FRN 10/20/30 (a)		1,180,000		1,180,104
OHA Credit Funding Ltd.
Series 2019-4A, Class A1, 3 mo. USD LIBOR + 1.330% 1.552% FRN 10/22/32 (a)		1,250,000		1,251,694

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2019-4A, Class C, 3 mo. USD LIBOR + 2.650% 2.872% FRN 10/22/32 (a)	$	1,000,000	$	1,001,723
Oxford Finance Funding Trust, Series 2020-1A, Class A2
3.101% 2/15/28 (a)		1,894,000		1,932,545
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A
3.967% 6/15/44 (a)		1,729,226		1,724,791
Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2
3.858% 12/05/49 (a)		2,940,225		2,965,928
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%
2.942% FRN 2/25/23 (a)		1,180,000		1,182,194
Regatta XIV Funding Ltd., Series 2018-3A, Class B, 3 mo. USD LIBOR + 1.850%
2.026% FRN 10/25/31 (a)		1,030,000		1,030,143
Renew, Series 2021-1, Class A
2.060% 11/20/56 (a)		2,283,780		2,285,924
Sierra Receivables Funding LLC
Series 2020-2A, Class B, 2.320% 7/20/37 (a)		886,684		900,618
Series 2021-1A, Class D, 3.170% 11/20/37 (a)		1,846,370		1,853,596
Series 2019-1A, Class D, 4.750% 1/20/36 (a)		1,219,978		1,249,485
Series 2018-3A, Class D, 5.200% 9/20/35 (a)		712,757		730,143
Slam Ltd., Series 2021-1A, Class A
2.434% 6/15/46 (a)		2,500,000		2,500,296
Steele Creek CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.300%
2.455% FRN 8/18/31 (a)		1,660,000		1,643,435
Store Master Funding LLC
Series 2021-1A, Class A3, 2.860% 6/20/51 (a)		1,160,000		1,166,865
Series 2018-1A, Class A2, 4.290% 10/20/48 (a)		1,447,056		1,504,915
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 1.200%
1.292% FRN 11/25/35 (a)		955,411		927,229
Structured Receivables Finance LLC, Series 2010-B, Class A
3.730% 8/15/36 (a)		168,780		175,882
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A
4.870% 7/20/48 (a)		606,674		659,189
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A
4.190% 1/15/71 (a)		1,803,744		2,012,244
Taco Bell Funding LLC, Series 2018-1A, Class A2II
4.940% 11/25/48 (a)		1,404,000		1,584,363
THL Credit Wind River CLO Ltd., Series 2018-3A, Class B, 3 mo. USD LIBOR + 1.700%
1.888% FRN 1/20/31 (a)		2,440,000		2,440,112
Thrust Engine Leasing
Series 2021-1A, Class A, 4.163% 7/15/40 (a) (f)		3,700,000		3,699,859
Series 2021-1A, Class B, 6.121% 7/15/40 (a) (f)		1,680,000		1,679,953
Series 2021-1A, Class C, 7.386% 7/15/40 (a) (f)		1,200,000		1,200,000
TICP CLO XIV Ltd., Series 2019-14A, Class A2, 3 mo. USD LIBOR + 1.900%
2.088% FRN 10/20/32 (a)		250,000		250,348
Trinity Rail Leasing LP
Series 2019-2A, Class A2, 3.100% 10/18/49 (a)		4,127,000		4,261,283
Series 2019-1A, Class A, 3.820% 4/17/49 (a)		4,143,348		4,314,035
Series 2018-1A, Class A2, 4.620% 6/17/48 (a)		2,370,000		2,439,409
Vivint Solar Financing V LLC, Series 2018-1A, Class B
7.370% 4/30/48 (a)		2,326,496		2,469,213
Voya CLO Ltd.

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2015-3A, Class A3R, 3 mo. USD LIBOR + 1.700% 1.888% FRN 10/20/31 (a)	$	1,500,000	$	1,490,762
Series 2019-3A, Class B1, 3 mo. USD LIBOR + 1.850% 2.040% FRN 10/17/32 (a)		1,500,000		1,500,403
WAVE LLC
Series 2019-1A, Class A, 3.597% 9/15/44 (a)		4,653,937		4,625,519
Series 2017-1A, Class C, 6.656% 11/15/42 (a)		1,867,275		1,481,607
WAVE Trust, Series 2017-1A, Class A
3.844% 11/15/42 (a)		402,549		394,596
Westgate Resorts LLC, Series 2017-1A, Class A
3.050% 12/20/30 (a)		245,132		247,408
Willis Engine Structured Trust IV, Series 2018-A, Class A,
4.750% STEP 9/15/43 (a)		1,115,375		1,107,895
Zaxby's Funding LLC, Series 2021-1A, Class A2
3.238% 7/30/51 (a)		1,094,000		1,107,653
				165,589,452
Student Loans Asset-Backed Securities — 6.0%
College Avenue Student Loans LLC
Series 2019-A, Class B, 3.810% 12/28/48 (a)		2,630,000		2,706,524
Series 2019-A, Class C, 4.460% 12/28/48 (a)		1,505,000		1,543,023
College Loan Corp. Trust I, Series 2007-1, Class B2,
1.627% FRN 1/25/47 (e)		875,000		700,752
ECMC Group Student Loan Trust, Series 2018-2A, Class A, 1 mo. USD LIBOR + .800%
0.892% FRN 9/25/68 (a)		4,418,570		4,465,868
EdLinc Student Loan Funding, Series 2017-A, Class A, PRIME - 1.150%
2.100% FRN 12/01/47 (a)		1,315,691		1,331,739
Education Loan Asset-Backed Trust I
Series 2003-1, Class A2, 0.000% FRN 2/01/43 (a) (e)		1,300,000		1,201,012
Series 2003-2, Class 2A1, 0.000% FRN 8/01/43 (a) (e)		1,950,000		1,808,430
Series 2013-1, Class B1, 1 mo. USD LIBOR + 1.000% 1.092% FRN 11/25/33 (a)		995,256		967,826
Higher Education Funding I
Series 2004-1, Class B2, 0.000% FRN 1/01/44 (a) (e)		600,000		524,716
Series 2004-1, Class B1, 1.796% FRN 1/01/44 (a) (e)		600,000		536,433
Laurel Road Prime Student Loan Trust
Series 2017-B, Class BFX, 3.020% 8/25/42 (a)		538,731		540,735
Series 2018-B, Class BFX, 3.720% 5/26/43 (a)		436,918		437,246
Navient Private Education Loan Trust, Series 2020-IA, Class B
2.950% 4/15/69 (a)		3,080,000		3,176,321
Navient Private Education Refi Loan Trust
Series 2021-BA, Class B, 2.520% 7/15/69 (a)		3,452,000		3,495,463
Series 2020-HA, Class B, 2.780% 1/15/69 (a)		2,425,000		2,470,510
Series 2019-CA, Class B, 3.670% 2/15/68 (a)		1,512,000		1,522,469
Series 2019-A, Class B, 3.900% 1/15/43 (a)		1,500,000		1,510,486
Series 2018-CA, Class B, 4.220% 6/16/42 (a)		1,480,000		1,561,680
Navient Student Loan Trust
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 1.342% FRN 6/25/65 (a)		2,270,944		2,316,873
Series 2021-2A, Class B, 1 mo. USD LIBOR + 1.350% 1.442% FRN 2/25/70 (a)		3,040,000		3,043,038
Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500% 1.592% FRN 10/25/58		1,200,000		1,208,549
Series 2019-BA, Class B, 4.040% 12/15/59 (a)		3,700,000		3,730,151
Series 2018-EA, Class B, 4.440% 12/15/59 (a)		730,000		764,525
Nelnet Student Loan Trust

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2014-3A, Class B, 1 mo. USD LIBOR + 1.500% 1.592% FRN 10/25/50 (a)	$	975,000	$	978,301
Series 2015-2A, Class B, 1 mo. USD LIBOR + 1.500% 1.592% FRN 5/26/54 (a)		1,130,000		1,132,503
Series 2014-5A, Class B, 1 mo. USD LIBOR + 1.500% 1.592% FRN 5/26/54 (a)		1,300,000		1,303,261
Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500% 1.592% FRN 6/25/54 (a)		1,100,000		1,103,090
Series 2019-4A, Class B, 1 mo. USD LIBOR + 1.650% 1.742% FRN 9/26/67 (a)		3,800,000		3,862,597
Series 2019-5, Class B, 3.450% 10/25/67 (a)		2,850,000		2,809,111
SLC Student Loan Trust, Series 2005-1, Class B, 3 mo. USD LIBOR + .200%
0.356% FRN 2/15/45		1,396,886		1,314,296
SLM Student Loan Trust
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 0.386% FRN 10/25/40		1,660,240		1,539,379
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 0.486% FRN 1/25/55		1,213,919		1,133,667
Series 2006-2, Class R, 1.000% 1/25/41		907,800		4,811,340
SMB Private Education Loan Trust
Series 2020-BA, Class B, 2.760% 7/15/53 (a)		3,431,000		3,425,948
Series 2017-A, Class B, 3.500% 6/17/41 (a)		1,800,000		1,893,294
SoFi Alternative Trust, Series 2019-C, Class PT,
4.558% VRN 1/25/45 (a) (e)		4,084,690		4,351,926
				71,223,082
Whole Loan Collateral Collateralized Mortgage Obligations — 1.8%
Bank of America Mortgage Securities, Series 2004-G, Class 2A7,
3.063% VRN 8/25/34 (e)		61,794		60,842
Citigroup Mortgage Loan Trust, Series 2019-IMC1, Class M1,
3.170% VRN 7/25/49 (a) (e)		1,188,500		1,206,226
CSMC, Series 2021-NQM3, Class M1,
2.317% VRN 4/25/66 (a) (e)		1,670,000		1,692,659
JP Morgan Mortgage Trust, Series 2017-1, Class A11,
3.498% VRN 1/25/47 (a) (e)		918,370		937,318
NewRez Warehouse Securitization Trust, Series 2021-1, Class D, 1 mo. USD LIBOR + 1.400%
1.492% FRN 5/25/55 (a)		3,340,000		3,339,999
NMLT Trust, Series 2021-INV1, Class M1,
2.711% VRN 5/25/56 (a) (e)		3,723,000		3,735,551
PSMC Trust, Series 2018-2, Class A1,
3.500% VRN 6/25/48 (a) (e)		410,152		412,994
Sequoia Mortgage Trust, Series 2018-CH2, Class A3,
4.000% VRN 6/25/48 (a) (e)		696,186		709,908
STAR Trust, Series 2021-1, Class M1,
2.363% VRN 5/25/65 (a) (e)		5,273,000		5,291,708
Starwood Mortgage Residential Trust, Series 2021-3, Class M1,
2.491% VRN 6/25/56 (a) (e) (f)		2,840,000		2,839,956
Verus Securitization Trust, Series 2021-R3, Class M1,
2.411% VRN 4/25/64 (a) (e)		1,491,000		1,505,403
Wells Fargo Mortgage Backed Securities Trust, Series 2019-1, Class A1,
4.000% VRN 11/25/48 (a) (e)		257,899		261,842
				21,994,406
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $388,000,267)				395,097,871

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
SOVEREIGN DEBT OBLIGATIONS — 0.8%
Colombia Government International Bond
6.125% 1/18/41	$	2,980,000	$	3,526,800
Mexico Government International Bond
4.500% 4/22/29		1,175,000		1,328,878
4.750% 3/08/44		3,028,000		3,343,608
6.750% 9/27/34		950,000		1,262,322
				9,461,608
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $8,608,245)				9,461,608
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 19.2%
Collateralized Mortgage Obligations — 0.0%
Federal Home Loan Mortgage Corp. Series 2178, Class PB 7.000% 8/15/29		104,805		117,940
Pass-Through Securities — 19.2%
Federal Home Loan Mortgage Corp.
Pool #RA4245 2.000% 12/01/50		5,272,959		5,337,279
Pool #RA4255 2.000% 1/01/51		11,058,912		11,214,546
Pool #RA2483 3.500% 6/01/50		9,744,316		10,299,581
Pool #Z40047 4.000% 10/01/41		113,548		124,830
Federal National Mortgage Association
Pool #775539 12 mo. USD LIBOR + 1.641% 1.891% FRN 5/01/34		46,961		48,685
Pool #MA3029 3.000% 6/01/32		2,952,136		3,113,722
Pool #MA3090 3.000% 8/01/32		1,005,876		1,060,933
Pool #AS1304 3.500% 12/01/28		815,220		871,508
Pool #MA1356 3.500% 2/01/43		5,663,778		6,109,087
Pool #CA6096 3.500% 6/01/50		10,915,255		11,608,875
Pool #FM4017 3.500% 8/01/50		757,361		796,849
Pool #CA1909 4.500% 6/01/48		4,032,278		4,349,952
Pool #AD6437 5.000% 6/01/40		326,803		371,369
Pool #AD6996 5.000% 7/01/40		1,952,423		2,218,668
Pool #AL8173 5.000% 2/01/44		819,019		930,450
Government National Mortgage Association
Pool #781038 6.500% 5/15/29		29,745		33,507
Pool #781468 6.500% 7/15/32		2,075		2,405
Pool #781496 6.500% 9/15/32		9,968		11,472
Pool #345964 7.000% 11/15/23		371		390
Pool #380866 7.000% 3/15/24		316		334
Pool #781124 7.000% 12/15/29		3,867		4,400
Pool #781319 7.000% 7/15/31		72,164		83,437
Pool #581417 7.000% 7/15/32		10,266		11,650
Pool #565982 7.000% 7/15/32		12,258		14,340
Pool #357262 7.500% 9/15/23		437		459
Pool #441009 8.000% 11/15/26		557		624
Pool #522777 8.000% 12/15/29		3,961		4,526
Pool #523043 8.000% 3/15/30		213		245
Pool #529134 8.000% 3/15/30		1,360		1,591
Pool #477036 8.000% 4/15/30		546		639
Pool #503157 8.000% 4/15/30		11,774		13,788
Pool #528714 8.000% 4/15/30		1,069		1,253
Pool #544640 8.000% 11/15/30		9,202		10,832
Pool #531298 8.500% 8/15/30		753		868
Government National Mortgage Association II

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Pool #MA6038 3.000% 7/20/49	$	5,412,754	$	5,686,578
Pool #MA6283 3.000% 11/20/49		9,582,924		10,043,755
Pool #MA6409 3.000% 1/20/50		9,749,671		10,215,474
Pool #MA4321 3.500% 3/20/47		5,565,953		5,908,132
Government National Mortgage Association II TBA
2.500% 5/01/50 (d)		7,200,000		7,454,812
3.000% 7/01/49 (d)		8,575,000		8,946,807
3.500% 5/01/49 (d)		18,830,000		19,783,269
Uniform Mortgage Backed Securities TBA
2.000% 3/01/36 (d)		15,795,000		16,297,232
2.000% 1/01/51 (d)		21,100,000		21,330,781
3.000% 7/14/51 (d)		41,150,000		42,905,303
3.500% 3/01/49 (d)		15,450,000		16,265,953
4.000% 1/01/48 (d)		4,900,000		5,220,031
				228,711,221
Whole Loans — 0.0%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2016-HQA3, Class M2, 1 mo. USD LIBOR + 1.350%
1.442% FRN 3/25/29		33,519		33,531
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $228,834,266)				228,862,692
U.S. TREASURY OBLIGATIONS — 7.4%
U.S. Treasury Bonds & Notes — 7.4%
U.S. Treasury Bond
2.250% 8/15/49 (g)		23,300,000		24,149,075
3.500% 2/15/39		25,800,000		32,271,048
U.S. Treasury Note
0.125% 2/15/24		15,000,000		14,904,792
0.500% 2/28/26		17,800,000		17,538,543
				88,863,458
TOTAL U.S. TREASURY OBLIGATIONS (Cost $90,957,891)				88,863,458
TOTAL BONDS & NOTES (Cost $1,137,675,588)				1,172,882,007
TOTAL PURCHASED OPTIONS (#) — 0.3% (Cost $3,506,056)				2,940,363
		Number of Shares
MUTUAL FUNDS — 0.3%
Diversified Financial Services — 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio (h)		3,250,470		3,250,470
TOTAL MUTUAL FUNDS (Cost $3,250,470)				3,250,470
TOTAL LONG-TERM INVESTMENTS (Cost $1,144,432,114)				1,179,072,840

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 16.3%
Commercial Paper — 16.2%
ABB Treasury Centre USA, Inc.
0.183% 9/09/21 (a)	$	5,000,000	$	4,998,383
American Electric Power Co., Inc.
0.203% 7/21/21 (a)		3,000,000		2,999,748
AT&T, Inc.
0.387% 11/17/21 (a)		5,000,000		4,996,636
0.407% 12/15/21 (a)		15,000,000		14,986,980
BAT International Finance
0.233% 7/19/21 (a)		1,500,000		1,499,887
Commonwealth Edison Co.
0.101% 7/02/21		17,000,000		16,999,953
Dentsply International, Inc.
0.254% 9/30/21 (a)		17,000,000		16,991,267
Eaton Capital Unlimited Co.
0.193% 7/08/21 (a)		3,000,000		2,999,911
EI Dupont
0.325% 12/08/21 (a)		9,420,000		9,411,406
Enbridge (us), Inc.
0.223% 7/19/21 (a)		5,000,000		4,999,623
0.223% 7/29/21 (a)		7,000,000		6,999,160
Evergy Kansas
0.101% 7/01/21 (a)		6,000,000		5,999,979
Fidelity National Information Services, Inc.
0.243% 7/29/21 (a)		5,000,000		4,999,400
PPG Industries, Inc.
0.223% 9/24/21		5,000,000		4,997,659
0.427% 8/02/21		10,000,000		9,998,607
Public Service Enterprise Group, Inc.
0.203% 8/20/21 (a)		5,000,000		4,998,810
Rogers Communications, Inc.
0.458% 8/25/21 (a)		10,000,000		9,997,278
Southern Co. Gas Capital
0.152% 7/23/21 (a)		5,000,000		4,999,537
Suncor Energy, Inc.
0.233% 9/09/21 (a)		6,000,000		5,997,787
0.244% 9/29/21 (a)		3,000,000		2,998,483
0.274% 7/06/21 (a)		2,000,000		1,999,956
Tampa Electric Co.
0.203% 7/14/21 (a)		4,000,000		3,999,863
VW Credit, Inc.
0.233% 9/08/21 (a)		5,000,000		4,998,182
0.336% 1/26/22 (a)		5,000,000		4,992,417
0.356% 2/11/22 (a)		10,000,000		9,983,364
Walgreens Boots Alliance, Inc.
0.172% 7/14/21 (a)		5,000,000		4,999,671
Waste Management, Inc.
0.356% 7/01/21 (a)		5,000,000		4,999,982
0.458% 9/15/21 (a)		15,000,000		14,994,193
				193,838,122

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Repurchase Agreement — 0.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (i)	$	1,395,186	$	1,395,186
TOTAL SHORT-TERM INVESTMENTS (Cost $195,182,784)				195,233,308
TOTAL INVESTMENTS — 115.2% (Cost $1,339,614,898) (j)				1,374,306,148
Other Assets/(Liabilities) — (15.2)%				(180,833,380)
NET ASSETS — 100.0%			$	1,193,472,768

Abbreviation Legend

CLO Collateralized Loan Obligation

FRN Floating Rate Note

STEP Step Up Bond

TBA To Be Announced

VRN Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2021, the aggregate market value of these securities amounted to $650,255,881 or 54.48% of net assets.

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

(c) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2021, was $4,479,145 or 0.38% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $1,322,919 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).

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

(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 June 30, 2021.

(f) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2021, these securities amounted to a value of $11,030,353 or 0.92% of net assets.

(g) A portion of this security is pledged/held as collateral for open derivatives.

(h) Represents investment of security lending cash collateral. (Note 2).

(i) Maturity value of $1,395,186. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 1/31/23, and an aggregate market value, including accrued interest, of $1,423,091.

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

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

(#) Interest Rate Swaptions Purchased
			Paid by Fund		Received by Fund
Description	Counterparty	Expiration Date	Rate	Frequency	Rate	Frequency	Notional Amount		Value		Premium Paid (Received)		Unrealized Appreciation/ (Depreciation)
Call
10 -Year Interest Rate Swap,12/15/42	Barclays Bank PLC	12/13/32	3-Month USD LIBOR BBA	Quarterly	2.44%	Semi-Annually	USD	5,551,000	$	459,845	$	277,507	$	182,338
Put
10 -Year Interest Rate Swap,12/15/42	Barclays Bank PLC	12/13/32	2.94%	Semi-Annually	3-Month USD LIBOR BBA	Quarterly	USD	64,580,000	$	2,480,518	$	3,228,549	$	(748,031)
									$	2,940,363	$	3,506,056	$	(565,693)

Futures contracts
	Expiration Date	Number of Contracts		Notional Amount		Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Long Bond	9/21/21		19	$	3,037,657	$	16,593
U.S. Treasury Ultra Bond	9/21/21		268		49,411,299		2,228,951
U.S. Treasury Note 2 Year	9/30/21		698		154,061,791		(278,213)
U.S. Treasury Note 5 Year	9/30/21		139		17,169,276		(12,549)
						$	1,954,782
Short
90 Day Eurodollar	9/13/21		21	$	(5,122,093)	$	(120,557)
U.S. Treasury Ultra 10 Year	9/21/21		175		(25,503,035)		(257,512)
90 Day Eurodollar	3/14/22		19		(4,632,849)		(107,651)
90 Day Eurodollar	9/19/22		17		(4,143,482)		(91,006)
90 Day Eurodollar	3/13/23		14		(3,410,179)		(67,596)
90 Day Eurodollar	12/18/23		19		(4,623,825)		(72,738)
90 Day Eurodollar	12/16/24		50		(12,152,959)		(153,916)
						$	(870,976)

MassMutual Diversified Bond Fund —  Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 0.8%
COMMON STOCK — 0.1%
Energy — 0.1%
Oil & Gas — 0.1%
Tourmaline Oil Corp.		4,408	$	125,989
Tourmaline Oil Corp. (Escrow Shares) (a) (b) (c)		19,076		15,389
TOTAL COMMON STOCK (Cost $76,800)				141,378
PREFERRED STOCK — 0.7%
Financial — 0.7%
Insurance — 0.7%
Equitable Holdings, Inc.
4.300% (d) (e)		45,600		1,154,136
Selective Insurance Group, Inc.
4.600% (d) (e)		18,825		478,719
TOTAL PREFERRED STOCK (Cost $1,610,625)				1,632,855
TOTAL EQUITIES (Cost $1,687,425)				1,774,233
	Principal Amount
BONDS & NOTES — 94.9%
CORPORATE DEBT — 44.7%
Aerospace & Defense — 1.1%
BAE Systems PLC
3.000% 9/15/50 (f)	$	230,000		225,200
The Boeing Co.
2.196% 2/04/26		1,305,000		1,318,636
TransDigm, Inc.
5.500% 11/15/27		250,000		260,625
6.250% 3/15/26 (f)		500,000		527,500
6.375% 6/15/26		225,000		233,093
				2,565,054
Agriculture — 1.1%
BAT Capital Corp.
2.259% 3/25/28		320,000		317,876
4.700% 4/02/27		510,000		576,577
4.758% 9/06/49		165,000		178,913
Imperial Brands Finance PLC
3.500% 7/26/26 (f)		300,000		321,293
3.875% 7/26/29 (f)		320,000		346,979

MassMutual Diversified Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Reynolds American, Inc.
5.850% 8/15/45	$	150,000	$	183,779
Viterra Finance BV
3.200% 4/21/31 (f)		580,000		585,174
				2,510,591
Airlines — 0.2%
Alaska Airlines Pass Through Trust, 2020-1 Class A,
4.800% 2/15/29 (f)		433,323		479,650
United Airlines Pass-Through Trust, Series 2018-1, Class B,
4.600% 9/01/27		77,580		80,108
				559,758
Auto Manufacturers — 0.9%
Ford Motor Co.
7.450% 7/16/31		270,000		355,050
Ford Motor Credit Co. LLC
3.087% 1/09/23		310,000		316,200
4.140% 2/15/23		285,000		295,331
General Motors Co.
4.200% 10/01/27		215,000		239,705
5.150% 4/01/38		230,000		280,671
5.200% 4/01/45		225,000		278,272
6.800% 10/01/27		335,000		422,164
				2,187,393
Banks — 5.3%
Associated Banc-Corp.
4.250% 1/15/25		413,000		449,403
Banco General SA
4.125% 8/07/27 (f)		260,000		284,378
Bank of America Corp.
SOFR + 2.150% 2.592% VRN 4/29/31		300,000		309,625
3 mo. USD LIBOR + 1.310% 4.271% VRN 7/23/29		200,000		229,950
6.110% 1/29/37		190,000		260,316
7.750% 5/14/38		125,000		197,810
The Bank of Nova Scotia 3 mo. USD LIBOR + 2.648%
4.650% VRN (e)		575,000		589,375
Barclays PLC
4.375% 9/11/24		200,000		218,294
BPCE SA
5.700% 10/22/23 (f)		575,000		636,481
Citigroup, Inc.
4.600% 3/09/26		295,000		335,966
5.250% 3/07/25		500,000		562,500
5.875% 1/30/42		100,000		143,694
6.000% 10/31/33		85,000		113,034
Credit Suisse AG
6.500% 8/08/23 (f)		575,000		635,168
First Republic Bank
4.375% 8/01/46		510,000		625,572
Fulton Financial Corp.
3.600% 3/16/22		35,000		35,675
The Goldman Sachs Group, Inc.
5.150% 5/22/45		290,000		389,338
5.950% 1/15/27		170,000		207,011

MassMutual Diversified Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
6.250% 2/01/41	$	35,000	$	52,019
6.750% 10/01/37		165,000		240,277
HSBC Holdings PLC
4.250% 3/14/24		200,000		216,637
4.250% 8/18/25		497,000		550,958
4.375% 11/23/26		38,000		42,910
6.500% 9/15/37		125,000		174,004
Huntington Bancshares, Inc. 3 mo. USD LIBOR + 2.880%
5.700% VRN (e)		510,000		529,125
Intesa Sanpaolo SpA
4.198% 6/01/32 (f)		560,000		575,473
JP Morgan Chase & Co.
SOFR + 2.515% 2.956% VRN 5/13/31		235,000		247,122
4.950% 6/01/45		170,000		225,337
Mizrahi Tefahot Bank Ltd. 5 year CMT + 2.250%
3.077% VRN 4/07/31 (f)		1,225,000		1,237,250
Morgan Stanley SOFR + 1.485%
3.217% VRN 4/22/42		310,000		328,931
NBK Tier 1 Financing 2 Ltd. 6 year USD Swap + 2.832%
4.500% VRN (e) (f)		685,000		715,024
Nordea Bank Abp 5 year CMT + 4.110%
6.625% VRN (e) (f)		405,000		464,486
SVB Financial Group 10 year CMT + 3.064%
4.100% VRN (d) (e)		210,000		213,018
Valley National Bancorp
5.125% 9/27/23		110,000		119,808
Wells Fargo & Co.
5.606% 1/15/44		105,000		143,433
				12,299,402
Beverages — 0.6%
Anheuser-Busch InBev Worldwide, Inc.
4.600% 4/15/48		255,000		311,884
8.200% 1/15/39		250,000		415,960
Bacardi Ltd.
5.150% 5/15/38 (f)		200,000		247,719
Molson Coors Beverage Co.
4.200% 7/15/46		191,000		212,972
5.000% 5/01/42		135,000		165,779
				1,354,314
Building Materials — 0.2%
Standard Industries, Inc.
4.375% 7/15/30 (f)		200,000		206,250
4.750% 1/15/28 (f)		151,000		158,052
				364,302
Chemicals — 0.9%
Alpek SAB de CV
3.250% 2/25/31 (f)		560,000		564,205
CF Industries, Inc.
4.950% 6/01/43		200,000		236,418
5.375% 3/15/44		128,000		158,618
DuPont de Nemours, Inc.
5.319% 11/15/38		345,000		454,607

MassMutual Diversified Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Syngenta Finance NV
4.892% 4/24/25 (f)	$	500,000	$	554,218
				1,968,066
Commercial Services — 0.3%
ERAC USA Finance LLC
7.000% 10/15/37 (f)		50,000		74,647
Triton Container International Ltd.
2.050% 4/15/26 (f)		555,000		557,003
				631,650
Computers — 0.7%
Dell International LLC / EMC Corp.
8.100% 7/15/36		100,000		153,048
8.350% 7/15/46		275,000		449,864
Leidos, Inc.
2.300% 2/15/31		90,000		87,806
4.375% 5/15/30		135,000		153,296
5.500% 7/01/33		226,000		273,460
Lenovo Group Ltd.
3.421% 11/02/30 (f)		495,000		518,146
				1,635,620
Distribution & Wholesale — 0.3%
H&E Equipment Services, Inc.
3.875% 12/15/28 (f)		600,000		590,400
Diversified Financial Services — 5.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
4.500% 9/15/23		315,000		337,726
6.500% 7/15/25		285,000		334,448
Air Lease Corp. 5 year CMT + 4.076%
4.650% VRN (e)		580,000		601,025
Aircastle Ltd.
4.125% 5/01/24		200,000		213,263
4.400% 9/25/23		275,000		294,347
5.000% 4/01/23		350,000		374,366
Alliance Data Systems Corp.
7.000% 1/15/26 (f)		200,000		214,250
Ally Financial, Inc.
5 year CMT + 3.868% 4.700% VRN (e)		600,000		619,620
H15T7Y + 3.481% 4.700% VRN (e)		570,000		577,296
8.000% 11/01/31		376,000		541,563
Antares Holdings LP
6.000% 8/15/23 (f)		790,000		855,598
8.500% 5/18/25 (f)		330,000		393,449
Ares Finance Co. III LLC 5 year CMT + 3.237%
4.125% VRN 6/30/51 (f)		360,000		360,450
Ares Finance Co. LLC
4.000% 10/08/24 (f)		375,000		401,073
Aviation Capital Group LLC
1.950% 1/30/26 (f)		270,000		270,184
Avolon Holdings Funding Ltd.
3.250% 2/15/27 (f)		175,000		180,514
4.250% 4/15/26 (f)		145,000		157,198
4.375% 5/01/26 (f)		480,000		522,045

MassMutual Diversified Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
5.125% 10/01/23 (f)	$	325,000	$	351,316
5.500% 1/15/26 (f)		135,000		153,008
BGC Partners, Inc.
4.375% 12/15/25		585,000		633,250
Blue Owl Finance LLC
3.125% 6/10/31 (f)		470,000		467,918
Brookfield Finance, Inc.
4.350% 4/15/30		405,000		468,010
4.850% 3/29/29		208,000		245,125
GE Capital International Funding Co. Unlimited Co.
4.418% 11/15/35		230,000		276,061
Global Aircraft Leasing Co. Ltd.
6.500% 9/15/24 (f)		638,918		642,359
Lazard Group LLC
3.625% 3/01/27		196,000		213,862
4.375% 3/11/29		200,000		227,503
4.500% 9/19/28		275,000		317,130
OneMain Finance Corp.
4.000% 9/15/30		220,000		217,730
Park Aerospace Holdings Ltd.
4.500% 3/15/23 (f)		250,000		262,766
5.250% 8/15/22 (f)		70,000		73,244
				11,797,697
Electric — 1.1%
Berkshire Hathaway Energy Co.
5.950% 5/15/37		120,000		165,893
The Cleveland Electric Illuminating Co.
5.950% 12/15/36		175,000		222,788
CMS Energy Corp.
4.700% 3/31/43		115,000		140,146
4.875% 3/01/44		180,000		230,107
Elwood Energy LLC
8.159% 7/05/26		138,074		148,430
Enel Finance International NV
6.000% 10/07/39 (f)		175,000		244,945
Entergy Louisiana LLC
4.950% 1/15/45		110,000		120,644
FirstEnergy Transmission LLC
4.550% 4/01/49 (f)		195,000		228,571
Indianapolis Power & Light Co.
4.050% 5/01/46 (f)		110,000		127,474
ITC Holdings Corp.
2.950% 5/14/30 (f)		210,000		221,245
Pacific Gas and Electric Co.
3.750% 7/01/28 (d)		320,000		335,294
4.300% 3/15/45		195,000		187,245
Virginia Electric & Power Co.
6.000% 1/15/36		100,000		138,428
				2,511,210
Electronics — 0.2%
Avnet, Inc.
3.000% 5/15/31		490,000		488,776

MassMutual Diversified Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Entertainment — 0.2%
Live Nation Entertainment, Inc.
5.625% 3/15/26 (f)	$	77,000	$	80,186
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
5.125% 10/01/29 (f)		382,000		403,010
				483,196
Food — 0.4%
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
5.500% 1/15/30 (f)		700,000		782,866
Smithfield Foods, Inc.
3.000% 10/15/30 (f)		206,000		207,916
				990,782
Gas — 0.2%
NiSource, Inc.
4.800% 2/15/44		295,000		362,226
Health Care – Services — 0.9%
Centene Corp.
4.625% 12/15/29		153,000		168,265
DaVita, Inc.
4.625% 6/01/30 (f)		368,000		377,737
HCA, Inc.
3.500% 9/01/30		1,064,000		1,133,554
5.375% 2/01/25		350,000		394,800
				2,074,356
Home Builders — 0.4%
Mattamy Group Corp.
4.625% 3/01/30 (f)		35,000		35,753
5.250% 12/15/27 (f)		227,000		237,215
Taylor Morrison Communities, Inc.
5.750% 1/15/28 (f)		500,000		564,500
				837,468
Insurance — 5.9%
Allstate Corp. 3 mo. USD LIBOR + 2.938%
5.750% VRN 8/15/53		640,000		696,800
American International Group, Inc.
4.750% 4/01/48		95,000		120,820
3 mo. USD LIBOR + 2.868% 5.750% VRN 4/01/48		755,000		866,051
AmTrust Financial Services, Inc.
6.125% 8/15/23		765,000		772,052
Athene Holding Ltd.
4.125% 1/12/28		144,000		160,855
6.150% 4/03/30		595,000		752,980
AXIS Specialty Finance LLC
3.900% 7/15/29		375,000		409,623
5 year CMT + 3.186% 4.900% VRN 1/15/40		490,000		519,596
Brighthouse Financial, Inc.
4.700% 6/22/47		500,000		555,936
5.625% 5/15/30		485,000		590,679
CNO Financial Group, Inc.
5.250% 5/30/29		666,000		792,217

MassMutual Diversified Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Enstar Finance LLC 5 year CMT + 5.468%
5.750% VRN 9/01/40	$	1,060,000	$	1,124,925
Enstar Group Ltd.
4.950% 6/01/29		350,000		402,243
Equitable Holdings, Inc. 5 year CMT + 4.736%
4.950% VRN (e)		505,000		549,187
Global Atlantic Fin Co.
3.125% 6/15/31 (f)		380,000		382,553
5 year CMT + 3.796% 4.700% VRN 10/15/51 (f) (g)		1,170,000		1,173,451
Markel Corp. 5 year CMT + 5.662%
6.000% VRN (e)		735,000		821,362
MetLife Capital Trust IV
7.875% 12/15/67 (f)		325,000		452,563
Prudential Financial, Inc.
3 mo. USD LIBOR + 3.920% 5.625% VRN 6/15/43		200,000		214,657
3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48 (d)		350,000		410,566
Sammons Financial Group, Inc.
3.350% 4/16/31 (f)		870,000		896,411
Teachers Insurance & Annuity Association of America
4.270% 5/15/47 (f)		175,000		209,367
Unum Group
4.125% 6/15/51		460,000		464,447
USF&G Capital I
8.500% 12/15/45 (f)		95,000		149,598
XLIT Ltd.
5.500% 3/31/45		200,000		271,697
				13,760,636
Internet — 0.5%
Amazon.com, Inc.
4.050% 8/22/47		260,000		317,394
Expedia Group, Inc.
2.950% 3/15/31		660,000		670,005
Netflix, Inc.
4.875% 6/15/30 (f)		166,000		197,424
				1,184,823
Investment Companies — 1.7%
Ares Capital Corp.
2.150% 7/15/26		560,000		557,131
4.200% 6/10/24		525,000		564,069
BlackRock TCP Capital Corp.
3.900% 8/23/24		170,000		180,792
Golub Capital BDC, Inc.
2.500% 8/24/26		195,000		196,460
3.375% 4/15/24		462,000		482,041
Icahn Enterprises LP/ Icahn Enterprises Finance Corp.
4.750% 9/15/24		500,000		522,500
6.750% 2/01/24		200,000		204,286
Sixth Street Specialty Lending, Inc.
2.500% 8/01/26		310,000		314,351
3.875% 11/01/24		770,000		817,372
				3,839,002
Iron & Steel — 0.3%
Vale Overseas Ltd.

MassMutual Diversified Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
6.250% 8/10/26	$	470,000	$	565,927
6.875% 11/21/36		150,000		205,607
				771,534
Lodging — 0.3%
Las Vegas Sands Corp.
3.900% 8/08/29		525,000		559,433
Marriott International, Inc. /MD
2.850% 4/15/31		240,000		243,992
				803,425
Machinery – Construction & Mining — 0.3%
The Weir Group PLC
2.200% 5/13/26 (f)		625,000		627,826
Media — 1.7%
CCO Holdings LLC/CCO Holdings Capital Corp.
5.000% 2/01/28 (f)		250,000		262,310
Charter Communications Operating LLC/Charter Communications Operating Capital
3.900% 6/01/52		150,000		152,850
Comcast Corp.
4.600% 8/15/45		400,000		502,441
CSC Holdings LLC
4.625% 12/01/30 (f)		250,000		245,278
5.750% 1/15/30 (f)		200,000		207,750
Discovery Communications LLC
4.000% 9/15/55		235,000		248,931
4.650% 5/15/50		55,000		64,828
DISH DBS Corp.
7.375% 7/01/28		500,000		538,065
Grupo Televisa SAB
6.625% 3/18/25		275,000		324,767
Radiate Holdco LLC / Radiate Finance, Inc.
6.500% 9/15/28 (f)		231,000		242,654
Time Warner Cable, Inc.
4.500% 9/15/42		250,000		278,138
6.750% 6/15/39		115,000		160,215
ViacomCBS, Inc.
4.200% 5/19/32 (d)		180,000		207,983
4.950% 1/15/31 (d)		220,000		265,456
The Walt Disney Co.
6.650% 11/15/37		200,000		301,407
				4,003,073
Mining — 1.0%
First Quantum Minerals Ltd.
6.875% 3/01/26 (f)		1,000,000		1,047,500
Glencore Finance Canada Ltd.
5.550% STEP 10/25/42 (f)		149,000		192,417
Glencore Funding LLC
3.875% 10/27/27 (f)		260,000		285,948
4.625% 4/29/24 (f)		200,000		219,236
Perenti Finance Pty Ltd.
6.500% 10/07/25 (d) (f)		325,000		341,667
Teck Resources Ltd.

MassMutual Diversified Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
5.200% 3/01/42	$	97,000	$	114,219
6.250% 7/15/41		143,000		187,017
				2,388,004
Miscellaneous - Manufacturing — 0.1%
General Electric Co.
4.125% 10/09/42		12,000		13,852
6.875% 1/10/39		72,000		108,018
				121,870
Oil & Gas — 3.0%
Antero Resources Corp.
7.625% 2/01/29 (f)		150,000		166,500
BP Capital Markets PLC 5 year CMT + 4.036%
4.375% VRN (e)		905,000		963,825
Cenovus Energy, Inc.
6.750% 11/15/39		175,000		237,717
Devon Energy Corp.
5.000% 6/15/45		289,000		339,705
EQT Corp.
3.900% 10/01/27		860,000		921,275
7.625% STEP 2/01/25		380,000		443,266
Marathon Petroleum Corp.
6.500% 3/01/41		175,000		243,087
Occidental Petroleum Corp.
2.900% 8/15/24		187,000		191,207
5.875% 9/01/25		300,000		333,750
6.375% 9/01/28		300,000		350,250
6.600% 3/15/46		235,000		279,344
6.950% 7/01/24		177,000		199,387
Ovintiv, Inc.
6.500% 2/01/38		160,000		212,736
Patterson-UTI Energy, Inc.
3.950% 2/01/28		350,000		354,480
5.150% 11/15/29		615,000		644,285
Petroleos Mexicanos
5.350% 2/12/28		190,000		186,856
6.375% 1/23/45		35,000		30,100
6.500% 3/13/27		65,000		68,538
6.625% 6/15/38		51,000		47,182
Santos Finance Ltd.
3.649% 4/29/31 (f)		345,000		353,507
Saudi Arabian Oil Co.
4.250% 4/16/39 (f)		385,000		430,653
				6,997,650
Oil & Gas Services — 0.4%
Halliburton Co.
5.000% 11/15/45		220,000		268,212
NOV, Inc.
3.600% 12/01/29		275,000		287,505
3.950% 12/01/42		314,000		310,850
				866,567

MassMutual Diversified Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Packaging & Containers — 0.2%
Amcor Flexibles North America, Inc.
2.690% 5/25/31	$	356,000	$	363,506
Mauser Packaging Solutions Holding Co.
5.500% 4/15/24 (f)		49,000		49,490
				412,996
Pharmaceuticals — 1.6%
AbbVie, Inc.
4.700% 5/14/45		350,000		437,305
AdaptHealth LLC
4.625% 8/01/29 (f)		665,000		673,313
Bausch Health Americas, Inc.
9.250% 4/01/26 (f)		400,000		435,080
Bausch Health Cos., Inc.
5.250% 1/30/30 (f)		250,000		232,500
6.125% 4/15/25 (f)		110,000		112,750
Bristol-Myers Squibb Co.
4.350% 11/15/47		205,000		259,161
Cigna Corp.
4.800% 7/15/46		185,000		234,760
CVS Health Corp.
5.050% 3/25/48		115,000		149,417
6.125% 9/15/39		25,000		34,899
CVS Pass-Through Trust
5.926% 1/10/34 (f)		180,226		218,078
7.507% 1/10/32 (f)		13,229		16,767
Par Pharmaceutical, Inc.
7.500% 4/01/27 (f)		488,000		498,980
Utah Acquisition Sub, Inc.
5.250% 6/15/46		350,000		427,318
				3,730,328
Pipelines — 1.9%
Energy Transfer LP
4.200% 4/15/27		320,000		353,588
6.125% 12/15/45		230,000		293,266
3 mo. USD LIBOR + 4.028% 6.250% VRN (e)		615,000		542,738
5 year CMT + 5.134% 6.750% VRN (e)		270,000		267,756
EnLink Midstream Partners LP
4.150% 6/01/25		339,000		355,048
4.850% 7/15/26		154,000		159,390
3 mo. USD LIBOR + 4.110% 6.000% VRN (e)		375,000		288,750
Enterprise Products Operating LLC 3 mo. USD LIBOR + 2.570%
5.375% VRN 2/15/78		200,000		206,411
EQM Midstream Partners LP
4.750% 7/15/23		375,000		391,406
MPLX LP 3 mo. USD LIBOR + 4.652%
6.875% VRN (e)		850,000		865,810
Plains All American Pipeline LP/PAA Finance Corp.
3.800% 9/15/30		265,000		283,727
4.700% 6/15/44		260,000		275,838
6.650% 1/15/37		175,000		229,313
				4,513,041

MassMutual Diversified Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Private Equity — 0.2%
Apollo Management Holdings LP 5 year CMT + 3.266%
4.950% VRN 1/14/50 (f)	$	325,000	$	337,594
KKR Group Finance Co. VIII LLC
3.500% 8/25/50 (f)		160,000		167,541
				505,135
Real Estate Investment Trusts (REITS) — 1.9%
Host Hotels & Resorts LP
3.500% 9/15/30		476,000		500,020
Iron Mountain, Inc.
5.250% 7/15/30 (f)		250,000		264,645
Kimco Realty Corp.
4.450% 9/01/47		250,000		299,714
Service Properties Trust
4.950% 10/01/29		590,000		581,887
Spirit Realty LP
2.700% 2/15/32		120,000		119,098
3.200% 1/15/27		220,000		234,074
3.400% 1/15/30		325,000		346,740
4.000% 7/15/29		385,000		427,005
4.450% 9/15/26		59,000		65,826
STORE Capital Corp.
4.625% 3/15/29		250,000		284,593
Tanger Properties LP
3.750% 12/01/24		430,000		458,328
Ventas Realty LP
5.700% 9/30/43		85,000		112,746
VEREIT Operating Partnership LP
3.100% 12/15/29		460,000		491,532
3.400% 1/15/28		105,000		114,281
WEA Finance LLC
2.875% 1/15/27 (f)		72,000		74,351
				4,374,840
Retail — 0.3%
El Puerto de Liverpool SAB de CV
3.950% 10/02/24 (f)		280,000		299,250
Nordstrom, Inc.
4.250% 8/01/31 (d) (f)		440,000		459,570
				758,820
Semiconductors — 0.1%
Broadcom, Inc.
3.500% 2/15/41 (f)		240,000		246,295
Software — 0.1%
Oracle Corp.
3.600% 4/01/50		210,000		216,115
Telecommunications — 2.3%
Altice France SA
5.125% 7/15/29 (f)		442,000		444,166
AT&T, Inc.
3.500% 9/15/53 (f)		407,000		409,243
3.550% 9/15/55 (f)		814,000		818,282

MassMutual Diversified Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
CommScope, Inc.
8.250% 3/01/27 (f)	$	850,000	$	908,480
Empresa Nacional de Telecomunicaciones SA
4.875% 10/30/24 (f)		200,000		213,352
Hughes Satellite Systems Corp.
6.625% 8/01/26		444,000		497,835
Qwest Corp
6.750% 12/01/21		156,000		159,705
Sprint Capital Corp.
6.875% 11/15/28		500,000		641,250
8.750% 3/15/32		141,000		214,320
T-Mobile USA, Inc.
5.375% 4/15/27		165,000		175,728
Telefonica Emisiones SAU
4.665% 3/06/38		335,000		393,683
Verizon Communications, Inc.
2.875% 11/20/50		160,000		152,803
2.987% 10/30/56		223,000		209,823
				5,238,670
Transportation — 0.4%
CSX Corp.
4.750% 11/15/48		145,000		187,692
Kenan Advantage Group, Inc.
7.875% 7/31/23 (f)		720,000		718,920
				906,612
Venture Capital — 0.4%
Hercules Capital, Inc.
4.625% 10/23/22		945,000		960,112
TOTAL CORPORATE DEBT (Cost $96,486,778)				103,439,635
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 32.0%
Automobile Asset-Backed Securities — 1.1%
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class C
4.530% 3/20/23 (f)		222,000		225,590
OneMain Direct Auto Receivables Trust
Series 2019-1A, Class C, 4.190% 11/14/28 (f)		888,000		956,327
Series 2019-1A, Class D, 4.680% 4/14/31 (f)		422,000		467,318
Santander Revolving Auto Loan Trust, Series 2019-A, Class D
3.450% 1/26/32 (f)		957,000		993,389
				2,642,624
Commercial Mortgage-Backed Securities — 9.4%
Aventura Mall Trust, Series 2018-AVM, Class D,
4.249% VRN 7/05/40 (f) (h)		530,000		528,115
BAMLL Commercial Mortgage Securities Trust
Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350% 1.423% FRN 9/15/34 (f)		150,000		149,815
Series 2019-BPR, Class DMP, 4.024% VRN 11/05/32 (f) (h)		540,000		496,800
Series 2019-BPR, Class CMP, 4.024% VRN 11/05/32 (f) (h)		440,000		427,747
BANK
Series 2020-BN30, Class MCDF, 3.016% VRN 12/15/53 (h)		500,000		469,220
Series 2019-BN17, Class C, 4.670% VRN 4/15/52 (h)		331,000		363,792

MassMutual Diversified Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
BBCMS Mortgage Trust
Series 2018-CHRS, Class B, 4.409% VRN 8/05/38 (f) (h)	$	400,000	$	433,775
Series 2018-CHRS, Class C, 4.409% VRN 8/05/38 (f) (h)		280,000		291,038
Series 2018-CHRS, Class D, 4.409% VRN 8/05/38 (f) (h)		270,000		266,675
Benchmark Mortgage Trust, Series 2021-B25, Class 300C,
3.094% VRN 4/15/54 (f) (h)		500,000		482,300
BGME Trust, Series 2021-VR, Class D,
3.094% VRN 1/10/43 (f) (h)		3,100,000		3,025,219
BX Commercial Mortgage Trust
Series 2018-IND, Class E, 1 mo. USD LIBOR + 1.700% 1.773% FRN 11/15/35 (f)		504,000		504,157
Series 2019-XL, Class E, 1 mo. USD LIBOR + 1.800% 1.873% FRN 10/15/36 (f)		340,380		340,699
Series 2019-XL, Class F, 1 mo. USD LIBOR + 2.000% 2.073% FRN 10/15/36 (f)		623,728		624,118
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, 1 mo. USD LIBOR + 2.150%
2.223% FRN 12/15/37 (f)		572,453		573,527
Century Plaza Towers, Series 2019-CPT, Class E,
3.097% VRN 11/13/39 (f) (h)		316,000		310,488
Citigroup Commercial Mortgage Trust, Series 2019-GC41, Class C
3.502% 8/10/56		222,000		233,463
Cold Storage Trust, Series 2020-ICE5, Class E, 1 mo. USD LIBOR + 2.766%
2.839% FRN 11/15/37 (f)		589,794		592,375
Commercial Mortgage Pass-Through Certificates, Series 2015-CR23, Class C,
4.433% VRN 5/10/48 (h)		110,000		118,282
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1 mo. USD LIBOR + 1.600%
1.673% FRN 5/15/36 (f)		560,000		560,875
DC Office Trust
Series 2019-MTC, Class E, 3.174% VRN 9/15/45 (f) (h)		622,000		586,855
Series 2019-MTC, Class D, 3.174% VRN 9/15/45 (f) (h)		357,000		356,730
DROP Mortgage Trust, Series 2021-FILE, Class D, 1 mo. USD LIBOR + 2.750%
2.820% FRN 4/15/26 (f)		998,000		1,002,367
GB Trust
Series 2020-FLIX, Class C, 1 mo. USD LIBOR + 1.600% 1.673% FRN 8/15/37 (f)		242,000		242,227
Series 2020-FLIX, Class D, 1 mo. USD LIBOR + 2.350% 2.423% FRN 8/15/37 (f)		394,000		394,858
GS Mortgage Securities Corp. II, Series 2018-GS10, Class D
3.000% 7/10/51 (f)		599,000		565,375
Hudson Yards Mortgage Trust, Series 2019-30HY, Class E,
3.558% VRN 7/10/39 (f) (h)		630,000		649,893
Jackson Park Trust, Series 2019-LIC, Class D,
3.351% VRN 10/14/39 (f) (h)		686,000		669,905
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-OSB, Class E,
3.909% VRN 6/05/39 (f) (h)		553,000		555,531
JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class C,
4.803% VRN 8/15/47 (h)		300,000		311,779
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800%
1.873% FRN 5/15/36 (f)		263,000		263,083
Life 2021-BMR Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD LIBOR + 1.750%
1.823% FRN 3/15/38 (f)		432,000		433,350
Manhattan West

MassMutual Diversified Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2020-1MW, Class C, 2.413% VRN 9/10/39 (f) (h)	$	601,000	$	609,177
Series 2020-1MW, Class D, 2.413% VRN 9/10/39 (f) (h)		440,000		437,166
MFT Trust
Series 2020-ABC, Class A, 3.358% 2/10/42 (f)		205,000		216,183
Series 2020-ABC, Class B, 3.593% VRN 2/10/42 (f) (h)		215,000		225,394
MHC Commercial Mortgage Trust, Series 2021-MHC, Class E, 1 mo. USD LIBOR + 2.101%
2.174% FRN 4/15/38 (f)		1,100,000		1,101,376
MKT Mortgage Trust, Series 2020-525M, Class E,
3.039% VRN 2/12/40 (f) (h)		213,000		207,246
SLG Office Trust, Series 2021-OVA, Class E
2.851% 7/15/41 (f)		705,000		692,341
VASA Trust, Series 2021-VASA, Class D, 1 mo. USD LIBOR + 2.100%
2.173% FRN 7/15/39 (f)		864,000		864,259
Wells Fargo Commercial Mortgage Trust
Series 2021-FCMT, Class C, 1 mo. USD LIBOR + 2.400% 2.473% FRN 5/15/31 (f)		461,000		462,153
Series 2015-NXS1, Class C, 3.848% VRN 5/15/48 (h)		140,000		140,326
WF-RBS Commercial Mortgage Trust, Series 2012-C8, Class C,
5.046% VRN 8/15/45 (h)		100,000		98,214
				21,878,268
Home Equity Asset-Backed Securities — 0.0%
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + .240%
0.332% FRN 10/25/34 (f)		39,960		39,644
Other Asset-Backed Securities — 15.0%
321 Henderson Receivables LLC, Series 2015-1A, Class A
3.260% 9/15/72 (f)		65,422		70,769
AASET Trust, Series 2019-2, Class C
6.413% 10/16/39 (f)		1,133,714		850,183
Affirm Asset Securitization Trust, Series 2021-A, Class D
3.490% 8/15/25 (f)		1,350,000		1,368,562
AGL CLO 7 Ltd., Series 2020-7A, Class A1, 3 mo. USD LIBOR + 1.800%
1.984% FRN 7/15/31 (f)		300,000		300,000
AIMCO CLO Series Ltd., Series 2018-AA, Class B, 3 mo. USD LIBOR + 1.400%
1.590% FRN 4/17/31 (f)		250,000		248,718
Anchorage Capital CLO Ltd.
Series 2019-11A, Class A, 3 mo. USD LIBOR + 1.390% 1.612% FRN 7/22/32 (f)		500,000		500,360
Series 2020-15A, Class A, 3 mo. USD LIBOR + 1.850% 2.038% FRN 7/20/31 (f)		250,000		250,000
Series 2019-11A, Class C, 3 mo. USD LIBOR + 3.000% 3.222% FRN 7/22/32 (f)		250,000		250,072
Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W10, Class M1, 1 mo. USD LIBOR + .900%
0.992% FRN 10/25/34		205,506		201,929
ASSURANT CLO Ltd., Series 2018-3A, Class CR, 3 mo. USD LIBOR + 2.050%
2.151% FRN 10/20/31 (f)		250,000		250,000
Atrium XV, Series 15A, Class B, 3 mo. USD LIBOR + 1.750%
1.923% FRN 1/23/31 (f)		250,000		250,016
Avery Point VII CLO Ltd., Series 2015-7A, Class DR, 3 mo. USD LIBOR + 3.600%
3.784% FRN 1/15/28 (f)		250,000		250,064

MassMutual Diversified Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class B, 3 mo. USD LIBOR + 1.950%
2.134% FRN 10/15/32 (f)	$	250,000	$	250,221
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class A,
4.213% STEP 12/16/41 (f)		361,979		361,282
BRE Grand Islander Timeshare Issuer LLC
Series 2017-1A, Class A, 2.940% 5/25/29 (f)		65,957		66,128
Series 2017-1A, Class B, 3.240% 5/25/29 (f)		54,486		54,451
Business Jet Securities LLC
Series 2020-1A, Class A, 2.981% 11/15/35 (f)		132,072		134,488
Series 2021-1A, Class C, 5.067% 4/15/36 (f)		374,776		375,972
Canyon Capital CLO Ltd., Series 2019-2A, Class C, 3 mo. USD LIBOR + 2.750%
2.934% FRN 10/15/32 (f)		250,000		250,367
Capital Automotive REIT
Series 2014-1A, Class A, 3.660% 10/15/44 (f)		91,509		92,213
Series 2017-1A, Class A2, 4.180% 4/15/47 (f)		146,342		154,853
CARS-DB4 LP
Series 2020-1A, Class B1, 4.170% 2/15/50 (f)		242,000		254,453
Series 2020-1A, Class B3, 4.950% 2/15/50 (f)		671,000		693,067
Castlelake Aircraft Securitization Trust, Series 2019-1A, Class A
3.967% 4/15/39 (f)		193,765		193,500
CIFC Funding Ltd., Series 2017-5A, Class A1, 3 mo. USD LIBOR + 1.180%
1.370% FRN 11/16/30 (f)		250,000		250,068
Crestline Denali CLO XIV Ltd.
Series 2016-1A, Class A1R, 3 mo. USD LIBOR + 1.280% 1.453% FRN 10/23/31 (f)		349,621		349,636
Series 2016-1A, Class BR, 3 mo. USD LIBOR + 1.800% 1.973% FRN 10/23/31 (f)		250,000		250,007
DataBank Issuer, Series 2021-1A, Class B
2.650% 2/27/51 (f)		300,000		303,470
DB Master Finance LLC, Series 2019-1A, Class A2II
4.021% 5/20/49 (f)		320,295		337,712
Elara HGV Timeshare Issuer LLC
Series 2016-A, Class A, 2.730% 4/25/28 (f)		80,686		82,211
Series 2016-A, Class B, 3.220% 4/25/28 (f)		49,199		48,943
Elmwood CLO II Ltd., Series 2019-2A, Class AR, 3 mo. USD LIBOR + 1.150%
1.338% FRN 4/20/34 (f)		450,000		450,405
Elmwood CLO III Ltd., Series 2019-3A, Class A1, 3 mo. USD LIBOR + 1.370%
1.554% FRN 10/15/32 (f)		250,000		250,552
Falcon Aerospace Ltd., Series 2019-1, Class C
6.656% 9/15/39 (f)		312,322		273,423
FCI Funding LLC, Series 2019-1A, Class A
3.630% 2/18/31 (f)		23,421		23,709
GCI Funding I LLC, Series 2021-1, Class A
2.380% 6/18/46 (b) (f)		309,000		308,920
Goldentree Loan Management US CLO Ltd., Series 2019-5A, Class C, 3 mo. USD LIBOR + 2.700%
2.888% FRN 10/20/32 (f)		250,000		250,617
Goodgreen Trust
Series 2016-1A, Class A, 3.230% 10/15/52 (f)		206,870		216,439
Series 2017-1A, Class A, 3.740% 10/15/52 (f)		114,252		120,837
Series 2019-2A, Class B, 3.860% 4/15/55 (f)		134,745		139,296
Series 2021-1A, Class C, 5.740% 10/15/56 (f)		594,903		610,422

MassMutual Diversified Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Gracie Point International Funding, Series 2021-1A, Class C, 1 mo. USD LIBOR + 2.400%
2.510% FRN 11/01/23 (f)	$	610,000	$	610,000
Harbor Park CLO Ltd., Series 2018-1A, Class B1, 3 mo. USD LIBOR + 1.700%
1.888% FRN 1/20/31 (f)		280,000		280,028
Hero Funding Trust
Series 2016-3A, Class A1, 3.080% 9/20/42 (f)		90,981		94,075
Series 2017-3A, Class A1, 3.190% 9/20/48 (f)		117,872		120,872
Series 2017-2A, Class A1, 3.280% 9/20/48 (f)		45,783		47,676
Series 2016-4A, Class A2, 4.290% 9/20/47 (f)		90,943		94,510
Horizon Aircraft Finance I Ltd., Series 2018-1, Class B
5.270% 12/15/38 (f)		225,200		211,463
Horizon Aircraft Finance II Ltd., Series 2019-1, Class B
4.703% 7/15/39 (f)		273,167		256,933
Horizon Aircraft Finance III Ltd., Series 2019-2, Class A
3.425% 11/15/39 (f)		488,986		480,681
HPS Loan Management Ltd., Series 15A-19, Class C, 3 mo. USD LIBOR + 2.700%
2.884% FRN 7/22/32 (f)		250,000		250,043
ICG US CLO Ltd., Series 2019-1A, Class A1A, 3 mo. USD LIBOR + 1.380%
1.556% FRN 10/26/32 (f)		250,000		250,720
ITE Rail Fund Levered LP, Series 2021-2A, Class B
2.980% 2/28/51 (f)		800,000		802,321
J.G. Wentworth XLIII LLC, Series 2019-1A, Class B
4.510% 8/15/73 (f)		138,000		146,489
Kayne CLO 4 Ltd., Series 2019-4A, Class B1, 3 mo. USD LIBOR + 2.100%
2.276% FRN 4/25/32 (f)		250,000		251,172
KDAC Aviation Finance Ltd., Series 2017-1A, Class A
4.212% 12/15/42 (f)		330,020		318,202
Kestrel Aircraft Fundig Limited, Series 2018-1A, Class A
4.250% 12/15/38 (f)		370,019		368,234
KKR Financial CLO Ltd., Series 26, Class B1, 3 mo. USD LIBOR + 2.050%
2.234% FRN 7/15/32 (f)		250,000		250,018
KREF Ltd., Series 2018-FL1, Class D, 1 mo. USD LIBOR + 2.550%
2.632% FRN 6/15/36 (f)		450,000		450,565
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1
4.300% 1/15/42 (f)		343,805		340,305
Lunar Aircraft Ltd.
Series 2020-1A, Class B, 4.335% 2/15/45 (f)		129,267		120,200
Series 2020-1A, Class C, 6.413% 2/15/45 (f)		214,012		171,645
MACH 1 Cayman Ltd., Series 2019-1, Class B
4.335% 10/15/39 (f)		319,562		309,538
Madison Park Funding Ltd.
Series 2018-28A, Class B, 3 mo. USD LIBOR + 1.600% 1.784% FRN 7/15/30 (f)		950,000		950,021
Series 2018-32A, Class CR, 3 mo. USD LIBOR + 2.000% 2.188% FRN 1/22/31 (f)		300,000		299,434
Mariner Finance Issuance Trust, Series 2021-AA, Class D
3.830% 3/20/36 (f)		381,000		385,088
Mosaic Solar Loans LLC, Series 2017-1A, Class A
4.450% 6/20/42 (f)		38,489		41,969
Neuberger Berman CLO Ltd., Series 2015-20A, Class BRR, 3 mo. USD LIBOR + 1.650%
0.000% FRN 7/15/34 (f)		500,000		500,304
NP SPE LLC, Series 2017-1A, Class A2
4.219% 10/21/47 (f)		380,000		391,101
Oak Street Investment Grade Net Lease Fund

MassMutual Diversified Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2021-1A, Class A4, 3.260% 1/20/51 (f)	$	635,000	$	648,712
Series 2020-1A, Class A5, 3.390% 11/20/50 (f)		600,000		622,386
OHA Credit Funding Ltd.
Series 2019-4A, Class A1, 3 mo. USD LIBOR + 1.330% 1.552% FRN 10/22/32 (f)		250,000		250,339
Series 2015-11A, Class CR, 3 mo. USD LIBOR + 2.150% 2.338% FRN 1/20/32 (f)		300,000		300,060
Orange Lake Timeshare Trust, Series 2019-A, Class D
4.930% 4/09/38 (f)		442,428		456,691
Oxford Finance Funding Trust, Series 2020-1A, Class A2
3.101% 2/15/28 (f)		344,000		351,001
Park Place Securities, Inc., Series 2005-WCW3, Class M1, 1 mo. USD LIBOR + .720%
0.812% FRN 8/25/35		24,959		25,107
Pioneer Aircraft Finance Ltd., Series 2019-1, Class B
4.948% 6/15/44 (f)		341,661		329,808
Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2
3.858% 12/05/49 (f)		501,365		505,748
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850%
2.942% FRN 2/25/23 (f)		210,000		210,390
Renew 2021-1, Series 2021-1, Class M
3.210% 11/20/56 (f)		239,893		239,437
Rockford Tower CLO Ltd., Series 2018-1A, Class B, 3 mo. USD LIBOR + 1.720%
1.875% FRN 5/20/31 (f)		250,000		250,006
RR 3 Ltd., Series 2018-3A, Class A1R2, 3 mo. USD LIBOR + 1.090%
1.274% FRN 1/15/30 (f)		500,000		500,003
Sierra Receivables Funding LLC
Series 2020-2A, Class C, 3.510% 7/20/37 (f)		99,104		101,913
Series 2019-1A, Class D, 4.750% 1/20/36 (f)		269,608		276,129
Slam Ltd.
Series 2021-1A, Class A, 2.434% 6/15/46 (f)		471,000		471,056
Series 2021-1A, Class B, 3.422% 6/15/46 (f)		293,000		296,580
Steele Creek CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.300%
2.455% FRN 8/18/31 (f)		490,000		485,110
Store Master Funding I-VII and XIV
Series 2019-1, Class A4, 4.490% 11/20/49 (f)		763,904		839,955
Series 2018-1A, Class A4, 4.740% 10/20/48 (f)		236,000		255,235
Store Master Funding LLC, Series 2021-1A, Class A3
2.860% 6/20/51 (f)		210,000		211,243
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A
4.870% 7/20/48 (f)		111,541		121,196
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A
4.190% 1/15/71 (f)		285,286		318,263
Taco Bell Funding LLC
Series 2018-1A, Class A2II, 4.940% 11/25/48 (f)		302,250		341,078
Series 2016-1A, Class A23, 4.970% 5/25/46 (f)		422,400		456,355
THL Credit Wind River CLO Ltd., Series 2018-3A, Class B, 3 mo. USD LIBOR + 1.700%
1.888% FRN 1/20/31 (f)		490,000		490,023
Thrust Engine Leasing
Series 2021-1A, Class B, 6.121% 7/15/40 (b) (f)		1,175,000		1,174,967
Series 2021-1A, Class C, 7.386% 7/15/40 (b) (f)		400,000		400,000
TICP CLO XIV Ltd., Series 2019-14A, Class A2, 3 mo. USD LIBOR + 1.900%
2.088% FRN 10/20/32 (f)		250,000		250,347

MassMutual Diversified Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Trinity Rail Leasing LP
Series 2019-2A, Class A2, 3.100% 10/18/49 (f)	$	700,000	$	722,776
Series 2018-1A, Class A2, 4.620% 6/17/48 (f)		430,000		442,593
VSE VOI Mortgage LLC, Series 2016-A, Class B
2.740% 7/20/33 (f)		23,440		23,491
Wave USA
4.581% 9/15/44 (f)		608,521		562,283
Wendy's Funding LLC, Series 2021-1A, Class A2I
2.370% 6/15/51 (f)		248,000		247,211
Westgate Resorts LLC, Series 2017-1A, Class A
3.050% 12/20/30 (f)		39,163		39,527
Willis Engine Structured Trust III, Series 2017-A, Class A,
4.690% STEP 8/15/42 (f)		342,924		340,158
Willis Engine Structured Trust IV, Series 2018-A, Class A,
4.750% STEP 9/15/43 (f)		214,813		213,372
Zaxby's Funding LLC, Series 2021-1A, Class A2
3.238% 7/30/51 (f)		219,000		221,733
				34,724,224
Student Loans Asset-Backed Securities — 5.0%
Access Group, Inc., Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500%
1.592% FRN 7/25/58 (f)		130,000		120,842
Brazos Higher Education Authority, Inc.
1.604% 6/25/42		450,000		443,343
College Avenue Student Loans LLC
Series 2021-A, Class C, 2.920% 7/25/51 (f)		576,000		585,954
Series 2021-A, Class D, 4.120% 7/25/51 (f)		284,000		284,927
Series 2019-A, Class C, 4.460% 12/28/48 (f)		225,000		230,684
Series 2019-A, Class D, 5.500% 12/28/48 (f)		174,000		180,117
Commonbond Student Loan Trust, Series 2017-AGS, Class C
5.280% 5/25/41 (f)		50,288		53,107
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B
2.500% 1/25/30 (f)		75,873		76,079
EdLinc Student Loan Funding Trust, Series 2017-A, Class A, PRIME - 1.150%
2.100% FRN 12/01/47 (f)		216,278		218,916
EDvestinU Private Education Loan Issue No 3 LLC, Series 2021-A, Class B
3.500% 11/25/50 (f)		600,000		617,019
Goal Capital Funding Trust, Series 2006-1, Class B, 3 mo. USD LIBOR + .450%
0.597% FRN 8/25/42		570,155		548,323
KeyCorp Student Loan Trust, Series 1999-B, Class CTFS, 3 mo. USD LIBOR + .900%
1.047% FRN 11/25/36		491		490
Navient Private Education Refi Loan Trust
Series 2020-DA, Class B, 3.330% 5/15/69 (f)		1,003,000		1,054,058
Series 2018-CA, Class B, 4.220% 6/16/42 (f)		530,000		559,250
Navient Student Loan Trust
Series 2018-1A, Class B, 1 mo. USD LIBOR + 1.200% 1.292% FRN 3/25/67 (f)		250,000		243,205
Series 2021-2A, Class B, 1 mo. USD LIBOR + 1.350% 1.442% FRN 2/25/70 (f)		530,000		530,530
Series 2018-EA, Class B, 4.440% 12/15/59 (f)		140,000		146,621
Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750%
1.842% FRN 12/26/40 (f)		29,385		29,491
Nelnet Student Loan Trust
Series 2005-4, Class A4R2, 0.000% FRN 3/22/32 (h)		145,298		139,971

MassMutual Diversified Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 0.397% FRN 6/25/41	$	113,728	$	103,428
Series 2012-2A, Class B, 1 mo. USD LIBOR + 1.000% 1.092% FRN 11/25/36 (f)		200,000		196,576
Series 2012-1A, Class B, 1 mo. USD LIBOR + 1.000% 1.092% FRN 6/25/42 (f)		150,000		147,476
Series 2012-4A, Class B, 1 mo. USD LIBOR + 1.000% 1.092% FRN 7/26/49 (f)		350,000		334,076
Series 2018-5A, Class B, 1 mo. USD LIBOR + 1.450% 1.542% FRN 2/25/67 (f)		1,000,000		957,698
Series 2014-2A, Class B, 1 mo. USD LIBOR + 1.500% 1.592% FRN 6/25/41 (f)		100,000		99,637
Series 2014-1A, Class B, 1 mo. USD LIBOR + 1.500% 1.592% FRN 10/25/47 (f)		440,000		440,991
Series 2014-5A, Class B, 1 mo. USD LIBOR + 1.500% 1.592% FRN 5/26/54 (f)		100,000		100,251
SLM Student Loan Trust
Series 2006-2, Class R, 0.000% 1/25/41		136,300		722,390
Series 2006-7, Class B, 3 mo. USD LIBOR + .200% 0.376% FRN 1/27/42		276,687		251,947
Series 2006-4, Class B, 3 mo. USD LIBOR + .200% 0.376% FRN 1/25/70		149,837		136,673
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 0.386% FRN 10/25/40		124,518		115,453
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 0.466% FRN 1/25/44		297,705		274,307
Series 2005-9, Class B, 3 mo. USD LIBOR + .300% 0.476% FRN 1/25/41		373,698		348,355
Series 2004-3, Class B, 3 mo. USD LIBOR + .470% 0.646% FRN 10/25/64		99,946		94,643
SMB Private Education Loan Trust, Series 2019-A, Class B
4.000% 11/17/42 (f)		185,000		197,879
SoFi Professional Loan Program LLC
Series 2017-D, Class BFX, 3.610% 9/25/40 (f)		500,000		513,650
Series 2017-C, Class C, 4.210% VRN 7/25/40 (f) (h)		180,000		186,396
Series 2017-A, Class C, 4.430% VRN 3/26/40 (f) (h)		170,000		177,829
South Carolina Student Loan Corp., Series 2015-A, Class A, 1 mo. USD LIBOR + 1.500%
1.592% FRN 1/25/36		73,173		73,777
				11,536,359
Whole Loan Collateral Collateralized Mortgage Obligations — 1.5%
Angel Oak Mortgage Trust I LLC
Series 2019-4, Class M1, 3.459% VRN 7/26/49 (f) (h)		492,000		492,154
Series 2019-2, Class M1, 4.065% VRN 3/25/49 (f) (h)		260,000		263,755
Bank of America Mortgage Securities, Series 2004-G, Class 2A7,
3.063% VRN 8/25/34 (h)		9,883		9,731
Deephaven Residential Mortgage Trust, Series 2019-3A, Class M1,
3.405% VRN 7/25/59 (f) (h)		800,000		800,216
JP Morgan Mortgage Trust, Series 2017-1, Class A11,
3.498% VRN 1/25/47 (f) (h)		146,407		149,428
NMLT Trust, Series 2021-INV1, Class M1,
2.711% VRN 5/25/56 (f) (h)		1,100,000		1,103,708
Starwood Mortgage Residential Trust, Series 2021-3, Class M1,
2.491% VRN 6/25/56 (b) (f) (h)		588,000		587,991
				3,406,983
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $73,258,670)				74,228,102
SOVEREIGN DEBT OBLIGATIONS — 0.6%
Colombia Government International Bond
6.125% 1/18/41		440,000		520,736
Mexico Government International Bond

MassMutual Diversified Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
4.750% 3/08/44	$	414,000	$	457,151
6.750% 9/27/34		375,000		498,285
				1,476,172
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,430,910)				1,476,172
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 14.2%
Collateralized Mortgage Obligations — 0.0%
Federal Home Loan Mortgage Corp. Series 2178, Class PB 7.000% 8/15/29		5,696		6,410
Pass-Through Securities — 13.5%
Federal Home Loan Mortgage Corp.
Pool #RA4245 2.000% 12/01/50		561,472		568,321
Pool #RA4255 2.000% 1/01/51		1,169,224		1,185,679
Federal National Mortgage Association
Pool #MA3029 3.000% 6/01/32		418,077		440,961
Pool #MA3090 3.000% 8/01/32		170,488		179,819
Pool #AR3007 3.000% 2/01/43		117,310		124,563
Pool #AS1304 3.500% 12/01/28		111,608		119,314
Pool #MA1356 3.500% 2/01/43		750,224		809,209
Pool #CA6096 3.500% 6/01/50		1,541,996		1,639,984
Pool #FM4017 3.500% 8/01/50		128,912		135,634
Pool #CA1909 4.500% 6/01/48		656,045		707,730
Pool #AD6437 5.000% 6/01/40		42,536		48,337
Pool #AD6996 5.000% 7/01/40		255,117		289,906
Pool #AL8173 5.000% 2/01/44		108,228		122,952
Government National Mortgage Association
Pool #579140 6.500% 1/15/32		530		610
Pool #587280 6.500% 9/15/32		805		911
Pool #550659 6.500% 9/15/35		61,834		72,500
Pool #538689 6.500% 12/15/35		12,400		14,658
Pool #780651 7.000% 10/15/27		546		606
Pool #462384 7.000% 11/15/27		342		380
Pool #482668 7.000% 8/15/28		702		792
Pool #581417 7.000% 7/15/32		625		709
Pool #423836 8.000% 8/15/26		403		446
Pool #444619 8.000% 3/15/27		3,648		4,062
Government National Mortgage Association II
Pool #MA6038 3.000% 7/20/49		909,707		955,727
Pool #MA6283 3.000% 11/20/49		1,604,796		1,681,968
Pool #MA6409 3.000% 1/20/50		1,639,005		1,717,311
Pool #MA4321 3.500% 3/20/47		985,638		1,046,232
Government National Mortgage Association II TBA
3.000% 7/01/49 (g)		2,350,000		2,451,895
3.500% 5/01/49 (g)		480,000		504,300
Uniform Mortgage Backed Securities TBA
2.000% 3/01/36 (g)		2,620,000		2,703,308
2.000% 1/01/51 (g)		4,600,000		4,650,312
3.000% 6/01/49 (g)		7,600,000		7,924,187
3.500% 3/01/49 (g)		1,100,000		1,158,094
				31,261,417

MassMutual Diversified Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Whole Loans — 0.7%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2020-DNA6, Class M2, SOFR30A + 2.000% 2.018% FRN 12/25/50 (f)	$	1,000,000	$	1,009,282
Series 2021-DNA2, Class M2, SOFR30A + 2.300% 2.318% FRN 8/25/33 (f)		418,000		428,398
Federal National Mortgage Association Connecticut Avenue Securities Trust
Series 2019-R04, Class 2M2, 1 mo. USD LIBOR + 2.100% 2.192% FRN 6/25/39 (f)		55,184		55,346
Series 2019-R02, Class 1M2, 1 mo. USD LIBOR + 2.300% 2.392% FRN 8/25/31 (f)		166,481		167,606
				1,660,632
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $32,843,327)				32,928,459
U.S. TREASURY OBLIGATIONS — 3.4%
U.S. Treasury Bonds & Notes — 3.4%
U.S. Treasury Bond
2.250% 8/15/49 (i)		3,670,000		3,803,738
3.500% 2/15/39		2,400,000		3,001,958
U.S. Treasury Note
0.125% 2/15/24		1,000,000		993,711
				7,799,407
TOTAL U.S. TREASURY OBLIGATIONS (Cost $7,726,286)				7,799,407
TOTAL BONDS & NOTES (Cost $211,745,971)				219,871,775
TOTAL PURCHASED OPTIONS (#) — 0.2% (Cost $710,916)				581,906
	Number of Shares
WARRANTS — 0.0%
Consumer, Non-cyclical — 0.0%
Chemicals — 0.0%
Hercules LLC, Expires 3/31/29, Strike 0.09 (a) (b) (c)		150		4,011
TOTAL WARRANTS (Cost $0)				4,011
MUTUAL FUNDS — 0.8%
Diversified Financial Services — 0.8%
State Street Navigator Securities Lending Government Money Market Portfolio (j)		1,928,998		1,928,998
TOTAL MUTUAL FUNDS (Cost $1,928,998)				1,928,998
TOTAL LONG-TERM INVESTMENTS (Cost $216,073,310)				224,160,923

MassMutual Diversified Bond Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 12.6%
Commercial Paper — 11.7%
Agilent Tech, Inc.
0.122% 7/01/21 (f)	$	2,000,000	$	1,999,993
American Electric Power Co., Inc.
0.228% 11/12/21 (f)		3,000,000		2,997,469
American Honda Finance Corp.
0.183% 9/21/21		1,000,000		999,539
0.193% 9/07/21		2,000,000		1,999,233
AT&T, Inc.
0.386% 10/19/21 (f)		1,000,000		999,516
Duke Energy Corp.
0.132% 8/10/21 (f)		3,000,000		2,999,463
Eaton Corp.
0.142% 7/02/21 (f)		2,000,000		1,999,986
0.142% 7/08/21 (f)		1,000,000		999,970
Fidelity National Information Services, Inc.
0.203% 7/13/21 (f)		1,000,000		999,951
0.233% 7/26/21 (f)		2,000,000		1,999,788
Keurig Dr Pepper, Inc.
0.203% 9/28/21 (f)		1,000,000		999,525
National Rural Utilities Cooperative Finance Corp.
0.091% 7/22/21		2,000,000		1,999,896
Sempra Energy
0.172% 7/19/21 (f)		3,000,000		2,999,774
VW Credit, Inc.
0.162% 7/21/21 (f)		3,000,000		2,999,748
				26,993,851
Repurchase Agreement — 0.9%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (k)		1,973,751		1,973,751
TOTAL SHORT-TERM INVESTMENTS (Cost $28,966,974)				28,967,602
TOTAL INVESTMENTS — 109.3% (Cost $245,040,284) (l)				253,128,525
Other Assets/(Liabilities) — (9.3)%				(21,491,244)
NET ASSETS — 100.0%			$	231,637,281

Abbreviation Legend

CLO Collateralized Loan Obligation

FRN Floating Rate Note

STEP Step Up Bond

TBA To Be Announced

VRN Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Investment was valued using significant unobservable inputs.

MassMutual Diversified Bond Fund —  Portfolio of Investments (Continued)

Notes to Portfolio of Investments (continued)

(b) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2021, these securities amounted to a value of $2,491,278 or 1.08% of net assets.

(c) Non-income producing security.

(d) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2021, was $2,095,279 or 0.90% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $210,438 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).

(e) Security is perpetual and has no stated maturity date.

(f) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2021, the aggregate market value of these securities amounted to $127,663,720 or 55.11% of net assets.

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

(h) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at June 30, 2021.

(i) A portion of this security is pledged/held as collateral for open derivatives.

(j) Represents investment of security lending cash collateral. (Note 2).

(k) Maturity value of $1,973,751. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 1/31/23, and an aggregate market value, including accrued interest, of $2,013,297.

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

(#) OTC Options Purchased
Description	Counterparty	Expiration Date	Exercise Price	No. of Contracts	Notional Amount		Value		Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
Call
USD Call BRL Put	Bank of America N.A.	10/01/21	6.32	256,666	USD	256,666	$	325	$	282	$	43
USD Call BRL Put	Barclays Bank PLC	9/29/21	6.45	256,666	USD	256,666		231		234		(3	)
							$	556	$	516	$	40

(#) Interest Rate Swaptions Purchased
			Paid by Fund		Received by Fund
Description	Counterparty	Expiration Date	Rate	Frequency	Rate	Frequency	Notional Amount		Value		Premium Paid (Received)		Unrealized Appreciation/ (Depreciation)
Call
10-Year Interest Rate Swap, 12/15/42	Barclays Bank PLC	12/13/32	3-Month USD LIBOR BBA	Quarterly	2.44%	Semi-Annually	USD	800,000	$	66,272	$	39,994	$	26,278
Put
10-Year Interest Rate Swap, 12/15/42	Barclays Bank PLC	12/13/32	2.94%	Semi-Annually	3-Month USD LIBOR BBA	Quarterly	USD	13,410,000	$	515,078	$	670,406	$	(155,328)
									$	581,350	$	710,400	$	(129,050)

MassMutual Diversified Bond Fund —  Portfolio of Investments (Continued)

OTC Options Written
Description	Counterparty	Expiration Date	Exercise Price	No. of Contracts	Notional Amount		Value			Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Call
USD Call BRL Put	Bank of America N.A.	10/01/21	6.32	256,666	USD	256,666	$	(325	)	$	(5,544	)	$	5,219
USD Call MXN Put	Bank of America N.A.	10/04/21	22.96	256,666	USD	256,666		(529	)		(3,881	)		3,352
USD Call MXN Put	Barclays Bank PLC	9/28/21	23.09	256,666	USD	256,666		(408	)		(4,448	)		4,040
USD Call BRL Put	Barclays Bank PLC	9/29/21	6.45	256,666	USD	256,666		(231	)		(5,701	)		5,470
USD Call RUB Put	Barclays Bank PLC	9/29/21	85.58	256,666	USD	256,666		(527	)		(4,361	)		3,834
USD Call MXN Put	Barclays Bank PLC	10/01/21	23.14	256,666	USD	256,666		(429	)		(4,368	)		3,939
USD Call RUB Put	Citibank N.A.	9/30/21	85.05	256,666	USD	256,666		(602	)		(4,326	)		3,724
USD Call BRL Put	HSBC Bank USA	9/28/21	6.38	256,666	USD	256,666		(257	)		(5,910	)		5,653
USD Call RUB Put	HSBC Bank USA	9/28/21	85.55	256,666	USD	256,666		(512	)		(4,581	)		4,069
USD Call RUB Put	JP Morgan Chase Bank N.A.	10/01/21	85.96	256,666	USD	256,666		(526	)		(4,415	)		3,889
USD Call BRL Put	JP Morgan Chase Bank N.A.	10/04/21	6.36	256,666	USD	256,666		(329	)		(5,595	)		5,266
USD Call MXN Put	JP Morgan Chase Bank N.A.	10/04/21	22.80	256,666	USD	256,666		(593	)		(3,774	)		3,181
							$	(5,268	)	$	(56,904	)	$	51,636

Forward contracts
Counterparty	Settlement Date	Currency Purchased		Currency Sold		Unrealized Appreciation (Depreciation)
Bank of America N.A.	7/20/21	PLN	2,009,564	USD	527,623	$	(542)
Bank of America N.A.	7/20/21	EUR	163,721	USD	195,662		(1,457)
Bank of America N.A.	8/17/21	USD	264,328	CHF	239,438		5,235
Canadian Imperial Bank of Commerce	7/20/21	USD	48,000	EUR	39,852		728
Canadian Imperial Bank of Commerce	7/27/21	USD	4,000	JPY	436,866		67
Citibank N.A.	7/13/21	CLP	92,146,600	USD	130,000		(4,564)
Citibank N.A.	7/20/21	RUB	8,209,401	USD	107,216		4,758
Citibank N.A.	7/20/21	USD	148,603	EUR	123,869		1,670
Citibank N.A.	7/27/21	USD	514,000	THB	16,083,831		12,198
Citibank N.A.	8/10/21	USD	91,547	COP	345,168,545		(255)
Citibank N.A.	8/17/21	RUB	11,400,466	USD	151,440		3,395
Citibank N.A.	8/17/21	EUR	57,194	USD	68,397		(516)
Citibank N.A.	8/24/21	USD	103,005	SGD	137,011		1,116
Citibank N.A.	8/24/21	INR	38,767,830	USD	522,393		(3,779)
Citibank N.A.	8/24/21	USD	517,008	INR	38,767,830		(1,606)
Goldman Sachs International	7/27/21	USD	309,758	JPY	33,567,681		7,543
Goldman Sachs International	8/10/21	MXN	3,053,808	USD	149,235		3,231
Goldman Sachs International	8/17/21	USD	166,268	EUR	137,330		3,276
HSBC Bank USA	7/20/21	USD	104,000	ZAR	1,524,567		(2,524)
HSBC Bank USA	7/20/21	ZAR	1,524,567	USD	105,099		1,425
JP Morgan Chase Bank N.A.	7/13/21	BRL	937,066	USD	166,383		21,786
JP Morgan Chase Bank N.A.	7/20/21	RUB	18,858,033	USD	261,000		(3,782)
JP Morgan Chase Bank N.A.	7/27/21	USD	258,000	CNH	1,699,523		(4,357)
JP Morgan Chase Bank N.A.	8/10/21	BRL	2,480,769	USD	450,959		45,646
JP Morgan Chase Bank N.A.	8/17/21	UAH	1,482,052	USD	52,471		992
Morgan Stanley & Co. LLC	7/20/21	USD	253,735	CHF	233,413		1,344
Morgan Stanley & Co. LLC	7/20/21	USD	13,000	PLN	49,100		122
Morgan Stanley & Co. LLC	7/27/21	AUD	135,524	USD	105,455		(3,806)
Standard Chartered Bank	7/13/21	MXN	3,232,477	USD	158,385		3,551
						$	90,895

MassMutual Diversified Bond Fund —  Portfolio of Investments (Continued)

Futures contracts
	Expiration Date	Number of Contracts		Notional Amount		Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Long Bond	9/21/21		5	$	794,860	$	8,890
U.S. Treasury Ultra Bond	9/21/21		76		14,019,386		624,864
U.S. Treasury Note 2 Year	9/30/21		150		33,107,015		(58,968)
U.S. Treasury Note 5 Year	9/30/21		22		2,723,201		(7,748)
						$	567,038
Short
90 Day Eurodollar	9/13/21		3	$	(731,728)	$	(17,222)
U.S. Treasury Ultra 10 Year	9/21/21		39		(5,670,764)		(70,158)
90 Day Eurodollar	3/14/22		3		(731,503)		(16,997)
90 Day Eurodollar	9/19/22		3		(731,203)		(16,060)
90 Day Eurodollar	3/13/23		2		(487,168)		(9,657)
90 Day Eurodollar	12/18/23		3		(730,078)		(11,485)
90 Day Eurodollar	12/16/24		6		(1,458,355)		(18,470)
						$	(160,049)

Currency Legend

AUD Australian Dollar

BRL Brazilian Real

CHF Swiss Franc

CLP Chilean Peso

CNH Offshore Chinese Yuan

COP Colombian Peso

EUR Euro

INR Indian Rupee

JPY Japanese Yen

MXN Mexican Peso

PLN Polish Zloty

RUB Russian Ruble

SGD Singapore Dollar

THB Thai Baht

UAH Ukrainian Hryvnia

USD U.S. Dollar

ZAR South African Rand

MassMutual High Yield Fund —  Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 0.9%
COMMON STOCK — 0.9%
Energy — 0.9%
Oil & Gas — 0.9%
Fieldwood Energy LLC (c)		10,960	$	11
Fieldwood Energy LLC (a) (b) (c)		2,147		119,223
Fieldwood Energy LLC (c)		44,668		44
Tourmaline Oil Corp.		144,159		4,120,324
Tourmaline Oil Corp. (Escrow Shares) (a) (b) (c)		623,848		503,266
				4,742,868
TOTAL COMMON STOCK (Cost $4,009,919)				4,742,868
TOTAL EQUITIES (Cost $4,009,919)				4,742,868
	Principal Amount
BONDS & NOTES — 94.8%
BANK LOANS — 12.6%
Advertising — 0.8%
Clear Channel Outdoor Holdings, Inc., Term Loan B, 3 mo. USD LIBOR + 3.500%
3.686% VRN 8/21/26	$	4,369,619		4,262,214
Airlines — 0.9%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, 3 mo. USD LIBOR + 4.750%
5.500% VRN 4/20/28		3,039,074		3,165,955
United Airlines, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750%
4.500% VRN 4/21/28		1,852,499		1,875,137
				5,041,092
Chemicals — 0.5%
Consolidated Energy Finance, SA, Term Loan B, 1 mo. USD LIBOR + 2.500%
2.595% VRN 5/07/25		2,460,998		2,386,134
Commercial Services — 2.2%
CoreLogic, Inc., 2nd Lien Term Loan, 1 mo. USD LIBOR + 6.500%
7.000% VRN 4/13/29		2,095,170		2,105,646
Spin Holdco, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 4.000%
4.750% VRN 3/01/28		4,182,156		4,182,700

MassMutual High Yield Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Syniverse Holdings, Inc., 2018 1st Lien Term Loan, 3 mo. USD LIBOR + 5.000%
6.000% VRN 3/09/23	$	5,635,531	$	5,574,273
				11,862,619
Computers — 1.0%
Magenta Buyer LLC
2021 USD 1st Lien Term Loan,
0.000% 5/03/28 (d)		4,280,768		4,276,487
2021 USD 2nd Lien Term Loan,
0.000% 5/03/29 (d)		1,161,000		1,146,488
				5,422,975
Cosmetics & Personal Care — 0.1%
Hoffmaster Group, Inc., 2018 1st Lien Term Loan, 3 mo. USD LIBOR + 4.000%
5.000% VRN 11/21/23		754,026		725,185
Entertainment — 0.3%
Delta 2 (LUX) S.A.R.L., 2018 USD Term Loan, 1 mo. USD LIBOR + 2.500%
3.500% VRN 2/01/24		1,559,709		1,550,210
Health Care – Services — 0.5%
Radiology Partners, Inc., 2018 1st Lien Term Loan B, 1 mo. USD LIBOR + 4.250%
4.323% - 4.327% VRN 7/09/25		2,829,000		2,826,652
Media — 0.4%
MSG National Properties LLC, Term Loan,
0.000% 11/12/25 (d)		2,137,245		2,201,362
Packaging & Containers — 0.1%
Trident TPI Holdings, Inc., 2017 USD Term Loan B1, 3 mo. USD LIBOR + 3.000%
4.000% VRN 10/17/24		668,642		665,299
Retail — 0.6%
Great Outdoors Group LLC, 2021 Term Loan B, 6 mo. USD LIBOR + 4.250%
5.000% VRN 3/06/28		2,996,191		3,003,681
Software — 5.2%
Cvent, Inc., 1st Lien Term Loan, 1 mo. USD LIBOR + 3.750%
3.854% VRN 11/29/24		4,796,503		4,726,954
Finastra USA, Inc.
USD 1st Lien Term Loan, 6 mo. USD LIBOR + 3.500%
4.500% VRN 6/13/24		13,578,782		13,356,769
USD 2nd Lien Term Loan, 6 mo. USD LIBOR + 7.250%
8.250% VRN 6/13/25		6,000,000		6,057,780
Ivanti Software, Inc., 2020 Term Loan B, 3 mo. USD LIBOR + 4.750%
5.750% VRN 12/01/27		293,382		293,423

MassMutual High Yield Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Renaissance Holding Corp., 2018 2nd Lien Term Loan, 1 mo. USD LIBOR + 7.000%
7.104% VRN 5/29/26	$	3,443,850	$	3,440,407
				27,875,333
TOTAL BANK LOANS (Cost $66,359,626)				67,822,756
CORPORATE DEBT — 82.2%
Advertising — 1.4%
Clear Channel Outdoor Holdings, Inc.
7.750% 4/15/28 (e)		1,853,000		1,941,055
7.500% 6/01/29 (e)		1,460,000		1,511,591
Outfront Media Capital LLC / Outfront Media Capital Corp.
4.250% 1/15/29 (e)		1,190,000		1,197,438
Terrier Media Buyer, Inc.
8.875% 12/15/27 (e)		2,561,000		2,770,003
				7,420,087
Aerospace & Defense — 1.3%
Triumph Group, Inc.
6.250% 9/15/24 (e)		1,347,000		1,367,205
7.750% 8/15/25		5,636,000		5,797,810
				7,165,015
Airlines — 2.6%
American Airlines, Inc.
11.750% 7/15/25 (e)		1,962,000		2,462,310
American Airlines, Inc. /AAdvantage Loyalty IP Ltd.
5.500% 4/20/26 (e)		3,568,000		3,777,620
5.750% 4/20/29 (e)		1,374,000		1,483,357
Delta Air Lines, Inc./SkyMiles IP Ltd.
4.500% 10/20/25 (e)		1,085,000		1,166,323
4.750% 10/20/28 (e)		1,998,000		2,222,590
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
6.500% 6/20/27 (e)		1,137,000		1,251,837
United Airlines, Inc.
4.375% 4/15/26 (e)		692,000		716,220
4.625% 4/15/29 (e)		725,000		750,375
				13,830,632
Auto Manufacturers — 3.7%
Ford Motor Co.
7.450% 7/16/31		3,209,000		4,219,835
9.000% 4/22/25		1,029,000		1,268,623
9.625% 4/22/30		3,100,000		4,448,500
Ford Motor Credit Co. LLC
3.375% 11/13/25		1,000,000		1,036,250
4.000% 11/13/30		1,000,000		1,047,500
4.125% 8/17/27		1,335,000		1,416,138
4.134% 8/04/25		771,000		823,998
4.389% 1/08/26		712,000		768,960
4.687% 6/09/25		1,000,000		1,082,500
5.113% 5/03/29		322,000		360,473
5.125% 6/16/25		1,236,000		1,361,145

MassMutual High Yield Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
JB Poindexter & Co., Inc.
7.125% 4/15/26 (e)	$	2,198,000	$	2,324,385
				20,158,307
Auto Parts & Equipment — 0.2%
Adient Global Holdings Ltd.
4.875% 8/15/26 (e)		762,000		784,273
Clarios Global LP
6.750% 5/15/25 (e)		407,000		433,447
				1,217,720
Biotechnology — 0.4%
Emergent BioSolutions, Inc.
3.875% 8/15/28 (e)		2,104,000		2,060,910
Building Materials — 0.1%
CP Atlas Buyer, Inc.
7.000% 12/01/28 (e)		550,000		569,937
Chemicals — 1.0%
CF Industries, Inc.
4.950% 6/01/43		266,000		314,436
5.375% 3/15/44		1,040,000		1,288,768
Consolidated Energy Finance SA
6.875% 6/15/25 (e)		3,284,000		3,345,312
Kraton Polymers LLC / Kraton Polymers Capital Corp.
4.250% 12/15/25 (e)		605,000		617,100
				5,565,616
Coal — 1.7%
Coronado Finance Pty Ltd.
10.750% 5/15/26 (e)		1,586,000		1,689,090
Peabody Energy Corp.
8.500% 12/31/24 (e)		1,223,000		917,250
PIC AU Holdings LLC / PIC AU Holdings Corp.
10.000% 12/31/24 (e)		3,825,000		3,801,094
Warrior Met Coal, Inc.
8.000% 11/01/24 (e)		2,960,000		3,004,400
				9,411,834
Commercial Services — 0.7%
Alta Equipment Group, Inc.
5.625% 4/15/26 (e)		353,000		362,238
Prime Security Services Borrower LLC / Prime Finance, Inc.
6.250% 1/15/28 (e)		2,383,000		2,534,916
Rent-A-Center, Inc. /TX
6.375% 2/15/29 (e)		436,000		468,155
Sabre GLBL, Inc.
9.250% 4/15/25 (e)		306,000		363,782
				3,729,091
Computers — 1.5%
Austin BidCo, Inc.
7.125% 12/15/28 (e)		574,000		588,172

MassMutual High Yield Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Banff Merger Sub, Inc.
9.750% 9/01/26 (e)	$	4,005,000	$	4,215,262
Diebold Nixdorf, Inc.
9.375% 7/15/25 (e)		3,050,000		3,381,688
				8,185,122
Distribution & Wholesale — 0.9%
Core & Main Holdings LP
8.625% 9/15/24 (e)		657,000		670,140
KAR Auction Services, Inc.
5.125% 6/01/25 (e)		1,673,000		1,716,833
Resideo Funding, Inc.
6.125% 11/01/26 (e)		2,600,000		2,730,000
				5,116,973
Diversified Financial Services — 2.9%
Alliance Data Systems Corp.
7.000% 1/15/26 (e)		1,069,000		1,145,166
Aretec Escrow Issuer, Inc.
7.500% 4/01/29 (e)		1,195,000		1,227,863
Global Aircraft Leasing Co. Ltd.
6.500% 9/15/24 (e)		8,465,644		8,511,231
Midcap Financial Issuer Trust
6.500% 5/01/28 (e)		839,000		878,047
OneMain Finance Corp.
4.000% 9/15/30		1,047,000		1,036,195
5.375% 11/15/29		2,393,000		2,602,962
				15,401,464
Electric — 1.4%
FirstEnergy Corp.
5.350% STEP 7/15/47		1,079,000		1,293,715
PG&E Corp.
5.000% 7/01/28 (f)		3,549,000		3,588,465
5.250% 7/01/30		501,000		505,760
Pike Corp.
5.500% 9/01/28 (e)		2,046,000		2,127,840
				7,515,780
Electronics — 0.5%
Atkore, Inc.
4.250% 6/01/31 (e)		2,014,000		2,039,779
Imola Merger Corp.
4.750% 5/15/29 (e)		482,000		495,858
				2,535,637
Energy – Alternate Sources — 0.2%
Atlantica Sustainable Infrastructure PLC
4.125% 6/15/28 (e)		884,000		900,619
Engineering & Construction — 0.4%
Arcosa, Inc. Co.
4.375% 4/15/29 (e)		649,000		660,357

MassMutual High Yield Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
New Enterprise Stone & Lime Co., Inc.
9.750% 7/15/28 (e)	$	1,374,000	$	1,538,880
				2,199,237
Entertainment — 1.5%
Banijay Entertainment SASU
5.375% 3/01/25 (e)		1,083,000		1,118,197
Caesars Entertainment, Inc.
6.250% 7/01/25 (e)		1,847,000		1,958,670
8.125% 7/01/27 (e)		1,888,000		2,099,834
CCM Merger, Inc.
6.375% 5/01/26 (e)		1,005,000		1,055,250
Live Nation Entertainment, Inc.
4.750% 10/15/27 (e)		559,000		579,962
Scientific Games International, Inc.
7.250% 11/15/29 (e)		648,000		730,944
8.625% 7/01/25 (e)		358,000		392,010
				7,934,867
Food — 3.3%
JBS Finance Luxembourg Sarl
3.625% 1/15/32 (e)		2,241,000		2,240,305
JBS USA LUX SA/JBS USA Finance, Inc.
6.750% 2/15/28 (e)		2,816,000		3,094,080
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
3.750% 12/01/31 (e)		400,000		409,300
5.500% 1/15/30 (e)		3,745,000		4,188,333
6.500% 4/15/29 (e)		4,969,000		5,583,964
Simmons Foods, Inc. /Simmons Prepared Foods, Inc. /Simmons Pet Food, Inc. /Simmons Feed
4.625% 3/01/29 (e)		989,000		997,594
US Foods, Inc.
4.750% 2/15/29 (e)		1,147,000		1,169,940
				17,683,516
Forest Products & Paper — 0.2%
Clearwater Paper Corp.
4.750% 8/15/28 (e)		1,055,000		1,051,044
Health Care – Services — 1.7%
AHP Health Partners, Inc.
5.750% 7/15/29 (e) (g)		1,134,000		1,149,593
CHS/Community Health Systems, Inc.
4.750% 2/15/31 (e)		659,000		659,824
5.625% 3/15/27 (e)		485,000		516,525
6.000% 1/15/29 (e)		241,000		257,870
6.125% 4/01/30 (e)		1,233,000		1,251,495
6.875% 4/15/29 (e)		472,000		493,934
Molina Healthcare, Inc.
4.375% 6/15/28 (e)		860,000		896,550
Radiology Partners, Inc.
9.250% 2/01/28 (e)		1,333,000		1,472,965
RP Escrow Issuer LLC
5.250% 12/15/25 (e)		1,166,000		1,217,012

MassMutual High Yield Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Tenet Healthcare Corp.
6.125% 10/01/28 (e)	$	1,400,000	$	1,493,520
				9,409,288
Home Builders — 2.3%
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp.
4.875% 2/15/30 (e)		1,165,000		1,153,699
Empire Communities Corp.
7.000% 12/15/25 (e)		765,000		803,250
M/I Homes, Inc.
4.950% 2/01/28		1,544,000		1,610,778
5.625% 8/01/25		1,629,000		1,677,870
Mattamy Group Corp.
4.625% 3/01/30 (e)		4,214,000		4,304,601
STL Holding Co. LLC
7.500% 2/15/26 (e)		2,000,000		2,105,000
TRI Pointe Group, Inc.
5.700% 6/15/28		649,000		715,523
				12,370,721
Home Furnishing — 0.1%
WASH Multifamily Acquisition, Inc.
5.750% 4/15/26 (e)		718,000		749,664
Insurance — 0.5%
Amwins Group, Inc.
7.750% 7/01/26 (e)		1,100,000		1,166,715
Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co-Issuer, Inc.
7.625% 10/15/25 (e)		1,471,000		1,556,083
				2,722,798
Internet — 1.7%
Acuris Finance Us, Inc. / Acuris Finance SARL
5.000% 5/01/28 (e)		1,794,000		1,788,367
Endure Digital, Inc.
6.000% 2/15/29 (e)		1,700,000		1,683,000
ION Trading Technologies Sarl
5.750% 5/15/28 (e)		1,728,000		1,794,070
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc.
6.000% 2/15/28 (e)		1,059,000		1,061,319
10.750% 6/01/28 (e)		845,000		950,625
Uber Technologies, Inc.
6.250% 1/15/28 (e)		1,640,000		1,764,985
				9,042,366
Investment Companies — 0.7%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
5.250% 5/15/27		2,581,000		2,670,535
6.250% 5/15/26		1,000,000		1,061,000
				3,731,535
Leisure Time — 1.5%
Carlson Travel, Inc.
6.750% 12/15/25 (e) (f)		1,198,000		1,101,417

MassMutual High Yield Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Carnival Corp.
7.625% 3/01/26 (e)	$	566,000	$	614,818
5.750% 3/01/27 (e)		2,462,000		2,578,945
NCL Corp. Ltd.
5.875% 3/15/26 (e)		3,042,000		3,186,495
NCL Finance Ltd.
6.125% 3/15/28 (e)		564,000		591,044
				8,072,719
Lodging — 0.6%
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc
4.875% 7/01/31 (e)		1,156,000		1,154,555
Wyndham Hotels & Resorts, Inc.
4.375% 8/15/28 (e)		854,000		885,256
Wynn Macau Ltd.
5.125% 12/15/29 (e)		1,114,000		1,147,420
				3,187,231
Machinery – Diversified — 0.3%
Clark Equipment Co.
5.875% 6/01/25 (e)		1,412,000		1,493,190
Media — 4.9%
Altice Financing SA
5.000% 1/15/28 (e)		636,000		623,388
Clear Channel Worldwide Holdings, Inc.
5.125% 8/15/27 (e)		1,398,000		1,425,778
CSC Holdings LLC
4.625% 12/01/30 (e)		2,000,000		1,962,220
DISH DBS Corp.
5.000% 3/15/23		902,000		944,060
DISH Network Corp.
3.375% 8/15/26		2,964,000		3,024,762
iHeartCommunications, Inc.
8.375% 5/01/27		2,677,000		2,867,736
LCPR Senior Secured Financing DAC
5.125% 7/15/29 (e)		2,940,000		3,033,139
6.750% 10/15/27 (e)		1,343,000		1,447,063
Midcontinent Communications / Midcontinent Finance Corp.
5.375% 8/15/27 (e)		930,000		976,519
Nexstar Broadcasting, Inc.
4.750% 11/01/28 (e)		596,000		612,390
Radiate Holdco LLC / Radiate Finance, Inc.
6.500% 9/15/28 (e)		2,620,000		2,752,179
Summer BC Bidco B LLC
5.500% 10/31/26 (e) (g)		515,000		523,781
Virgin Media Finance PLC
5.000% 7/15/30 (e)		626,000		629,130
Virgin Media Secured Finance PLC
5.500% 5/15/29 (e)		4,137,000		4,446,034
Ziggo BV
4.875% 1/15/30 (e)		1,284,000		1,316,100
				26,584,279

MassMutual High Yield Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Mining — 3.3%
Compass Minerals International, Inc.
4.875% 7/15/24 (e)	$	1,040,000	$	1,073,800
6.750% 12/01/27 (e)		1,018,000		1,094,350
First Quantum Minerals Ltd.
6.500% 3/01/24 (e)		2,110,000		2,152,200
6.875% 3/01/26 (e)		1,191,000		1,247,572
7.500% 4/01/25 (e)		2,796,000		2,900,850
Freeport-McMoRan, Inc.
4.125% 3/01/28		326,000		340,263
4.375% 8/01/28		1,544,000		1,630,850
4.625% 8/01/30		1,700,000		1,861,500
Hecla Mining Co.
7.250% 2/15/28		2,643,000		2,887,477
Hudbay Minerals, Inc.
6.125% 4/01/29 (e)		678,000		722,070
Kinross Gold Corp.
6.875% 9/01/41		1,177,000		1,645,755
				17,556,687
Miscellaneous - Manufacturing — 0.2%
Gates Global LLC / Gates Corp.
6.250% 1/15/26 (e)		1,192,000		1,248,638
Oil & Gas — 9.9%
Antero Resources Corp.
5.375% 3/01/30 (e)		615,000		627,687
7.625% 2/01/29 (e)		767,000		851,370
8.375% 7/15/26 (e)		965,000		1,097,687
Apache Corp.
4.750% 4/15/43		749,000		764,894
5.100% 9/01/40		556,000		582,410
5.350% 7/01/49		832,000		875,680
Chesapeake Energy Corp.
5.500% 2/01/26 (e)		548,000		578,140
5.875% 2/01/29 (e)		1,129,000		1,222,092
Comstock Resources, Inc.
5.875% 1/15/30 (e)		670,000		683,400
6.750% 3/01/29 (e)		1,443,000		1,537,127
CVR Energy, Inc.
5.250% 2/15/25 (e)		1,224,000		1,224,624
5.750% 2/15/28 (e)		4,327,000		4,360,318
EQT Corp.
8.500% STEP 2/01/30		340,000		442,989
Hilcorp Energy I LP / Hilcorp Finance Co.
5.750% 10/01/25 (e)		186,000		188,790
5.750% 2/01/29 (e)		448,000		466,901
6.000% 2/01/31 (e)		382,000		404,576
6.250% 11/01/28 (e)		1,910,000		2,029,375
MEG Energy Corp.
7.125% 2/01/27 (e)		2,722,000		2,899,815
Murphy Oil Corp.
6.375% 7/15/28		1,090,000		1,149,241
Nabors Industries Ltd.
7.250% 1/15/26 (e)		1,775,000		1,739,500
7.500% 1/15/28 (e)		465,000		446,400

MassMutual High Yield Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Neptune Energy Bondco PLC
6.625% 5/15/25 (e)	$	2,923,000	$	3,001,044
Occidental Petroleum Corp.
2.700% 2/15/23		131,000		133,908
2.900% 8/15/24		391,000		399,798
3.500% 6/15/25		804,000		822,090
4.200% 3/15/48		133,000		124,355
4.400% 4/15/46		838,000		804,899
4.400% 8/15/49		328,000		314,880
4.500% 7/15/44		340,000		327,250
5.875% 9/01/25		2,994,000		3,330,825
6.125% 1/01/31		1,308,000		1,535,265
6.200% 3/15/40		2,447,000		2,766,872
6.375% 9/01/28		1,860,000		2,171,550
6.450% 9/15/36		954,000		1,140,602
6.600% 3/15/46		1,500,000		1,783,050
6.950% 7/01/24		369,000		415,671
Parkland Corp.
5.875% 7/15/27 (e)		1,149,000		1,224,685
PBF Holding Co. LLC / PBF Finance Corp.
6.000% 2/15/28		4,360,000		2,986,600
7.250% 6/15/25 (f)		1,741,000		1,331,865
Range Resources Corp.
8.250% 1/15/29 (e)		759,000		855,773
Transocean Guardian Ltd.
5.875% 1/15/24 (e)		207,350		201,648
Transocean Poseidon Ltd.
6.875% 2/01/27 (e)		179,000		179,000
Transocean, Inc.
7.250% 11/01/25 (e)		1,042,000		906,540
7.500% 1/15/26 (e)		1,920,000		1,651,200
8.000% 2/01/27 (e)		1,255,000		1,054,200
				53,636,586
Oil & Gas Services — 0.7%
CGG SA
8.750% 4/01/27 (e)		1,068,000		1,105,380
Welltec A/S
9.500% 12/01/22 (e)		2,445,000		2,496,834
				3,602,214
Packaging & Containers — 0.9%
Mauser Packaging Solutions Holding Co.
7.250% 4/15/25 (e)		3,211,000		3,146,780
Trident TPI Holdings, Inc.
9.250% 8/01/24 (e)		1,614,000		1,686,630
				4,833,410
Pharmaceuticals — 3.4%
Bausch Health Americas, Inc.
9.250% 4/01/26 (e)		1,611,000		1,752,285
Bausch Health Cos., Inc.
4.875% 6/01/28 (e)		1,710,000		1,746,337
5.000% 1/30/28 (e)		439,000		416,431
5.000% 2/15/29 (e)		1,629,000		1,519,043
5.250% 1/30/30 (e)		916,000		851,880

MassMutual High Yield Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
5.250% 2/15/31 (e)	$	4,622,000	$	4,314,406
6.125% 4/15/25 (e)		242,000		248,050
6.250% 2/15/29 (e)		1,381,000		1,365,878
9.000% 12/15/25 (e)		870,000		932,901
Jazz Securities DAC
4.375% 1/15/29 (e)		1,227,000		1,272,154
Organon & Co. / Organon Foreign Debt Co-Issuer BV
5.125% 4/30/31 (e)		1,230,000		1,267,146
Par Pharmaceutical, Inc.
7.500% 4/01/27 (e)		2,647,000		2,706,557
				18,393,068
Pipelines — 7.1%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
5.375% 6/15/29 (e)		4,907,000		5,115,547
Buckeye Partners LP
5.850% 11/15/43		277,000		274,923
CQP Holdco LP / BIP-V Chinook Holdco LLC
5.500% 6/15/31 (e)		2,124,000		2,213,187
DCP Midstream Operating LP
5.625% 7/15/27		924,000		1,051,050
6.450% 11/03/36 (e)		43,000		50,310
EnLink Midstream LLC
5.375% 6/01/29		786,000		820,285
5.625% 1/15/28 (e)		449,000		474,319
EnLink Midstream Partners LP
4.850% 7/15/26		254,000		262,890
5.050% 4/01/45		160,000		137,600
5.450% 6/01/47		604,000		536,050
5.600% 4/01/44		2,931,000		2,652,555
EQM Midstream Partners LP
4.500% 1/15/29 (e)		962,000		978,717
4.750% 1/15/31 (e)		867,000		893,391
6.000% 7/01/25 (e)		777,000		844,988
6.500% 7/01/27 (e)		644,000		718,060
Genesis Energy LP/Genesis Energy Finance Corp.
5.625% 6/15/24		610,000		611,525
6.250% 5/15/26		290,000		290,725
6.500% 10/01/25		3,466,000		3,496,328
8.000% 1/15/27		1,656,000		1,739,835
Harvest Midstream I LP
7.500% 9/01/28 (e)		1,621,000		1,760,406
ITT Holdings LLC
6.500% 8/01/29 (e) (g)		2,656,000		2,713,396
NGL Energy Operating LLC / NGL Energy Finance Corp.
7.500% 2/01/26 (e)		3,257,000		3,419,850
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
7.500% 10/01/25 (e)		1,400,000		1,533,000
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.875% 2/01/31 (e)		1,354,000		1,465,705
5.000% 1/15/28		139,000		146,645
5.500% 3/01/30		122,000		134,159
6.875% 1/15/29		259,000		291,797
Western Midstream Operating LP
5.300% STEP 2/01/30		618,000		692,160
5.300% 3/01/48		1,707,000		1,817,955

MassMutual High Yield Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
5.450% 4/01/44	$	850,000	$	915,875
				38,053,233
Real Estate — 0.5%
Realogy Group LLC / Realogy Co-Issuer Corp.
5.750% 1/15/29 (e)		2,396,000		2,504,754
Real Estate Investment Trusts (REITS) — 2.6%
Iron Mountain, Inc.
5.250% 7/15/30 (e)		1,273,000		1,347,572
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
4.750% 6/15/29 (e)		2,565,000		2,568,206
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer
5.875% 10/01/28 (e)		1,082,000		1,152,200
RHP Hotel Properties LP/RHP Finance Corp.
4.750% 10/15/27		1,850,000		1,900,042
RLJ Lodging Trust LP
3.750% 7/01/26 (e)		648,000		654,480
Service Properties Trust
3.950% 1/15/28		330,000		311,025
4.375% 2/15/30		521,000		496,253
4.950% 2/15/27		261,000		259,695
5.500% 12/15/27		822,000		877,707
7.500% 9/15/25		2,061,000		2,334,237
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC
7.125% 12/15/24 (e)		277,000		286,349
7.875% 2/15/25 (e)		153,000		163,519
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
4.750% 4/15/28 (e)		1,063,000		1,060,342
6.500% 2/15/29 (e)		560,000		561,400
				13,973,027
Retail — 4.6%
Ambience Merger Sub, Inc.
7.125% 7/15/29 (e) (g)		1,616,000		1,630,140
BCPE Ulysses Intermediate, Inc.
7.750% 4/01/27 (e)		2,931,000		3,004,275
L Brands, Inc.
6.750% 7/01/36		606,000		759,015
6.875% 11/01/35		1,869,000		2,368,957
Macy's Retail Holdings LLC
5.875% 4/01/29 (e) (f)		237,000		254,877
Magic Mergeco, Inc.
5.250% 5/01/28 (e)		962,000		986,945
7.875% 5/01/29 (e)		2,347,000		2,420,344
NMG Holding Co., Inc. / Neiman Marcus Group LLC
7.125% 4/01/26 (e)		2,913,000		3,102,345
Nordstrom, Inc.
4.000% 3/15/27 (f)		407,000		422,518
4.375% 4/01/30 (f)		408,000		425,544
5.000% 1/15/44		2,076,000		2,077,773
Park River Holdings, Inc.
5.625% 2/01/29 (e)		644,000		626,209
Staples, Inc.
7.500% 4/15/26 (e)		2,885,000		2,993,187
10.750% 4/15/27 (e)		2,532,000		2,574,158

MassMutual High Yield Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Superior Plus LP / Superior General Partner, Inc.
4.500% 3/15/29 (e)	$	870,000	$	896,117
				24,542,404
Software — 3.2%
Avaya Holdings Corp., Convertible,
2.250% 6/15/23		1,640,000		1,914,700
BY Crown Parent LLC					��
7.375% 10/15/24 (e)		1,007,000		1,025,126
Veritas US, Inc./Veritas Bermuda Ltd.
7.500% 9/01/25 (e)		2,800,000		2,915,500
10.500% 2/01/24 (e)		11,098,000		11,391,764
				17,247,090
Storage & Warehousing — 0.6%
LBC Tank Terminals Holding Netherlands BV
6.875% 5/15/23 (e)		3,188,000		3,180,030
Telecommunications — 3.8%
Altice France SA
5.125% 7/15/29 (e)		2,135,000		2,145,461
Avaya, Inc.
6.125% 9/15/28 (e)		580,000		620,774
CommScope Technologies Finance LLC
6.000% 6/15/25 (e)		862,000		880,318
CommScope Technologies LLC
5.000% 3/15/27 (e)		1,015,000		1,039,106
Consolidated Communications, Inc.
6.500% 10/01/28 (e)		2,049,000		2,204,212
Frontier Communications Holdings LLC
5.000% 5/01/28 (e)		2,881,000		2,978,464
6.750% 5/01/29 (e)		783,000		832,540
Hughes Satellite Systems Corp.
6.625% 8/01/26		3,035,000		3,402,994
Sprint Capital Corp.
8.750% 3/15/32		2,219,000		3,372,880
Telecom Italia Capital
6.000% 9/30/34		704,000		812,240
Windstream Escrow LLC / Windstream Escrow Finance Corp.
7.750% 8/15/28 (e)		2,106,000		2,169,180
				20,458,169
Transportation — 1.2%
Kenan Advantage Group, Inc.
7.875% 7/31/23 (e)		6,737,000		6,726,894
TOTAL CORPORATE DEBT (Cost $418,495,492)				442,973,403
TOTAL BONDS & NOTES (Cost $484,855,118)				510,796,159

MassMutual High Yield Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
MUTUAL FUNDS — 0.6%
Diversified Financial Services — 0.6%
State Street Navigator Securities Lending Government Money Market Portfolio (h)		3,405,703	$	3,405,703
TOTAL MUTUAL FUNDS (Cost $3,405,703)				3,405,703
TOTAL LONG-TERM INVESTMENTS (Cost $492,270,740)				518,944,730
	Principal Amount
SHORT-TERM INVESTMENTS — 6.6%
Commercial Paper — 5.9%
Agilent Tech, Inc.
0.122% 7/01/21 (e)	$	5,000,000		4,999,983
Commonwealth Edison Co.
0.101% 7/02/21		4,000,000		3,999,989
Dentsply International, Inc.
0.254% 9/30/21 (e)		4,000,000		3,997,945
Enbridge (US), Inc.
0.223% 7/20/21 (e)		2,000,000		1,999,841
0.223% 8/10/21 (e)		3,000,000		2,999,464
Fidelity National Information Services, Inc.
0.243% 7/29/21 (e)		5,000,000		4,999,400
Transcanada Pipelines Ltd.
0.223% 8/04/21 (e)		5,000,000		4,999,256
Walgreens Boots Alliance, Inc.
0.172% 7/14/21 (e)		4,000,000		3,999,737
				31,995,615
Repurchase Agreement — 0.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (i)		3,956,663		3,956,663
TOTAL SHORT-TERM INVESTMENTS (Cost $35,950,969)				35,952,278
TOTAL INVESTMENTS — 102.9% (Cost $528,221,709) (j)				554,897,008
Other Assets/(Liabilities) — (2.9)%				(15,603,285)
NET ASSETS — 100.0%			$	539,293,723

Abbreviation Legend

STEP Step Up Bond

VRN Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Investment was valued using significant unobservable inputs.

MassMutual High Yield Fund —  Portfolio of Investments (Continued)

Notes to Portfolio of Investments (continued)

(b) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2021, these securities amounted to a value of $622,489 or 0.12% of net assets.

(c) Non-income producing security.

(d) All or a portion of the security represents unsettled loan commitments at June 30, 2021 where the rate will be determined at time of settlement.

(e) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2021, the aggregate market value of these securities amounted to $351,956,256 or 65.26% of net assets.

(f) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2021, was $3,738,755 or 0.69% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $412,402 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).

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

(h) Represents investment of security lending cash collateral. (Note 2).

(i) Maturity value of $3,956,663. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 1/31/23, and an aggregate market value, including accrued interest, of $4,035,889.

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

MassMutual Balanced Fund —  Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 65.0%
COMMON STOCK — 65.0%
Basic Materials — 1.0%
Chemicals — 0.8%
Air Products & Chemicals, Inc.		337	$	96,948
Celanese Corp.		589		89,292
Dow, Inc.		2,028		128,332
DuPont de Nemours, Inc.		2,688		208,078
Ecolab, Inc.		458		94,334
International Flavors & Fragrances, Inc.		333		49,750
Linde PLC		978		282,740
LyondellBasell Industries NV Class A		950		97,727
PPG Industries, Inc.		1,365		231,736
				1,278,937
Forest Products & Paper — 0.1%
International Paper Co.		4,211		258,177
Mining — 0.1%
Newmont Corp.		1,632		103,436
				1,640,550
Communications — 5.9%
Advertising — 0.1%
Omnicom Group, Inc.		1,729		138,303
Internet — 0.3%
eBay, Inc.		2,215		155,515
MercadoLibre, Inc. (a)		77		119,950
NortonLifeLock, Inc.		887		24,144
Okta, Inc. (a)		90		22,021
Palo Alto Networks, Inc. (a)		190		70,500
Snap, Inc. Class A (a)		855		58,260
VeriSign, Inc. (a)		302		68,762
				519,152
Media — 1.6%
Comcast Corp. Class A		28,021		1,597,758
Liberty Global PLC Class C (a)		5,910		159,806
ViacomCBS, Inc. Class B		2,031		91,801
The Walt Disney Co. (a)		3,971		697,983
				2,547,348
Telecommunications — 3.9%
Arista Networks, Inc. (a)		170		61,593
AT&T, Inc.		53,587		1,542,234

MassMutual Balanced Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
Cisco Systems, Inc.		32,830	$	1,739,990
Corning, Inc.		4,760		194,684
Lumen Technologies, Inc.		3,367		45,757
Motorola Solutions, Inc.		630		136,615
T-Mobile US, Inc. (a)		1,337		193,638
Verizon Communications, Inc.		43,768		2,452,321
				6,366,832
				9,571,635
Consumer, Cyclical — 7.5%
Airlines — 0.0%
Delta Air Lines, Inc. (a)		102		4,413
Apparel — 0.5%
NIKE, Inc. Class B		4,242		655,347
VF Corp.		1,262		103,534
				758,881
Auto Manufacturers — 1.3%
Cummins, Inc.		1,003		244,541
Ford Motor Co. (a)		56,473		839,189
PACCAR, Inc.		1,300		116,025
Tesla, Inc. (a)		1,280		870,016
				2,069,771
Distribution & Wholesale — 0.1%
Fastenal Co.		1,004		52,208
W.W. Grainger, Inc.		160		70,080
				122,288
Lodging — 0.1%
Hilton Worldwide Holdings, Inc. (a)		671		80,936
Las Vegas Sands Corp. (a)		723		38,095
Marriott International, Inc. Class A (a)		718		98,021
				217,052
Retail — 5.5%
Costco Wholesale Corp.		2,850		1,127,659
Dollar General Corp.		1,337		289,313
Dollar Tree, Inc. (a)		986		98,107
Genuine Parts Co.		1,333		168,584
The Home Depot, Inc.		7,556		2,409,533
Lowe's Cos., Inc.		4,173		809,437
Lululemon Athletica, Inc. (a)		162		59,125
McDonald's Corp.		3,726		860,669
O'Reilly Automotive, Inc. (a)		399		225,918
Ross Stores, Inc.		2,127		263,748
Starbucks Corp.		6,944		776,409
Target Corp.		3,949		954,631
The TJX Cos., Inc.		5,978		403,037
Ulta Beauty, Inc. (a)		244		84,368
Walgreens Boots Alliance, Inc.		3,220		169,404

MassMutual Balanced Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
Yum! Brands, Inc.		1,422	$	163,573
				8,863,515
				12,035,920
Consumer, Non-cyclical — 13.7%
Agriculture — 0.0%
Archer-Daniels-Midland Co.		1,173		71,084
Beverages — 1.2%
Brown-Forman Corp. Class B		542		40,617
The Coca-Cola Co.		16,632		899,957
Constellation Brands, Inc. Class A		421		98,468
Keurig Dr Pepper, Inc.		2,425		85,457
PepsiCo, Inc.		5,815		861,609
				1,986,108
Biotechnology — 1.1%
Alexion Pharmaceuticals, Inc. (a)		1,100		202,081
Amgen, Inc.		2,254		549,413
Biogen, Inc. (a)		588		203,607
BioMarin Pharmaceutical, Inc. (a)		126		10,513
Gilead Sciences, Inc.		7,680		528,845
Illumina, Inc. (a)		216		102,213
Incyte Corp. (a)		363		30,539
Regeneron Pharmaceuticals, Inc. (a)		119		66,466
Vertex Pharmaceuticals, Inc. (a)		425		85,693
				1,779,370
Commercial Services — 1.3%
Automatic Data Processing, Inc.		3,138		623,270
Cintas Corp.		93		35,526
IHS Markit Ltd.		952		107,252
MarketAxess Holdings, Inc.		29		13,444
Moody's Corp.		474		171,763
PayPal Holdings, Inc. (a)		2,576		750,852
S&P Global, Inc.		699		286,905
Verisk Analytics, Inc.		479		83,691
				2,072,703
Cosmetics & Personal Care — 1.5%
Colgate-Palmolive Co.		4,198		341,507
The Estee Lauder Cos., Inc. Class A		1,026		326,350
The Procter & Gamble Co.		13,105		1,768,258
				2,436,115
Food — 1.0%
Campbell Soup Co.		480		21,883
Conagra Brands, Inc.		843		30,668
General Mills, Inc.		1,945		118,509
The Hershey Co.		1,041		181,321
Hormel Foods Corp.		794		37,914
The J.M. Smucker Co.		1,170		151,597
Kellogg Co.		956		61,500
The Kraft Heinz Co.		3,728		152,028

MassMutual Balanced Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
The Kroger Co.		8,567	$	328,202
McCormick & Co., Inc.		291		25,701
Mondelez International, Inc. Class A		5,750		359,030
Sysco Corp.		943		73,318
				1,541,671
Health Care – Products — 2.8%
Abbott Laboratories		8,348		967,784
Align Technology, Inc. (a)		129		78,819
Baxter International, Inc.		1,658		133,469
Boston Scientific Corp. (a)		3,233		138,243
Danaher Corp.		2,122		569,460
Edwards Lifesciences Corp. (a)		1,135		117,552
IDEXX Laboratories, Inc. (a)		233		147,151
Intuitive Surgical, Inc. (a)		191		175,651
Medtronic PLC		6,422		797,163
ResMed, Inc.		400		98,608
Stryker Corp.		1,525		396,088
Thermo Fisher Scientific, Inc.		1,495		754,183
West Pharmaceutical Services, Inc.		129		46,324
Zimmer Biomet Holdings, Inc.		459		73,816
				4,494,311
Health Care – Services — 2.0%
Anthem, Inc.		1,447		552,465
Centene Corp. (a)		1,205		87,881
HCA Healthcare, Inc.		1,213		250,776
Humana, Inc.		360		159,379
IQVIA Holdings, Inc. (a)		486		117,767
Laboratory Corp. of America Holdings (a)		719		198,336
Quest Diagnostics, Inc.		948		125,107
UnitedHealth Group, Inc.		4,215		1,687,855
				3,179,566
Household Products & Wares — 0.2%
Church & Dwight Co., Inc.		355		30,253
The Clorox Co.		351		63,149
Kimberly-Clark Corp.		1,135		151,840
				245,242
Pharmaceuticals — 2.6%
AbbVie, Inc.		4,506		507,556
AmerisourceBergen Corp.		257		29,424
Becton Dickinson and Co.		612		148,832
Bristol-Myers Squibb Co.		6,001		400,987
Cardinal Health, Inc.		1,074		61,315
Cigna Corp.		923		218,816
CVS Health Corp.		4,653		388,246
DexCom, Inc. (a)		38		16,226
Eli Lilly & Co.		3,180		729,873
Merck & Co., Inc.		9,447		734,693
Pfizer, Inc.		17,734		694,463

MassMutual Balanced Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
Zoetis, Inc.		1,291	$	240,591
				4,171,022
				21,977,192
Energy — 1.3%
Oil & Gas — 0.8%
Chevron Corp.		3,494		365,961
ConocoPhillips		3,194		194,515
Exxon Mobil Corp.		9,187		579,516
Hess Corp.		384		33,531
Marathon Petroleum Corp.		1,080		65,254
Occidental Petroleum Corp.		416		13,008
Pioneer Natural Resources Co.		243		39,492
Valero Energy Corp.		787		61,449
				1,352,726
Oil & Gas Services — 0.1%
Baker Hughes Co.		1,955		44,711
Schlumberger NV		1,703		54,513
				99,224
Pipelines — 0.4%
Cheniere Energy, Inc. (a)		790		68,524
Kinder Morgan, Inc.		18,818		343,052
ONEOK, Inc.		1,676		93,253
The Williams Cos., Inc.		3,129		83,075
				587,904
				2,039,854
Financial — 9.1%
Banks — 3.8%
Bank of America Corp.		26,192		1,079,896
The Bank of New York Mellon Corp.		3,008		154,100
Fifth Third Bancorp		1,637		62,583
First Republic Bank		229		42,862
The Goldman Sachs Group, Inc.		2,374		901,004
JP Morgan Chase & Co.		16,948		2,636,092
KeyCorp.		3,080		63,602
M&T Bank Corp.		404		58,705
Morgan Stanley		2,705		248,021
Northern Trust Corp.		788		91,109
The PNC Financial Services Group, Inc.		1,104		210,599
Regions Financial Corp.		3,545		71,538
State Street Corp.		360		29,621
SVB Financial Group (a)		104		57,869
Truist Financial Corp.		1,397		77,534
US Bancorp		5,852		333,388
				6,118,523
Diversified Financial Services — 1.7%
American Express Co.		1,845		304,849
Ameriprise Financial, Inc.		87		21,653

MassMutual Balanced Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
BlackRock, Inc.		337	$	294,865
CME Group, Inc.		626		133,138
Discover Financial Services		1,369		161,939
Franklin Resources, Inc.		769		24,600
Intercontinental Exchange, Inc.		1,623		192,650
Nasdaq, Inc.		374		65,749
Synchrony Financial		4,045		196,263
T. Rowe Price Group, Inc.		699		138,381
Visa, Inc. Class A		5,152		1,204,641
				2,738,728
Insurance — 1.6%
The Allstate Corp.		3,627		473,106
American International Group, Inc.		1,722		81,967
Aon PLC Class A		618		147,553
Chubb Ltd.		2,670		424,370
The Hartford Financial Services Group, Inc.		1,859		115,202
Marsh & McLennan Cos., Inc.		1,207		169,801
MetLife, Inc.		7,322		438,222
Principal Financial Group, Inc.		720		45,497
The Progressive Corp.		2,168		212,919
Prudential Financial, Inc.		504		51,645
The Travelers Cos., Inc.		2,228		333,554
Willis Towers Watson PLC		288		66,246
				2,560,082
Private Equity — 0.2%
The Blackstone Group, Inc. Class A		2,514		244,210
KKR & Co., Inc.		1,292		76,538
				320,748
Real Estate — 0.1%
CBRE Group, Inc. Class A (a)		1,773		151,999
Real Estate Investment Trusts (REITS) — 1.7%
Alexandria Real Estate Equities, Inc.		533		96,974
American Tower Corp.		1,371		370,362
AvalonBay Communities, Inc.		686		143,161
Boston Properties, Inc.		417		47,784
Crown Castle International Corp.		1,998		389,810
Digital Realty Trust, Inc.		659		99,153
Equinix, Inc.		184		147,678
Equity Residential		1,595		122,815
Essex Property Trust, Inc.		374		112,204
Healthpeak Properties, Inc.		1,066		35,487
Prologis, Inc.		2,364		282,569
Public Storage		1,008		303,096
SBA Communications Corp.		345		109,951
Simon Property Group, Inc.		656		85,595
Ventas, Inc.		1,448		82,681
Welltower, Inc.		2,098		174,344
Weyerhaeuser Co.		4,184		144,013
				2,747,677
				14,637,757

MassMutual Balanced Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
Industrial — 6.4%
Building Materials — 0.9%
Carrier Global Corp.		3,345	$	162,567
Johnson Controls International PLC		18,185		1,248,037
				1,410,604
Electrical Components & Equipment — 0.2%
AMETEK, Inc.		726		96,921
Emerson Electric Co.		3,366		323,944
				420,865
Electronics — 1.4%
Agilent Technologies, Inc.		1,762		260,441
Amphenol Corp. Class A		2,504		171,299
Fortive Corp.		1,018		70,995
Garmin Ltd.		1,188		171,832
Honeywell International, Inc.		4,324		948,470
Keysight Technologies, Inc. (a)		879		135,726
Mettler-Toledo International, Inc. (a)		106		146,846
TE Connectivity Ltd.		1,786		241,485
Waters Corp. (a)		390		134,788
				2,281,882
Environmental Controls — 0.4%
Republic Services, Inc.		1,643		180,746
Waste Connections, Inc.		1,453		173,532
Waste Management, Inc.		2,141		299,976
				654,254
Hand & Machine Tools — 0.1%
Stanley Black & Decker, Inc.		436		89,376
Machinery – Diversified — 1.0%
Deere & Co.		3,635		1,282,101
Dover Corp.		797		120,028
Otis Worldwide Corp.		2,231		182,429
Rockwell Automation, Inc.		327		93,528
				1,678,086
Miscellaneous - Manufacturing — 1.3%
3M Co.		3,546		704,342
Eaton Corp. PLC		2,521		373,562
General Electric Co.		14,107		189,880
Illinois Tool Works, Inc.		1,257		281,015
Parker-Hannifin Corp.		691		212,213
Trane Technologies PLC		1,477		271,975
				2,032,987
Packaging & Containers — 0.1%
Amcor PLC		4,240		48,590
Ball Corp.		932		75,511
				124,101

MassMutual Balanced Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
Transportation — 1.0%
CSX Corp.		12,954	$	415,564
Expeditors International of Washington, Inc.		719		91,025
FedEx Corp.		753		224,642
Kansas City Southern		437		123,833
Union Pacific Corp.		2,406		529,152
United Parcel Service, Inc. Class B		1,338		278,264
				1,662,480
				10,354,635
Technology — 18.1%
Computers — 6.5%
Accenture PLC Class A		4,237		1,249,025
Apple, Inc.		48,433		6,633,384
Cognizant Technology Solutions Corp. Class A		3,257		225,580
Crowdstrike Holdings, Inc. Class A (a)		298		74,890
Dell Technologies C (a)		2,741		273,195
EPAM Systems, Inc. (a)		137		70,002
Hewlett Packard Enterprise Co.		15,508		226,107
HP, Inc.		26,490		799,733
International Business Machines Corp.		4,544		666,105
NetApp, Inc.		1,823		149,158
Western Digital Corp. (a)		873		62,131
				10,429,310
Office & Business Equipment — 0.1%
Zebra Technologies Corp. Class A (a)		254		134,491
Semiconductors — 4.7%
Advanced Micro Devices, Inc. (a)		1,073		100,787
Analog Devices, Inc.		1,485		255,658
Applied Materials, Inc.		4,604		655,610
Broadcom, Inc.		2,223		1,060,015
Intel Corp.		38,961		2,187,270
KLA Corp.		656		212,682
Lam Research Corp.		499		324,699
Maxim Integrated Products, Inc.		1,152		121,375
Microchip Technology, Inc.		588		88,047
Micron Technology, Inc. (a)		5,056		429,659
NVIDIA Corp.		976		780,897
Skyworks Solutions, Inc.		789		151,291
Texas Instruments, Inc.		6,128		1,178,414
Xilinx, Inc.		726		105,009
				7,651,413
Software — 6.8%
Adobe, Inc. (a)		1,312		768,360
Akamai Technologies, Inc. (a)		553		64,480
ANSYS, Inc. (a)		169		58,653
Autodesk, Inc. (a)		341		99,538
Cadence Design Systems, Inc. (a)		1,188		162,542
Cerner Corp.		1,696		132,559
Citrix Systems, Inc.		324		37,995
DocuSign, Inc. (a)		129		36,065

MassMutual Balanced Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
Electronic Arts, Inc.		893	$	128,440
Fidelity National Information Services, Inc.		1,469		208,113
HubSpot, Inc. (a)		67		39,042
Intuit, Inc.		1,109		543,598
Microsoft Corp.		21,552		5,838,437
MSCI, Inc.		182		97,021
Oracle Corp.		18,031		1,403,533
Paychex, Inc.		1,063		114,060
Roper Technologies, Inc.		257		120,841
salesforce.com, Inc. (a)		1,226		299,475
ServiceNow, Inc. (a)		508		279,171
Slack Technologies, Inc. Class A (a)		391		17,321
Splunk, Inc. (a)		74		10,699
Synopsys, Inc. (a)		596		164,371
Twilio, Inc. Class A (a)		110		43,358
Veeva Systems, Inc. Class A (a)		164		50,996
VMware, Inc. Class A (a)		402		64,308
Workday, Inc. Class A (a)		386		92,154
				10,875,130
				29,090,344
Utilities — 2.0%
Electric — 1.9%
American Electric Power Co., Inc.		1,882		159,198
Avangrid, Inc. (b)		359		18,463
CMS Energy Corp.		2,157		127,436
Consolidated Edison, Inc.		1,627		116,688
Dominion Energy, Inc.		3,253		239,323
DTE Energy Co.		2,335		302,616
Duke Energy Corp.		5,438		536,839
Edison International		371		21,451
Entergy Corp.		337		33,599
Eversource Energy		1,532		122,928
Exelon Corp.		3,880		171,923
NextEra Energy, Inc.		7,384		541,100
Public Service Enterprise Group, Inc.		4,356		260,227
Sempra Energy		493		65,313
WEC Energy Group, Inc.		2,372		210,989
Xcel Energy, Inc.		1,204		79,320
				3,007,413
Water — 0.1%
American Water Works Co., Inc.		1,182		182,182
				3,189,595
TOTAL COMMON STOCK (Cost $98,202,504)				104,537,482
TOTAL EQUITIES (Cost $98,202,504)				104,537,482

MassMutual Balanced Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
BONDS & NOTES — 40.4%
CORPORATE DEBT — 13.1%
Advertising — 0.1%
The Goldman Sachs Group, Inc. SOFR + 1.090%
1.992% VRN 1/27/32	$	135,000	$	130,997
Agriculture — 0.1%
Bunge Ltd. Finance Corp.
1.630% 8/17/25		13,000		13,158
3.250% 8/15/26		47,000		50,796
4.350% 3/15/24		77,000		83,763
Cargill, Inc.
3.125% 5/25/51 (c)		74,000		77,867
				225,584
Airlines — 0.1%
Delta Air Lines, Inc./SkyMiles IP Ltd.
4.500% 10/20/25 (c)		82,995		89,216
Banks — 2.9%
Australia & New Zealand Banking Group Ltd. 5 year CMT + 1.700%
2.570% VRN 11/25/35 (c)		225,000		218,806
Bank of America Corp.
SOFR + 1.580% 3.311% VRN 4/22/42		270,000		286,747
4.183% 11/25/27		41,000		45,958
3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38		23,000		27,350
3 mo. USD LIBOR + 1.310% 4.271% VRN 7/23/29		18,000		20,695
4.750% 4/21/45		63,000		80,981
7.750% 5/14/38		20,000		31,650
The Bank of Nova Scotia
4.500% 12/16/25		36,000		40,794
3 mo. USD LIBOR + 2.648% 4.650% VRN (d)		113,000		115,825
Citigroup, Inc.
4.450% 9/29/27		27,000		30,845
5.500% 9/13/25		54,000		62,928
5.875% 1/30/42		18,000		25,865
6.000% 10/31/33		16,000		21,277
6.625% 6/15/32		14,000		19,058
8.125% 7/15/39		14,000		24,204
Cooperatieve Rabobank UA 1 year CMT + .550%
1.106% VRN 2/24/27 (c)		250,000		246,597
Credit Suisse Group AG SOFR + 2.044%
2.193% VRN 6/05/26 (c)		393,000		402,485
The Goldman Sachs Group, Inc.
SOFR + .798% 1.431% VRN 3/09/27		227,000		226,458
4.250% 10/21/25		32,000		35,800
5.950% 1/15/27 (b)		72,000		87,675
6.750% 10/01/37		32,000		46,599
ING Groep NV
4.050% 4/09/29		344,000		393,350
JP Morgan Chase & Co.
5.600% 7/15/41		41,000		57,517
JP Morgan Chase & Co. 3 mo. USD LIBOR + 1.160%
3.702% VRN 5/06/30		320,000		357,673

MassMutual Balanced Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
KeyBank NA/Cleveland OH
3.900% 4/13/29	$	356,000	$	399,130
Morgan Stanley
SOFR + 1.485% 3.217% VRN 4/22/42		44,000		46,687
4.350% 9/08/26		122,000		138,211
3 mo. USD LIBOR + 1.628% 4.431% VRN 1/23/30		304,000		356,444
5.000% 11/24/25		36,000		41,520
SVB Financial Group
1.800% 2/02/31		189,000		180,996
2.100% 5/15/28		87,000		88,316
3.125% 6/05/30		18,000		19,177
3.500% 1/29/25		77,000		83,141
The Toronto-Dominion Bank 5 year USD Swap + 2.205%
3.625% VRN 9/15/31		374,000		414,593
				4,675,352
Beverages — 0.2%
Keurig Dr Pepper, Inc.
2.250% 3/15/31 (b)		31,000		31,213
3.400% 11/15/25		330,000		360,991
				392,204
Biotechnology — 0.3%
Amgen, Inc.
2.200% 2/21/27		347,000		360,527
Illumina, Inc.
0.550% 3/23/23		194,000		194,286
				554,813
Commercial Services — 0.3%
Element Fleet Management
1.600% 4/06/24 (c)		21,000		21,343
Moody's Corp.
4.250% 2/01/29		309,000		358,083
PayPal Holdings, Inc.
3.250% 6/01/50 (b)		27,000		29,394
Triton Container International Ltd.
3.150% 6/15/31 (c)		100,000		100,701
				509,521
Computers — 0.8%
Apple, Inc.
1.650% 5/11/30		46,000		45,667
2.650% 5/11/50		27,000		26,533
2.650% 2/08/51		90,000		88,028
3.000% 6/20/27		327,000		359,708
Dell International LLC/EMC Corp.
4.000% 7/15/24		336,000		365,387
Hewlett Packard Enterprise Co.
4.900% STEP 10/15/25		319,000		363,282
				1,248,605
Diversified Financial Services — 0.2%
The Charles Schwab Corp. 10 year CMT + 3.079%
4.000% VRN (d)		93,000		95,139

MassMutual Balanced Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
CI Financial Corp.
3.200% 12/17/30	$	65,000	$	66,767
LSEGA Financing PLC
1.375% 4/06/26 (c)		218,000		218,453
				380,359
Electric — 0.2%
Entergy Arkansas LLC
2.650% 6/15/51		72,000		68,189
Entergy Louisiana LLC
4.950% 1/15/45		36,000		39,484
Nevada Power Co.
6.650% 4/01/36		20,000		29,068
Xcel Energy, Inc.
6.500% 7/01/36		99,000		144,019
				280,760
Electronics — 0.1%
Vontier Corp.
2.400% 4/01/28 (c)		219,000		217,664
Food — 0.4%
Conagra Brands, Inc.
4.850% 11/01/28		297,000		353,868
General Mills, Inc.
3.000% 2/01/51 (c)		162,000		163,395
Ingredion, Inc.
3.200% 10/01/26		25,000		27,166
Mars, Inc.
3.950% 4/01/49 (c)		67,000		80,384
				624,813
Health Care – Products — 0.2%
STERIS Irish FinCo UnLtd Co.
3.750% 3/15/51		253,000		268,795
Health Care – Services — 0.5%
HCA, Inc.
5.000% 3/15/24		328,000		362,440
Humana, Inc.
4.800% 3/15/47		23,000		29,059
Kaiser Foundation Hospitals
2.810% 6/01/41		110,000		112,303
3.002% 6/01/51		80,000		82,636
Mayo Clinic
3.196% 11/15/61		110,000		118,573
UnitedHealth Group, Inc.
3.125% 5/15/60		36,000		37,173
				742,184
Insurance — 0.8%
Allstate Corp. 3 mo. USD LIBOR + 2.938%
5.750% VRN 8/15/53		158,000		172,023
American International Group, Inc.
4.200% 4/01/28		36,000		41,417
4.500% 7/16/44		23,000		27,943

MassMutual Balanced Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
4.750% 4/01/48	$	13,000	$	16,533
3 mo. USD LIBOR + 2.868% 5.750% VRN 4/01/48		104,000		119,297
Arch Capital Finance LLC
5.031% 12/15/46		27,000		35,303
Arch Capital Group Ltd.
3.635% 6/30/50		49,000		52,753
Athene Global Funding
1.450% 1/08/26 (c)		117,000		117,129
Athene Holding Ltd.
3.950% 5/25/51		16,000		17,131
GA Global Funding Trust
1.625% 1/15/26 (c)		37,000		37,472
Global Atlantic Fin Co.
3.125% 6/15/31 (c)		72,000		72,484
Marsh & McLennan Cos., Inc.
4.375% 3/15/29		155,000		181,843
New York Life Insurance Co.
3.750% 5/15/50 (c)		23,000		25,704
Prudential Financial, Inc.
5 year CMT + 3.035% 3.700% VRN 10/01/50		18,000		18,765
3 mo. USD LIBOR + 3.920% 5.625% VRN 6/15/43		41,000		44,005
3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48 (b)		99,000		116,132
3 mo. USD LIBOR + 4.175% 5.875% VRN 9/15/42		46,000		48,631
Reinsurance Group of America, Inc.
3.150% 6/15/30		49,000		52,452
3.900% 5/15/29		54,000		60,418
USF&G Capital I
8.500% 12/15/45 (c)		35,000		55,115
				1,312,550
Internet — 0.2%
Alphabet, Inc.
2.250% 8/15/60		32,000		28,347
Expedia Group, Inc.
2.950% 3/15/31		39,000		39,591
Prosus NV
3.832% 2/08/51 (c)		233,000		216,988
				284,926
Investment Companies — 0.1%
Blackstone Secured Lending Fund
2.750% 9/16/26 (c)		158,000		160,206
Media — 0.8%
Charter Communications Operating LLC / Charter Communications Operating Capital
3.500% 6/01/41		119,000		119,146
Charter Communications Operating LLC/Charter Communications Operating Capital
3.750% 2/15/28		191,000		210,808
3.850% 4/01/61		136,000		133,601
6.484% 10/23/45		32,000		44,096
Comcast Corp.
3.400% 7/15/46		41,000		43,845
3.450% 2/01/50		49,000		53,028
3.750% 4/01/40		151,000		170,434
3.969% 11/01/47		23,000		26,800
4.750% 3/01/44		32,000		40,824

MassMutual Balanced Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Discovery Communications LLC
3.625% 5/15/30	$	160,000	$	174,733
3.950% 3/20/28		56,000		62,332
4.000% 9/15/55		27,000		28,601
4.650% 5/15/50		27,000		31,825
Time Warner Cable, Inc.
6.750% 6/15/39		27,000		37,616
The Walt Disney Co.
3.600% 1/13/51		58,000		65,797
				1,243,486
Mining — 0.0%
Teck Resources Ltd.
6.000% 8/15/40		32,000		40,917
Oil & Gas — 0.1%
BP Capital Markets America, Inc.
3.379% 2/08/61		95,000		95,596
BP Capital Markets PLC 5 year CMT + 4.036%
4.375% VRN (d)		58,000		61,770
				157,366
Packaging & Containers — 0.2%
Berry Global, Inc.
1.570% 1/15/26 (c)		48,000		48,015
Silgan Holdings, Inc.
1.400% 4/01/26 (c)		49,000		48,510
WRKCo, Inc.
3.000% 6/15/33		27,000		28,302
4.650% 3/15/26		192,000		220,161
				344,988
Pharmaceuticals — 0.8%
AbbVie, Inc.
4.700% 5/14/45		67,000		83,713
Becton Dickinson and Co.
4.685% 12/15/44		23,000		28,651
Bristol-Myers Squibb Co.
3.900% 2/20/28		312,000		356,972
4.350% 11/15/47		27,000		34,133
Cigna Corp.
2.400% 3/15/30		349,000		356,407
3.400% 3/15/51		47,000		49,189
4.800% 7/15/46		27,000		34,262
CVS Health Corp.
4.300% 3/25/28		24,000		27,595
5.050% 3/25/48		189,000		245,563
6.125% 9/15/39		8,000		11,168
				1,227,653
Pipelines — 0.9%
Enbridge, Inc.
2.500% 8/01/33		190,000		190,282
Enterprise Products Operating LLC
3 mo. USD LIBOR + 3.033% 5.250% VRN 8/16/77		41,000		43,018
3 mo. USD LIBOR + 2.570% 5.375% VRN 2/15/78		27,000		27,866

MassMutual Balanced Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Kinder Morgan, Inc.
3.250% 8/01/50	$	168,000	$	162,394
MPLX LP
1.750% 3/01/26		365,000		369,091
4.500% 4/15/38		27,000		31,005
ONEOK, Inc.
6.350% 1/15/31		304,000		393,512
Sabine Pass Liquefaction LLC
4.500% 5/15/30		196,000		225,969
				1,443,137
Real Estate — 0.1%
CBRE Services, Inc.
2.500% 4/01/31		243,000		246,374
Real Estate Investment Trusts (REITS) — 0.6%
American Tower Corp.
1.600% 4/15/26		96,000		97,056
2.700% 4/15/31		119,000		122,865
Brixmor Operating Partnership LP
2.250% 4/01/28		24,000		23,992
Crown Castle International Corp.
2.500% 7/15/31		88,000		88,730
3.700% 6/15/26		243,000		267,293
5.200% 2/15/49		11,000		14,319
Extra Space Storage LP
2.550% 6/01/31		89,000		89,721
Host Hotels & Resorts LP
3.500% 9/15/30		84,000		88,239
Kite Realty Group LP
4.000% 10/01/26		110,000		118,645
Spirit Realty LP
2.100% 3/15/28		67,000		66,781
				977,641
Retail — 0.9%
Advance Auto Parts, Inc.
1.750% 10/01/27		13,000		12,877
3.900% 4/15/30		323,000		360,335
Alimentation Couche-Tard, Inc.
3.625% 5/13/51 (c)		71,000		74,252
AutoZone, Inc.
1.650% 1/15/31		41,000		39,051
The Home Depot, Inc.
2.375% 3/15/51		48,000		44,436
2.700% 4/15/30		97,000		103,818
Lowe's Cos., Inc.
3.000% 10/15/50		213,000		210,180
McDonald's Corp.
3.300% 7/01/25		332,000		360,836
Starbucks Corp.
2.550% 11/15/30		63,000		65,349
4.450% 8/15/49		86,000		106,751
				1,377,885

MassMutual Balanced Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
Semiconductors — 0.5%
Lam Research Corp.
3.750% 3/15/26	$	321,000	$	359,599
Microchip Technology, Inc.
0.983% 9/01/24 (c)		49,000		48,767
Micron Technology, Inc.
4.185% 2/15/27		322,000		363,381
Skyworks Solutions, Inc.
1.800% 6/01/26		36,000		36,470
				808,217
Software — 0.2%
Electronic Arts, Inc.
2.950% 2/15/51		42,000		41,108
Microsoft Corp.
2.921% 3/17/52		80,000		84,913
Oracle Corp.
3.600% 4/01/40		197,000		207,970
				333,991
Telecommunications — 0.3%
Verizon Communications, Inc.
3.550% 3/22/51		47,000		50,254
3.700% 3/22/61		47,000		50,386
3.875% 2/08/29		314,000		357,147
				457,787
Transportation — 0.2%
CSX Corp.
4.750% 11/15/48		18,000		23,300
Ryder System, Inc.
3.650% 3/18/24		338,000		363,026
				386,326
TOTAL CORPORATE DEBT (Cost $20,774,104)				21,144,317
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.8%
Commercial Mortgage-Backed Securities — 0.8%
BANK
Series 2019-BN17, Class B, 4.128% VRN 4/15/52 (e)		29,000		32,883
Series 2019-BN16, Class AS, 4.267% 2/15/52		31,333		35,869
Series 2019-BN16, Class B, 4.438% VRN 2/15/52 (e)		24,330		28,004
BBCMS Mortgage Trust, Series 2020-C7, Class AS
2.444% 4/15/53		57,000		57,963
Benchmark 2019-B9 Mortgage Trust, Series 2019-B9, Class AAB
3.933% 3/15/52		274,000		306,516
Benchmark Mortgage Trust, Series 2019-B14, Class AS
3.352% 12/15/62		150,000		163,840
Citigroup Commercial Mortgage Trust, Series 2017-C4, Class C
4.349% VRN 10/12/50 (e)		70,000		72,500
Commercial Mortgage Pass-Through Certificates, Series 2014-LC17, Class C
4.729% VRN 10/10/47 (e)		100,000		105,086
GS Mortgage Securities Trust, Series 2017-GS6, Class B
3.869% 5/10/50		79,000		86,478

MassMutual Balanced Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
GS Mortgage Securities Trust 2020-GC45, Series 2020-GC45, Class A5
2.911% 2/13/53	$	140,000	$	150,459
Life 2021-BMR Mortgage Trust
Series 2021-BMR, Class A, 1 mo. USD LIBOR + .700% 0.773% FRN 3/15/38 (c)		100,000		100,125
Series 2021-BMR, Class B, 1 mo. USD LIBOR + .880% 0.953% FRN 3/15/38 (c)		100,000		100,125
Morgan Stanley Capital I Trust, Series 2018-H3, Class B,
4.620% VRN 7/15/51 (e)		20,000		22,956
Wells Fargo Commercial Mortgage Trust
Series 2018-C45, Class AS, 4.405% VRN 6/15/51 (e)		30,000		34,264
Series 2018-C45, Class B, 4.556% 6/16/51		10,000		11,267
				1,308,335
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $1,265,515)				1,308,335
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 7.1%
Pass-Through Securities — 7.1%
Federal Home Loan Mortgage Corp. Pool #SD8100 3.000% 10/01/50		457,707		477,387
Federal National Mortgage Association Pool #BO7245 3.000% 1/01/50		437,815		456,879
Uniform Mortgage Backed Securities TBA
2.000% 3/01/36 (f)		3,500,000		3,611,289
2.000% 1/01/51 (f)		4,500,000		4,549,219
2.500% 7/01/50 (f)		2,200,000		2,276,657
				11,371,431
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $11,382,751)				11,371,431
U.S. TREASURY OBLIGATIONS — 19.4%
U.S. Treasury Bonds & Notes — 19.4%
U.S. Treasury Bond
1.875% 2/15/51 (b)		1,324,600		1,264,879
2.250% 5/15/41		695,200		724,144
2.250% 8/15/49		873,900		905,746
U.S. Treasury Note
0.125% 5/15/23		1,400,000		1,397,247
0.125% 6/30/23		5,500,600		5,487,061
0.250% 11/15/23		2,000,000		1,996,725
0.250% 6/15/24		4,028,400		4,004,148
0.375% 4/30/25		1,543,600		1,527,539
0.875% 6/30/26		2,982,600		2,982,607
1.250% 6/30/28		855,400		857,414
1.500% 11/30/21		8,388,400		8,438,173
1.625% 5/15/31		1,504,000		1,528,888
				31,114,571
TOTAL U.S. TREASURY OBLIGATIONS (Cost $31,210,944)				31,114,571
TOTAL BONDS & NOTES (Cost $64,633,314)				64,938,654

MassMutual Balanced Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
MUTUAL FUNDS — 0.1%
Diversified Financial Services — 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio (g)		119,070	$	119,070
TOTAL MUTUAL FUNDS (Cost $119,070)				119,070
TOTAL LONG-TERM INVESTMENTS (Cost $162,954,888)				169,595,206
	Principal Amount
SHORT-TERM INVESTMENTS — 1.8%
Repurchase Agreement — 1.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (h)	$	2,837,670		2,837,670
U.S. Treasury Bonds & Notes — 0.0%
U.S. Treasury Bill
0.016% 7/15/21 (i) (j)		1,000		1,000
0.017% 7/15/21 (i) (j)		22,000		21,999
0.042% 7/15/21 (i) (j)		2,000		2,000
0.043% 7/15/21 (i) (j)		8,000		8,000
0.054% 7/15/21 (i) (j)		10,000		10,000
0.089% 7/15/21 (i) (j)		5,000		5,000
				47,999
TOTAL SHORT-TERM INVESTMENTS (Cost $2,885,669)				2,885,669
TOTAL INVESTMENTS — 107.3% (Cost $165,840,557) (k)				172,480,875
Other Assets/(Liabilities) — (7.3)%				(11,789,808)
NET ASSETS — 100.0%			$	160,691,067

Abbreviation Legend

FRN Floating Rate Note

STEP Step Up Bond

TBA To Be Announced

VRN Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2021, was $1,451,548 or 0.90% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $1,362,143 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).

MassMutual Balanced Fund —  Portfolio of Investments (Continued)

Notes to Portfolio of Investments (continued)

(c) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2021, the aggregate market value of these securities amounted to $2,941,803 or 1.83% of net assets.

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

(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 June 30, 2021.

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

(g) Represents investment of security lending cash collateral. (Note 2).

(h) Maturity value of $2,837,670. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 1/31/23, and an aggregate market value, including accrued interest, of $2,894,458.

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

(j) A portion of this security is pledged/held as collateral for open derivatives.

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

Futures contracts
	Expiration Date	Number of Contracts		Notional Amount		Value/ Net Unrealized Appreciation/ (Depreciation)
Short
U.S. Treasury Note 10 Year	9/21/21		12	$	(1,580,693)	$	(9,307)
U.S. Treasury Ultra 10 Year	9/21/21		9		(1,301,606)		(23,222)
						$	(32,529)

MassMutual Disciplined Value Fund —  Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.3%
COMMON STOCK — 99.3%
Basic Materials — 1.6%
Chemicals — 0.4%
Axalta Coating Systems Ltd. (a)		9,921	$	302,491
RPM International, Inc.		1,098		97,371
				399,862
Iron & Steel — 1.2%
Nucor Corp.		2,947		282,706
Steel Dynamics, Inc.		15,507		924,217
				1,206,923
				1,606,785
Communications — 4.8%
Advertising — 2.0%
Omnicom Group, Inc.		24,737		1,978,713
Internet — 1.3%
Alphabet, Inc. Class A (a)		317		774,048
Alphabet, Inc. Class C (a)		195		488,732
F5 Networks, Inc. (a)		229		42,745
				1,305,525
Media — 0.5%
ViacomCBS, Inc. Class B		11,452		517,630
Telecommunications — 1.0%
Lumen Technologies, Inc.		49,678		675,124
Telephone & Data Systems, Inc.		8,027		181,892
United States Cellular Corp. (a)		5,156		187,214
				1,044,230
				4,846,098
Consumer, Cyclical — 6.1%
Auto Manufacturers — 0.1%
Ford Motor Co. (a)		4,279		63,586
Auto Parts & Equipment — 1.4%
Autoliv, Inc.		3,731		364,743
BorgWarner, Inc.		13,095		635,631
Lear Corp.		2,126		372,645
				1,373,019

MassMutual Disciplined Value Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
Home Builders — 1.1%
D.R. Horton, Inc.		8,569	$	774,380
NVR, Inc. (a)		46		228,772
Thor Industries, Inc.		944		106,672
				1,109,824
Home Furnishing — 0.4%
Tempur Sealy International, Inc.		10,942		428,817
Leisure Time — 0.1%
Polaris, Inc.		1,062		145,452
Retail — 3.0%
McDonald's Corp.		3,966		916,106
Ollie's Bargain Outlet Holdings, Inc. (a) (b)		3,798		319,526
Qurate Retail, Inc. Class A		7,487		98,005
Walmart, Inc.		9,868		1,391,585
Yum! Brands, Inc.		2,501		287,690
				3,012,912
				6,133,610
Consumer, Non-cyclical — 28.7%
Agriculture — 3.3%
Altria Group, Inc.		42,620		2,032,121
Philip Morris International, Inc.		12,371		1,226,090
				3,258,211
Beverages — 1.5%
The Coca-Cola Co.		313		16,937
Keurig Dr Pepper, Inc.		17,029		600,102
PepsiCo, Inc.		6,218		921,321
				1,538,360
Biotechnology — 0.8%
Alexion Pharmaceuticals, Inc. (a)		4,489		824,674
Commercial Services — 3.5%
Booz Allen Hamilton Holding Corp.		2,004		170,701
Driven Brands Holdings, Inc. (a)		2,420		74,827
Equifax, Inc.		2,934		702,722
Global Payments, Inc.		4,104		769,664
Rollins, Inc.		2,102		71,888
S&P Global, Inc.		3,030		1,243,664
Verisk Analytics, Inc.		2,443		426,841
				3,460,307
Cosmetics & Personal Care — 1.5%
The Procter & Gamble Co.		11,152		1,504,739
Food — 1.9%
Campbell Soup Co.		5,658		257,948
General Mills, Inc.		8,143		496,153
Kellogg Co.		4,611		296,626

MassMutual Disciplined Value Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
Mondelez International, Inc. Class A		13,155	$	821,398
				1,872,125
Health Care – Products — 7.5%
Abbott Laboratories		12,600		1,460,718
Danaher Corp.		10,011		2,686,552
Hologic, Inc. (a)		15,726		1,049,239
PerkinElmer, Inc.		3,274		505,538
Thermo Fisher Scientific, Inc.		3,509		1,770,185
				7,472,232
Health Care – Services — 2.7%
Anthem, Inc.		1,397		533,375
Centene Corp. (a)		815		59,438
Laboratory Corp. of America Holdings (a)		2,301		634,731
Quest Diagnostics, Inc.		2,623		346,157
UnitedHealth Group, Inc.		2,918		1,168,484
				2,742,185
Household Products & Wares — 0.8%
Kimberly-Clark Corp.		3,961		529,902
Reynolds Consumer Products, Inc.		9,339		283,439
				813,341
Pharmaceuticals — 5.2%
AbbVie, Inc.		3,444		387,932
AmerisourceBergen Corp.		8,542		977,974
Bristol-Myers Squibb Co.		34,788		2,324,534
Herbalife Nutrition Ltd. (a)		2,002		105,565
Jazz Pharmaceuticals PLC (a)		3,229		573,600
Pfizer, Inc.		20,771		813,392
				5,182,997
				28,669,171
Energy — 3.6%
Oil & Gas — 3.6%
APA Corp.		10,463		226,315
Cimarex Energy Co.		2,570		186,196
Devon Energy Corp.		55,661		1,624,745
Helmerich & Payne, Inc.		7,503		244,823
Marathon Oil Corp.		59,061		804,411
Murphy Oil Corp.		22,254		518,073
				3,604,563
				3,604,563
Financial — 27.4%
Banks — 6.0%
The Bank of New York Mellon Corp.		11,232		575,415
Citigroup, Inc.		28,150		1,991,613
JP Morgan Chase & Co.		16,662		2,591,608

MassMutual Disciplined Value Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
KeyCorp.		39,945	$	824,864
				5,983,500
Diversified Financial Services — 7.7%
American Express Co.		2,879		475,697
BlackRock, Inc.		2,146		1,877,686
Capital One Financial Corp.		6,652		1,028,998
The Charles Schwab Corp.		6,625		482,366
Discover Financial Services		2,126		251,484
Intercontinental Exchange, Inc.		13,257		1,573,606
Rocket Cos., Inc. Class A		11,388		220,358
Santander Consumer USA Holdings, Inc.		5,432		197,290
SLM Corp.		10,512		220,121
Synchrony Financial		8,980		435,710
T. Rowe Price Group, Inc.		4,678		926,104
				7,689,420
Insurance — 9.8%
Aflac, Inc.		19,919		1,068,854
The Allstate Corp.		4,508		588,024
American International Group, Inc.		8,389		399,316
Arthur J Gallagher & Co.		9,246		1,295,180
Athene Holding Ltd. Class A (a)		7,190		485,325
Brown & Brown, Inc.		14,818		787,428
Equitable Holdings, Inc.		15,023		457,450
Fidelity National Financial, Inc.		15,382		668,502
Lincoln National Corp.		3,170		199,203
Loews Corp.		10,378		567,158
Marsh & McLennan Cos., Inc.		8,646		1,216,319
MetLife, Inc.		15,101		903,795
The Progressive Corp.		5,162		506,960
Reinsurance Group of America, Inc.		3,255		371,070
Voya Financial, Inc.		3,869		237,943
				9,752,527
Private Equity — 0.9%
The Blackstone Group, Inc. Class A		9,474		920,304
Real Estate — 1.1%
CBRE Group, Inc. Class A (a)		12,941		1,109,432
Real Estate Investment Trusts (REITS) — 1.7%
Healthcare Trust of America, Inc. Class A		18,466		493,042
Omega Healthcare Investors, Inc.		6,937		251,744
Simon Property Group, Inc.		120		15,658
STORE Capital Corp.		3,120		107,671
VEREIT, Inc.		4,064		186,660
VICI Properties, Inc. (b)		8,167		253,340
Vornado Realty Trust		5,690		265,552
WP Carey, Inc.		2,100		156,702
				1,730,369
Savings & Loans — 0.2%
New York Community Bancorp, Inc.		18,346		202,173
				27,387,725

MassMutual Disciplined Value Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
Industrial — 12.6%
Aerospace & Defense — 2.7%
General Dynamics Corp.		3,465	$	652,321
L3 Harris Technologies, Inc.		1,005		217,231
Raytheon Technologies Corp.		12,504		1,066,716
TransDigm Group, Inc. (a)		1,202		778,043
				2,714,311
Electrical Components & Equipment — 2.1%
Emerson Electric Co.		21,957		2,113,142
Electronics — 0.6%
Arrow Electronics, Inc. (a)		5,069		577,004
Engineering & Construction — 0.2%
frontdoor, Inc. (a)		3,539		176,313
Hand & Machine Tools — 1.2%
Stanley Black & Decker, Inc.		5,985		1,226,865
Machinery – Diversified — 2.3%
Colfax Corp. (a)		403		18,461
Dover Corp.		3,198		481,619
Ingersoll Rand, Inc. (a)		20,220		986,938
Westinghouse Air Brake Technologies Corp.		9,262		762,263
				2,249,281
Miscellaneous - Manufacturing — 1.2%
3M Co.		4,705		934,554
Illinois Tool Works, Inc.		1,341		299,794
				1,234,348
Transportation — 2.3%
C.H. Robinson Worldwide, Inc.		5,255		492,236
Expeditors International of Washington, Inc.		4,015		508,299
Knight-Swift Transportation Holdings, Inc.		6,210		282,306
Ryder System, Inc.		1,820		135,281
United Parcel Service, Inc. Class B		4,432		921,723
				2,339,845
				12,631,109
Technology — 12.6%
Computers — 4.0%
Accenture PLC Class A		4,836		1,425,605
Dell Technologies C (a)		7,808		778,223
International Business Machines Corp.		6,144		900,649
Leidos Holdings, Inc.		1,218		123,140
Science Applications International Corp.		9,467		830,540
				4,058,157
Semiconductors — 3.4%
Advanced Micro Devices, Inc. (a)		1,181		110,931
Micron Technology, Inc. (a)		4,340		368,813

MassMutual Disciplined Value Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
Skyworks Solutions, Inc.		5,605	$	1,074,759
Texas Instruments, Inc.		9,466		1,820,312
				3,374,815
Software — 5.2%
Activision Blizzard, Inc.		4,620		440,933
Change Healthcare, Inc. (a)		12,108		278,968
Fidelity National Information Services, Inc.		13,721		1,943,854
Fiserv, Inc. (a)		14,610		1,561,663
Jamf Holding Corp. (a)		5,490		184,299
Oracle Corp.		4,407		343,041
SolarWinds Corp. (a)		26,074		440,390
				5,193,148
				12,626,120
Utilities — 1.9%
Electric — 1.3%
CenterPoint Energy, Inc.		24,507		600,911
NRG Energy, Inc.		17,997		725,279
				1,326,190
Gas — 0.6%
National Fuel Gas Co.		10,843		566,547
				1,892,737
TOTAL COMMON STOCK (Cost $89,982,480)				99,397,918
TOTAL EQUITIES (Cost $89,982,480)				99,397,918
TOTAL LONG-TERM INVESTMENTS (Cost $89,982,480)				99,397,918
	Principal Amount
SHORT-TERM INVESTMENTS — 0.7%
Repurchase Agreement — 0.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (c)	$	673,088		673,088
TOTAL SHORT-TERM INVESTMENTS (Cost $673,088)				673,088
TOTAL INVESTMENTS — 100.0% (Cost $90,655,568) (d)				100,071,006
Other Assets/(Liabilities) — 0.0%				21,978
NET ASSETS — 100.0%			$	100,092,984

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2021, was $566,949 or 0.57% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $578,336 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).

(c) Maturity value of $673,088. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 1/31/23, and an aggregate market value, including accrued interest, of $686,558.

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

MassMutual Main Street Fund —  Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 100.2%
COMMON STOCK — 100.2%
Basic Materials — 0.5%
Chemicals — 0.5%
Valvoline, Inc.		19,374	$	628,880
Communications — 17.6%
Internet — 12.7%
Airbnb, Inc. Class A (a)		5,066		775,807
Amazon.com, Inc. (a)		2,120		7,293,139
Booking Holdings, Inc. (a)		236		516,389
Facebook, Inc. Class A (a)		13,492		4,691,303
Netflix, Inc. (a)		3,089		1,631,641
Snap, Inc. Class A (a)		8,262		562,973
				15,471,252
Media — 1.7%
Comcast Corp. Class A		36,780		2,097,196
Telecommunications — 3.2%
Motorola Solutions, Inc.		8,305		1,800,939
Verizon Communications, Inc.		38,491		2,156,651
				3,957,590
				21,526,038
Consumer, Cyclical — 7.7%
Auto Manufacturers — 1.2%
General Motors Co. (a)		25,491		1,508,303
Entertainment — 0.3%
Warner Music Group Corp. Class A (b)		9,283		334,559
Home Builders — 0.9%
D.R. Horton, Inc.		12,021		1,086,338
Retail — 5.3%
CarMax, Inc. (a)		9,503		1,227,312
The Home Depot, Inc.		7,736		2,466,933
O'Reilly Automotive, Inc. (a)		1,989		1,126,192
Target Corp.		6,801		1,644,074
				6,464,511
				9,393,711

MassMutual Main Street Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
Consumer, Non-cyclical — 20.1%
Beverages — 1.5%
Constellation Brands, Inc. Class A		7,911	$	1,850,304
Biotechnology — 0.4%
Seagen, Inc. (a)		2,770		437,328
Cosmetics & Personal Care — 2.0%
The Procter & Gamble Co.		17,909		2,416,461
Food — 2.3%
The a2 Milk Co. Ltd. (a) (b)		29,207		131,404
Mondelez International, Inc. Class A		22,745		1,420,198
Sysco Corp.		15,946		1,239,802
				2,791,404
Health Care – Products — 1.7%
Alcon, Inc.		3,395		238,533
Avantor, Inc. (a)		23,321		828,129
The Cooper Cos., Inc.		1,791		709,719
Thermo Fisher Scientific, Inc.		724		365,236
				2,141,617
Health Care – Services — 5.4%
HCA Healthcare, Inc.		14,560		3,010,134
UnitedHealth Group, Inc.		9,025		3,613,971
				6,624,105
Household Products & Wares — 0.3%
Reckitt Benckiser Group PLC		4,602		407,282
Pharmaceuticals — 6.5%
AstraZeneca PLC Sponsored ADR (b)		44,809		2,684,059
Bayer AG Registered		4,672		283,785
CVS Health Corp.		27,344		2,281,583
Eli Lilly & Co.		10,551		2,421,666
Neurocrine Biosciences, Inc. (a)		2,914		283,591
				7,954,684
				24,623,185
Energy — 1.9%
Oil & Gas — 1.2%
Cabot Oil & Gas Corp.		43,008		750,919
Valero Energy Corp.		8,959		699,519
				1,450,438
Pipelines — 0.7%
Magellan Midstream Partners LP (c)		16,711		817,335
				2,267,773

MassMutual Main Street Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
Financial — 15.9%
Banks — 3.7%
CIT Group, Inc.		13,838	$	713,902
JP Morgan Chase & Co.		24,553		3,818,974
				4,532,876
Diversified Financial Services — 5.9%
Capital One Financial Corp.		17,376		2,687,893
Intercontinental Exchange, Inc.		17,480		2,074,876
Mastercard, Inc. Class A		5,089		1,857,943
Rocket Cos., Inc. Class A		33,734		652,753
				7,273,465
Insurance — 3.7%
The Allstate Corp.		7,710		1,005,693
Equitable Holdings, Inc.		78,185		2,380,733
The Progressive Corp.		11,585		1,137,763
				4,524,189
Real Estate Investment Trusts (REITS) — 2.6%
Prologis, Inc.		26,105		3,120,331
				19,450,861
Industrial — 11.5%
Aerospace & Defense — 1.8%
Raytheon Technologies Corp.		25,689		2,191,529
Building Materials — 1.2%
Vulcan Materials Co.		8,119		1,413,274
Electronics — 0.5%
Hubbell, Inc.		3,288		614,330
Environmental Controls — 0.7%
Waste Connections, Inc.		7,415		885,573
Machinery – Construction & Mining — 0.9%
Caterpillar, Inc.		5,315		1,156,703
Machinery – Diversified — 2.5%
Otis Worldwide Corp.		25,353		2,073,115
Rockwell Automation, Inc.		3,405		973,898
				3,047,013
Transportation — 3.9%
Union Pacific Corp.		6,361		1,398,975
United Parcel Service, Inc. Class B		16,199		3,368,906
				4,767,881
				14,076,303

MassMutual Main Street Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
Technology — 23.1%
Computers — 3.9%
Accenture PLC Class A		6,375	$	1,879,286
Amdocs Ltd.		9,601		742,733
Apple, Inc.		15,312		2,097,132
				4,719,151
Semiconductors — 6.6%
Applied Materials, Inc.		19,444		2,768,826
QUALCOMM, Inc.		21,514		3,074,996
Texas Instruments, Inc.		11,613		2,233,180
				8,077,002
Software — 12.6%
Fiserv, Inc. (a)		15,689		1,676,997
Manhattan Associates, Inc. (a)		843		122,100
Microsoft Corp.		34,151		9,251,506
Snowflake, Inc. Class A (a)		1,730		418,314
VMware, Inc. Class A (a) (b)		7,691		1,230,329
Workday, Inc. Class A (a)		6,521		1,556,824
Zynga, Inc. Class A (a)		110,732		1,177,081
				15,433,151
				28,229,304
Utilities — 1.9%
Electric — 1.5%
FirstEnergy Corp.		47,801		1,778,675
Water — 0.4%
American Water Works Co., Inc.		3,492		538,222
				2,316,897
TOTAL COMMON STOCK (Cost $85,302,531)				122,512,952
TOTAL EQUITIES (Cost $85,302,531)				122,512,952
MUTUAL FUNDS — 0.4%
Diversified Financial Services — 0.4%
State Street Navigator Securities Lending Government Money Market Portfolio (d)		467,215		467,215
TOTAL MUTUAL FUNDS (Cost $467,215)				467,215
TOTAL LONG-TERM INVESTMENTS (Cost $85,769,746)				122,980,167

MassMutual Main Street Fund —  Portfolio of Investments (Continued)

	Number of Shares	Value
TOTAL INVESTMENTS — 100.6% (Cost $85,769,746) (e)		$	122,980,167
Other Assets/(Liabilities) — (0.6)%			(712,175)
NET ASSETS — 100.0%		$	122,267,992

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2021, was $4,306,040 or 3.52% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $3,965,267 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).

(c) Security is a Master Limited Partnership.

(d) Represents investment of security lending cash collateral. (Note 2).

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

MassMutual Disciplined Growth Fund —  Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.9%
COMMON STOCK — 99.9%
Basic Materials — 0.1%
Mining — 0.1%
Newmont Corp.		2,099	$	133,035
Communications — 22.8%
Advertising — 0.6%
The Trade Desk, Inc. Class A (a)		21,350		1,651,636
Internet — 21.6%
Alphabet, Inc. Class A (a)		3,197		7,806,403
Alphabet, Inc. Class C (a)		2,491		6,243,243
Amazon.com, Inc. (a)		5,255		18,078,041
CDW Corp./DE		24,791		4,329,748
eBay, Inc.		3,273		229,797
Etsy, Inc. (a)		5,045		1,038,463
Facebook, Inc. Class A (a)		33,527		11,657,673
GoDaddy, Inc. Class A (a)		260		22,610
Match Group, Inc. (a)		12,256		1,976,280
Netflix, Inc. (a)		5,574		2,944,242
				54,326,500
Media — 0.5%
Charter Communications, Inc. Class A (a)		1,433		1,033,838
Nexstar Media Group, Inc. Class A		1,227		181,449
				1,215,287
Telecommunications — 0.1%
CommScope Holding Co., Inc. (a)		7,652		163,064
				57,356,487
Consumer, Cyclical — 5.6%
Apparel — 1.2%
NIKE, Inc. Class B		19,658		3,036,965
Auto Parts & Equipment — 0.7%
Allison Transmission Holdings, Inc.		3,265		129,751
BorgWarner, Inc.		30,198		1,465,811
				1,595,562
Home Builders — 0.5%
D.R. Horton, Inc.		5,421		489,896
NVR, Inc. (a)		162		805,674
				1,295,570

MassMutual Disciplined Growth Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
Leisure Time — 0.1%
Polaris, Inc.		2,016	$	276,111
Retail — 3.1%
AutoZone, Inc. (a)		888		1,325,091
Costco Wholesale Corp.		4,564		1,805,838
Lowe's Cos., Inc.		11,498		2,230,267
Lululemon Athletica, Inc. (a)		4,412		1,610,248
McDonald's Corp.		2,889		667,330
Williams-Sonoma, Inc.		1,360		217,124
				7,855,898
				14,060,106
Consumer, Non-cyclical — 22.4%
Agriculture — 1.6%
Altria Group, Inc.		85,740		4,088,083
Beverages — 1.3%
The Coca-Cola Co.		2,227		120,503
Monster Beverage Corp. (a)		35,252		3,220,270
				3,340,773
Biotechnology — 2.3%
Alexion Pharmaceuticals, Inc. (a)		495		90,937
Biogen, Inc. (a)		2,937		1,016,995
Maravai LifeSciences Holdings, Inc. Class A (a)		6,140		256,222
Moderna, Inc. (a)		7,279		1,710,419
Regeneron Pharmaceuticals, Inc. (a)		2,561		1,430,421
Vertex Pharmaceuticals, Inc. (a)		5,773		1,164,010
				5,669,004
Commercial Services — 5.9%
Automatic Data Processing, Inc.		546		108,447
Driven Brands Holdings, Inc. (a)		1,998		61,778
Equifax, Inc.		1,792		429,202
Gartner, Inc. (a)		8,643		2,093,335
H&R Block, Inc.		11,049		259,431
MarketAxess Holdings, Inc.		723		335,176
Moody's Corp.		3,217		1,165,744
PayPal Holdings, Inc. (a)		15,380		4,482,962
S&P Global, Inc.		9,575		3,930,059
Square, Inc. Class A (a)		3,220		785,036
TransUnion		3,488		383,017
Verisk Analytics, Inc.		4,227		738,541
				14,772,728
Cosmetics & Personal Care — 0.7%
The Estee Lauder Cos., Inc. Class A		2,576		819,374
The Procter & Gamble Co.		6,883		928,723
				1,748,097
Health Care – Products — 4.1%
Align Technology, Inc. (a)		2,616		1,598,376

MassMutual Disciplined Growth Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
Avantor, Inc. (a)		23,333	$	828,555
Hologic, Inc. (a)		18,662		1,245,129
Intuitive Surgical, Inc. (a)		2,203		2,025,967
Quidel Corp. (a)		7,059		904,399
Thermo Fisher Scientific, Inc.		7,603		3,835,485
				10,437,911
Health Care – Services — 2.6%
Syneos Health, Inc. (a)		4,974		445,123
UnitedHealth Group, Inc.		15,207		6,089,491
				6,534,614
Pharmaceuticals — 3.9%
AbbVie, Inc.		29,345		3,305,421
Agios Pharmaceuticals, Inc. (a) (b)		14,019		772,587
AmerisourceBergen Corp.		11,127		1,273,930
Bristol-Myers Squibb Co.		35,991		2,404,919
Merck & Co., Inc.		25,395		1,974,969
PRA Health Sciences, Inc. (a)		1,132		187,018
				9,918,844
				56,510,054
Energy — 0.3%
Energy – Alternate Sources — 0.3%
Enphase Energy, Inc. (a)		4,914		902,358
Financial — 11.1%
Diversified Financial Services — 9.2%
Ares Management Corp. Class A		24,115		1,533,473
Capital One Financial Corp.		694		107,355
Intercontinental Exchange, Inc.		10,148		1,204,568
Mastercard, Inc. Class A		19,565		7,142,986
Rocket Cos., Inc. Class A		31,572		610,918
SLM Corp.		48,111		1,007,444
T. Rowe Price Group, Inc.		5,502		1,089,231
Tradeweb Markets, Inc. Class A		1,032		87,266
Virtu Financial, Inc. Class A		15,656		432,575
Visa, Inc. Class A		42,288		9,887,780
				23,103,596
Insurance — 1.1%
Brown & Brown, Inc.		54,751		2,909,468
Private Equity — 0.3%
The Blackstone Group, Inc. Class A		8,105		787,320
Real Estate — 0.1%
CBRE Group, Inc. Class A (a)		1,962		168,202
Real Estate Investment Trusts (REITS) — 0.4%
Simon Property Group, Inc.		5,963		778,052

MassMutual Disciplined Growth Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
VEREIT, Inc.		5,014	$	230,293
				1,008,345
				27,976,931
Industrial — 3.6%
Aerospace & Defense — 0.6%
Lockheed Martin Corp.		532		201,282
TransDigm Group, Inc. (a)		2,001		1,295,227
				1,496,509
Electrical Components & Equipment — 0.8%
Generac Holdings, Inc. (a)		4,650		1,930,448
Electronics — 0.8%
Amphenol Corp. Class A		29,310		2,005,097
Engineering & Construction — 0.2%
frontdoor, Inc. (a)		10,982		547,123
Machinery – Diversified — 0.4%
Graco, Inc.		7,632		577,743
Nordson Corp.		1,934		424,532
				1,002,275
Miscellaneous - Manufacturing — 0.1%
Illinois Tool Works, Inc.		1,658		370,662
Transportation — 0.7%
Expeditors International of Washington, Inc.		7,507		950,386
Landstar System, Inc.		5,427		857,575
				1,807,961
				9,160,075
Technology — 34.0%
Computers — 6.6%
Accenture PLC Class A		10,532		3,104,728
Apple, Inc.		86,807		11,889,087
EPAM Systems, Inc. (a)		660		337,234
Fortinet, Inc. (a)		1,686		401,588
Lumentum Holdings, Inc. (a)		784		64,311
McAfee Corp. Class A		17,127		479,899
Science Applications International Corp.		4,281		375,572
				16,652,419
Office & Business Equipment — 0.4%
Zebra Technologies Corp. Class A (a)		1,635		865,716
Semiconductors — 7.9%
Advanced Micro Devices, Inc. (a)		23,202		2,179,364
Applied Materials, Inc.		15,449		2,199,938
KLA Corp.		5,933		1,923,538
Lam Research Corp.		2,855		1,857,749
NVIDIA Corp.		11,521		9,217,952

MassMutual Disciplined Growth Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
Qorvo, Inc. (a)		1,206	$	235,954
QUALCOMM, Inc.		16,623		2,375,925
				19,990,420
Software — 19.1%
Adobe, Inc. (a)		17,491		10,243,429
Aspen Technology, Inc. (a)		5,492		755,370
Change Healthcare, Inc. (a)		4,307		99,233
Datadog, Inc. Class A (a)		2,049		213,260
Dynatrace, Inc. (a)		12,970		757,707
Fiserv, Inc. (a)		17,914		1,914,828
Intuit, Inc.		6,046		2,963,568
Jamf Holding Corp. (a)		10,146		340,601
Microsoft Corp.		94,844		25,693,240
Paycom Software, Inc. (a)		1,838		668,058
salesforce.com, Inc. (a)		6,638		1,621,464
Tyler Technologies, Inc. (a)		1,670		755,458
Zoom Video Communications, Inc. Class A (a)		5,214		2,017,974
				48,044,190
				85,552,745
TOTAL COMMON STOCK (Cost $198,004,745)				251,651,791
TOTAL EQUITIES (Cost $198,004,745)				251,651,791
MUTUAL FUNDS — 0.1%
Diversified Financial Services — 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio (c)		220,556		220,556
TOTAL MUTUAL FUNDS (Cost $220,556)				220,556
TOTAL LONG-TERM INVESTMENTS (Cost $198,225,301)				251,872,347
	Principal Amount
SHORT-TERM INVESTMENTS — 0.2%
Repurchase Agreement — 0.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (d)	$	419,815		419,815
TOTAL SHORT-TERM INVESTMENTS (Cost $419,815)				419,815

MassMutual Disciplined Growth Fund —  Portfolio of Investments (Continued)

	Principal Amount	Value
TOTAL INVESTMENTS — 100.2% (Cost $198,645,116) (e)		$	252,292,162
Other Assets/(Liabilities) — (0.2)%			(426,708)
NET ASSETS — 100.0%		$	251,865,454

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2021, was $749,085 or 0.30% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $543,701 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).

(c) Represents investment of security lending cash collateral. (Note 2).

(d) Maturity value of $419,815. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 1/31/23, and an aggregate market value, including accrued interest, of $428,287.

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

MassMutual Small Cap Opportunities Fund —  Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.8%
COMMON STOCK — 98.8%
Basic Materials — 4.0%
Chemicals — 1.7%
Amyris, Inc. (a) (b)		135,330	$	2,215,352
Diversey Holdings Ltd. (a)		125,560		2,248,780
NewMarket Corp.		5,880		1,893,242
				6,357,374
Mining — 2.3%
Compass Minerals International, Inc.		60,366		3,577,289
Kaiser Aluminum Corp.		39,583		4,888,105
				8,465,394
				14,822,768
Communications — 3.6%
Internet — 2.9%
Overstock.com, Inc. (a)		60,350		5,564,270
Q2 Holdings, Inc. (a)		50,679		5,198,652
				10,762,922
Telecommunications — 0.7%
EchoStar Corp. Class A (a)		109,465		2,658,905
				13,421,827
Consumer, Cyclical — 12.6%
Apparel — 0.5%
Carter's, Inc.		19,526		2,014,497
Auto Parts & Equipment — 3.0%
Allison Transmission Holdings, Inc.		47,620		1,892,419
Dorman Products, Inc. (a)		43,454		4,504,876
Visteon Corp. (a)		39,745		4,806,760
				11,204,055
Entertainment — 0.7%
Cedar Fair LP (a) (c)		53,364		2,392,308
Retail — 8.4%
AutoNation, Inc. (a)		77,453		7,343,319
BJ's Wholesale Club Holdings, Inc. (a)		111,180		5,289,945
Denny's Corp. (a)		229,666		3,787,192
Foot Locker, Inc.		40,656		2,505,629
Jack in the Box, Inc.		42,097		4,691,290

MassMutual Small Cap Opportunities Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
Suburban Propane Partners LP (c)		250,090	$	3,836,381
Texas Roadhouse, Inc.		40,021		3,850,020
				31,303,776
				46,914,636
Consumer, Non-cyclical — 26.1%
Biotechnology — 3.5%
ADC Therapeutics SA (a) (b)		26,841		653,578
Avid Bioservices, Inc. (a)		98,650		2,530,373
Axsome Therapeutics, Inc. (a) (b)		18,176		1,226,153
Berkeley Lights, Inc. (a) (b)		39,110		1,752,519
NeoGenomics, Inc. (a)		79,914		3,609,715
Twist Bioscience Corp. (a)		25,727		3,428,123
				13,200,461
Commercial Services — 6.0%
ASGN, Inc. (a)		73,833		7,156,633
Korn Ferry		112,338		8,150,122
Monro, Inc.		85,829		5,451,000
Paya Holdings, Inc. Class A (a)		136,512		1,504,362
				22,262,117
Cosmetics & Personal Care — 0.8%
The Honest Co., Inc. (a)		178,729		2,893,622
Food — 3.0%
BellRing Brands, Inc. Class A (a)		163,685		5,129,888
The Simply Good Foods Co. (a)		162,939		5,948,903
				11,078,791
Health Care – Products — 5.6%
Adaptive Biotechnologies Corp. (a)		60,986		2,491,888
AtriCure, Inc. (a)		64,219		5,094,493
BioLife Solutions, Inc. (a)		57,577		2,562,752
Inspire Medical Systems, Inc. (a)		28,524		5,512,548
Repligen Corp. (a)		10,498		2,095,611
Tandem Diabetes Care, Inc. (a)		30,937		3,013,264
				20,770,556
Health Care – Services — 4.9%
Addus HomeCare Corp. (a)		44,729		3,902,158
LHC Group, Inc. (a)		28,239		5,655,142
Ortho Clinical Diagnostics Holdings PLC Class H (a)		99,509		2,130,488
Tenet Healthcare Corp. (a)		96,800		6,484,632
				18,172,420
Household Products & Wares — 0.8%
ACCO Brands Corp.		374,152		3,228,932
Pharmaceuticals — 1.5%
Collegium Pharmaceutical, Inc. (a)		85,530		2,021,929

MassMutual Small Cap Opportunities Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
Heska Corp. (a) (b)		15,485	$	3,557,369
				5,579,298
				97,186,197
Energy — 0.9%
Oil & Gas — 0.9%
CNX Resources Corp. (a)		242,528		3,312,932
Financial — 19.2%
Banks — 5.4%
The Bank of NT Butterfield & Son Ltd.		96,745		3,429,610
BankUnited, Inc.		102,921		4,393,697
Cathay General Bancorp		86,155		3,391,061
FB Financial Corp.		47,109		1,758,108
Heritage Financial Corp.		101,680		2,544,034
Signature Bank		12,091		2,970,154
Silvergate Capital Corp. Class A (a)		12,747		1,444,490
				19,931,154
Diversified Financial Services — 3.9%
Federated Hermes, Inc.		100,524		3,408,769
Focus Financial Partners, Inc. Class A (a)		102,136		4,953,596
Stifel Financial Corp.		93,584		6,069,858
				14,432,223
Real Estate Investment Trusts (REITS) — 4.3%
DiamondRock Hospitality Co. (a)		340,962		3,307,332
EPR Properties (a)		56,959		3,000,600
Four Corners Property Trust, Inc.		179,457		4,954,808
National Storage Affiliates Trust		91,327		4,617,493
				15,880,233
Savings & Loans — 5.6%
Berkshire Hills Bancorp, Inc.		86,717		2,376,913
OceanFirst Financial Corp.		125,267		2,610,564
Pacific Premier Bancorp, Inc.		107,134		4,530,697
Sterling Bancorp		200,922		4,980,856
WSFS Financial Corp.		138,477		6,451,644
				20,950,674
				71,194,284
Industrial — 14.7%
Building Materials — 2.4%
Masonite International Corp. (a)		35,407		3,958,149
Summit Materials, Inc. Class A (a)		146,218		5,095,697
				9,053,846
Electrical Components & Equipment — 1.8%
Energizer Holdings, Inc.		72,802		3,129,030

MassMutual Small Cap Opportunities Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
EnerSys		36,719	$	3,588,548
				6,717,578
Electronics — 1.4%
Atkore ,Inc. (a)		71,480		5,075,080
Engineering & Construction — 1.9%
Comfort Systems USA, Inc.		31,190		2,457,460
TopBuild Corp. (a)		22,632		4,476,157
				6,933,617
Machinery – Diversified — 0.7%
Curtiss-Wright Corp.		22,060		2,619,846
Metal Fabricate & Hardware — 2.9%
Rexnord Corp.		153,268		7,669,531
Valmont Industries, Inc.	��	12,476		2,944,960
				10,614,491
Miscellaneous - Manufacturing — 1.2%
EnPro Industries, Inc.		47,903		4,653,776
Packaging & Containers — 0.7%
Silgan Holdings, Inc.		64,940		2,695,010
Transportation — 1.7%
CryoPort, Inc. (a) (b)		65,451		4,129,958
Hub Group, Inc. Class A (a)		34,732		2,291,617
				6,421,575
				54,784,819
Technology — 12.9%
Computers — 2.5%
CACI International, Inc. Class A (a)		18,059		4,607,212
KBR, Inc.		125,813		4,799,766
				9,406,978
Semiconductors — 4.7%
Allegro MicroSystems, Inc. (a)		75,911		2,102,735
Brooks Automation, Inc.		67,268		6,409,295
MKS Instruments, Inc.		25,479		4,533,988
Semtech Corp. (a)		61,252		4,214,137
				17,260,155
Software — 5.7%
1Life Healthcare, Inc. (a)		77,265		2,554,381
Bottomline Technologies de, Inc. (a)		94,780		3,514,442
Envestnet, Inc. (a)		29,495		2,237,491
Everbridge, Inc. (a)		12,817		1,744,137
j2 Global, Inc. (a)		63,929		8,793,434

MassMutual Small Cap Opportunities Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
Olo, Inc. Class A (a)		63,473	$	2,373,256
				21,217,141
				47,884,274
Utilities — 4.8%
Electric — 2.8%
Avista Corp.		114,819		4,899,327
Evoqua Water Technologies Corp. (a)		158,812		5,364,669
				10,263,996
Gas — 2.0%
National Fuel Gas Co.		98,258		5,133,981
Northwest Natural Holding Co.		44,083		2,315,239
				7,449,220
				17,713,216
TOTAL COMMON STOCK (Cost $278,195,250)				367,234,953
TOTAL EQUITIES (Cost $278,195,250)				367,234,953
MUTUAL FUNDS — 0.6%
Diversified Financial Services — 0.6%
State Street Navigator Securities Lending Government Money Market Portfolio (d)		2,330,790		2,330,790
TOTAL MUTUAL FUNDS (Cost $2,330,790)				2,330,790
TOTAL LONG-TERM INVESTMENTS (Cost $280,526,040)				369,565,743
	Principal Amount
SHORT-TERM INVESTMENTS — 1.3%
Repurchase Agreement — 1.3%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (e)	$	4,723,603		4,723,603
TOTAL SHORT-TERM INVESTMENTS (Cost $4,723,603)				4,723,603
TOTAL INVESTMENTS — 100.7% (Cost $285,249,643) (f)				374,289,346
Other Assets/(Liabilities) — (0.7)%				(2,465,807)
NET ASSETS — 100.0%			$	371,823,539

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2021, was $6,188,876 or 1.66% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $4,007,869 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).

(c) Security is a Master Limited Partnership.

(d) Represents investment of security lending cash collateral. (Note 2).

(e) Maturity value of $4,723,603. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 1/31/23, and an aggregate market value, including accrued interest, of $4,818,099.

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

MassMutual Global Fund —  Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.3%
COMMON STOCK — 99.3%
Cayman Islands — 6.3%
Farfetch Ltd. Class A (a)		99,507	$	5,011,173
JD.com, Inc. ADR (a)		172,035		13,730,113
Meituan Class B (a) (b)		37,500		1,548,809
StoneCo Ltd. Class A (a)		46,419		3,112,858
				23,402,953
Denmark — 0.4%
Ambu A/S Class B		31,529		1,211,764
Ascendis Pharma A/S ADR (a)		1,407		185,091
				1,396,855
France — 8.4%
Dassault Systemes SE		4,833		1,172,485
Kering SA		13,116		11,477,426
LVMH Moet Hennessy Louis Vuitton SE		23,439		18,403,528
				31,053,439
Germany — 2.5%
SAP SE		65,162		9,194,192
India — 3.4%
DLF Ltd.		1,906,354		7,221,929
ICICI Bank Ltd. Sponsored ADR (a)		322,567		5,515,896
				12,737,825
Italy — 0.3%
Brunello Cucinelli SpA (a)		20,949		1,227,632
Japan — 12.7%
Capcom Co. Ltd.		64,500		1,887,476
FANUC Corp.		16,300		3,929,120
Keyence Corp.		17,800		8,979,099
Murata Manufacturing Co. Ltd.		117,230		8,945,828
Nidec Corp.		103,400		11,975,819
Omron Corp.		60,900		4,826,911
Takeda Pharmaceutical Co. Ltd.		44,208		1,484,728
TDK Corp.		43,100		5,236,524
				47,265,505
Netherlands — 3.8%
Airbus SE (a)		84,786		10,918,784
ASML Holding NV		3,443		2,370,510

MassMutual Global Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
uniQure NV (a)		27,960	$	861,168
				14,150,462
Spain — 1.1%
Industria de Diseno Textil SA		120,886		4,259,637
Sweden — 3.2%
Assa Abloy AB Class B		173,457		5,226,068
Atlas Copco AB Class A		108,356		6,638,116
				11,864,184
Switzerland — 1.0%
Lonza Group AG Registered		2,446		1,733,952
Zur Rose Group AG (a)		4,684		1,795,096
				3,529,048
United Kingdom — 1.1%
Prudential PLC		209,355		3,972,269
United States — 55.1%
Adobe, Inc. (a)		28,098		16,455,313
Agilent Technologies, Inc.		50,309		7,436,173
Alphabet, Inc. Class A (a)		15,924		38,883,064
Amazon.com, Inc. (a)		996		3,426,399
Analog Devices, Inc.		4,673		804,504
Avantor, Inc. (a)		159,170		5,652,127
Boston Scientific Corp. (a)		45,398		1,941,218
Castle Biosciences, Inc. (a)		11,022		808,243
Charles River Laboratories International, Inc. (a)		5,106		1,888,812
Dun & Bradstreet Holdings, Inc. (a) (c)		27,178		580,794
Electronic Arts, Inc.		19,331		2,780,378
Equifax, Inc.		28,394		6,800,647
Facebook, Inc. Class A (a)		55,556		19,317,377
Fate Therapeutics, Inc. (a)		8,039		697,705
Fidelity National Information Services, Inc.		31,684		4,488,672
Illumina, Inc. (a)		6,061		2,868,126
Intuit, Inc.		37,526		18,394,119
Intuitive Surgical, Inc. (a)		1,855		1,705,932
IQVIA Holdings, Inc. (a)		9,657		2,340,084
Marriott International, Inc. Class A (a)		3,389		462,666
Maxim Integrated Products, Inc.		105,462		11,111,476
Microsoft Corp.		13,254		3,590,509
PayPal Holdings, Inc. (a)		35,131		10,239,984
Pegasystems, Inc.		16,009		2,228,293
Phathom Pharmaceuticals, Inc. (a) (c)		30,441		1,030,428
Qualtrics International Inc (a)		16,492		630,819
S&P Global, Inc.		41,176		16,900,689
Twist Bioscience Corp. (a)		1,577		210,135
United Parcel Service, Inc. Class B		39,440		8,202,337
Veracyte, Inc. (a)		44,912		1,795,582
Visa, Inc. Class A		18,176		4,249,912
The Walt Disney Co. (a)		39,220		6,893,699
				204,816,216
TOTAL COMMON STOCK (Cost $149,362,008)				368,870,217

MassMutual Global Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
PREFERRED STOCK — 0.0%
India — 0.0%
Zee Entertainment Enterprises Ltd.
6.000%		573,050	$	15,342
TOTAL PREFERRED STOCK (Cost $22,480)				15,342
TOTAL EQUITIES (Cost $149,384,488)				368,885,559
TOTAL LONG-TERM INVESTMENTS (Cost $149,384,488)				368,885,559
	Principal Amount
SHORT-TERM INVESTMENTS — 0.6%
Repurchase Agreement — 0.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (d)	$	2,295,051		2,295,051
TOTAL SHORT-TERM INVESTMENTS (Cost $2,295,051)				2,295,051
TOTAL INVESTMENTS — 99.9% (Cost $151,679,539) (e)				371,180,610
Other Assets/(Liabilities) — 0.1%				353,999
NET ASSETS — 100.0%			$	371,534,609

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2021, the aggregate market value of these securities amounted to $1,548,809 or 0.42% of net assets.

(c) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2021, was $1,515,403 or 0.41% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $1,545,841 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).

(d) Maturity value of $2,295,051. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 1/31/23, and an aggregate market value, including accrued interest, of $2,341,033.

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

MassMutual International Equity Fund —  Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 93.5%
COMMON STOCK — 93.5%
Australia — 0.7%
Lendlease Corp Ltd.		27,200	$	233,816
Macquarie Group Ltd.		3,900		457,425
Santos Ltd.		63,800		340,333
				1,031,574
Austria — 0.1%
ams AG (a)		4,566		91,618
Belgium — 0.7%
Anheuser-Busch InBev SA		3,900		280,855
Groupe Bruxelles Lambert SA		2,500		279,623
KBC Group NV		6,800		517,977
				1,078,455
Canada — 5.2%
The Bank of Nova Scotia (b)		31,830		2,070,131
Canadian National Railway Co.		28,378		2,994,158
Intact Financial Corp.		22,685		3,081,947
				8,146,236
Cayman Islands — 0.6%
CK Asset Holdings Ltd.		54,000		372,783
CK Hutchison Holdings Ltd.		75,700		589,860
				962,643
Denmark — 0.2%
AP Moller - Maersk A/S Class B		90		258,822
France — 10.7%
Amundi SA (c)		1,139		100,348
Arkema SA		1,600		200,883
AXA SA		80,236		2,032,694
Capgemini SE		13,059		2,511,127
Dassault Aviation SA		160		188,359
Engie SA		49,700		681,348
LVMH Moet Hennessy Louis Vuitton SE		1,746		1,370,901
Rexel SA		12,100		253,233
Sanofi		5,700		597,278
Schneider Electric SE		14,390		2,265,195
TotalEnergies SE		46,990		2,131,812
Ubisoft Entertainment SA (a)		3,300		231,054
Veolia Environnement SA		17,700		534,781

MassMutual International Equity Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
Vinci SA		34,142	$	3,645,680
				16,744,693
Germany — 4.4%
Allianz SE Registered		1,360		339,097
BASF SE		6,200		488,572
Bayer AG Registered		2,100		127,557
Deutsche Boerse AG		2,780		485,253
Deutsche Post AG Registered		8,100		551,132
Fresenius SE & Co. KGaA		10,700		558,331
HeidelbergCement AG		6,800		583,422
Infineon Technologies AG		10,400		417,049
Merck KGaA		8,317		1,596,614
SAP SE		4,200		592,609
Siemens AG Registered		4,160		659,151
Siemens Energy AG (a)		11,780		355,170
Talanx AG (a)		3,700		151,299
				6,905,256
Hong Kong — 2.6%
AIA Group Ltd.		332,185		4,128,621
Ireland — 3.5%
AIB Group PLC (a)		89,100		229,256
DCC PLC		4,900		401,385
Linde PLC		570		164,787
Linde PLC (a)		14,180		4,097,134
Ryanair Holdings PLC Sponsored ADR (a)		500		54,105
Smurfit Kappa Group PLC		10,900		591,354
				5,538,021
Israel — 0.2%
Check Point Software Technologies Ltd. (a)		3,090		358,842
Italy — 0.3%
Mediobanca Banca di Credito Finanziario SpA (a)		14,691		171,455
Prysmian SpA		6,300		225,962
				397,417
Japan — 17.7%
Astellas Pharma, Inc.		278,340		4,845,234
Chugai Pharmaceutical Co. Ltd.		36,840		1,451,008
Denka Co. Ltd.		7,500		249,328
FANUC Corp.		1,400		337,470
Fujitsu Ltd.		2,100		393,339
Hitachi Ltd.		9,200		526,524
Japan Airlines Co. Ltd. (a)		8,200		177,410
Kao Corp. (b)		51,640		3,176,558
KDDI Corp.		123,100		3,838,163
Kirin Holdings Co. Ltd. (b)		110,970		2,163,098
Kyocera Corp.		6,100		376,953
Matsumotokiyoshi Holdings Co. Ltd.		1,200		52,967
Nintendo Co. Ltd.		600		349,104
Olympus Corp.		26,200		520,528
ORIX Corp.		34,100		573,785
Rakuten Group, Inc. (b)		42,500		479,487

MassMutual International Equity Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
Sega Sammy Holdings, Inc.		16,900	$	221,864
Seven & i Holdings Co. Ltd.		15,200		724,569
Shiseido Co. Ltd. (b)		40,410		2,971,417
Sony Group Corp.		11,700		1,135,521
Square Enix Holdings Co. Ltd.		4,600		228,222
Sumitomo Mitsui Financial Group, Inc.		13,800		474,923
Sysmex Corp.		10,530		1,243,715
Toshiba Corp. (b)		12,100		523,553
Toyota Industries Corp.		7,600		657,167
				27,691,907
Luxembourg — 0.2%
ArcelorMittal SA		11,800		362,237
Netherlands — 5.9%
Airbus SE (a)		500		64,390
ASML Holding NV		490		337,366
EXOR NV		1,900		152,073
Heineken Holding NV		6,200		624,618
Heineken NV		36,729		4,452,619
Koninklijke Philips NV		66,390		3,291,238
NXP Semiconductor NV		1,300		267,436
				9,189,740
Norway — 0.2%
Mowi ASA		14,600		371,400
Republic of Korea — 0.1%
Samsung Electronics Co. Ltd.		3,100		222,194
Singapore — 0.3%
DBS Group Holdings, Ltd.		23,200		514,831
Spain — 3.5%
Iberdrola SA		193,162		2,353,762
Industria de Diseno Textil SA		86,891		3,061,761
Siemens Gamesa Renewable Energy SA (a)		2,300		76,787
				5,492,310
Sweden — 2.6%
Assa Abloy AB Class B		102,699		3,094,208
Essity AB Class B		6,000		198,949
Investor AB Class B		14,500		334,036
Lundin Energy AB (b)		2,300		81,607
Volvo AB Class B (b)		13,400		322,543
				4,031,343
Switzerland — 9.8%
ABB Ltd. Registered		14,600		495,590
Alcon, Inc.		6,200		434,290
Cie Financiere Richemont SA Registered		2,400		290,573
Nestle SA Registered		34,764		4,329,347
Novartis AG Registered		48,445		4,415,510
Roche Holding AG		12,339		4,650,206

MassMutual International Equity Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
UBS Group AG Registered		43,900	$	672,174
				15,287,690
United Kingdom — 24.0%
Ashtead Group PLC		4,000		297,104
AstraZeneca PLC		22,890		2,746,759
Aviva PLC		61,100		343,581
BAE Systems PLC		462,650		3,344,771
Barratt Developments PLC		17,700		170,516
BHP Group PLC ADR		1,600		95,504
The British Land Co. PLC		54,400		372,990
Bunzl PLC		7,300		241,387
Compass Group PLC (a)		114,073		2,405,922
Diageo PLC		85,793		4,111,501
Entain PLC (a)		12,700		306,895
Experian PLC		58,323		2,249,931
Glencore PLC		53,400		228,679
Imperial Brands PLC		12,000		258,594
Inchcape PLC		17,956		191,006
Informa PLC (a)		32,800		228,000
Kingfisher PLC		55,600		280,520
Liberty Global PLC Class C (a)		15,000		405,600
Lloyds Banking Group PLC		574,800		371,844
Melrose Industries PLC		88,000		189,349
National Grid PLC		250,417		3,188,395
Persimmon PLC		9,500		389,429
Prudential PLC		91,159		1,729,636
Reckitt Benckiser Group PLC		42,548		3,765,549
Royal Dutch Shell PLC Class A		58,937		1,184,367
Smith & Nephew PLC		194,751		4,220,422
Tesco PLC		174,200		537,748
Unilever PLC		53,017		3,103,047
Unilever PLC		11,500		672,623
				37,631,669
TOTAL COMMON STOCK (Cost $126,433,387)				146,437,519
TOTAL EQUITIES (Cost $126,433,387)				146,437,519
MUTUAL FUNDS — 0.2%
United States — 0.2%
State Street Navigator Securities Lending Government Money Market Portfolio (d)		331,583		331,583
TOTAL MUTUAL FUNDS (Cost $331,583)				331,583
TOTAL LONG-TERM INVESTMENTS (Cost $126,764,970)				146,769,102

MassMutual International Equity Fund —  Portfolio of Investments (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 3.0%
Repurchase Agreement — 3.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (e)	$	4,608,442	$	4,608,442
TOTAL SHORT-TERM INVESTMENTS (Cost $4,608,442)				4,608,442
TOTAL INVESTMENTS — 96.7% (Cost $131,373,412) (f)				151,377,544
Other Assets/(Liabilities) — 3.3%				5,232,010
NET ASSETS — 100.0%			$	156,609,554

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2021, was $10,476,247 or 6.69% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $10,717,614 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).

(c) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2021, the aggregate market value of these securities amounted to $100,348 or 0.06% of net assets.

(d) Represents investment of security lending cash collateral. (Note 2).

(e) Maturity value of $4,608,442. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 1/31/23, and an aggregate market value, including accrued interest, of $4,700,658.

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

MassMutual Strategic Emerging Markets Fund —  Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.2%
COMMON STOCK — 93.1%
Bermuda — 0.4%
Credicorp Ltd. (a)		6,435	$	779,343
Brazil — 4.7%
Ambev SA		340,139		1,167,351
B3 SA - Brasil Bolsa Balcao		335,478		1,134,493
Lojas Renner SA		88,900		790,552
Vale SA Sponsored ADR		236,678		5,398,625
				8,491,021
Cayman Islands — 27.4%
Alibaba Group Holding Ltd. (a)		1,500		42,499
Alibaba Group Holding Ltd. Sponsored ADR (a)		10,209		2,315,197
BeiGene Ltd. ADR (a)		5,983		2,053,306
Blue Moon Group Holdings Ltd. (b)		183,960		260,048
Budweiser Brewing Co. APAC Ltd. (b)		351,200		1,105,432
Full Truck Alliance Co. Ltd. ADR (a)		45,484		926,964
Hansoh Pharmaceutical Group Co. Ltd. (b)		28,000		122,257
Huazhu Group Ltd. ADR (a) (c)		99,331		5,245,670
Innovent Biologics, Inc. (a) (b)		58,000		676,458
Kuaishou Technology (a) (b)		52,900		1,327,218
Meituan Class B (a) (b)		106,600		4,402,747
NetEase, Inc. ADR		26,957		3,106,794
New Horizon Health Ltd. (a) (b)		41,000		417,686
New Oriental Education & Technology Group, Inc. Sponsored ADR (a)		157,140		1,286,977
OneConnect Financial Technology Co. Ltd. (a)		52,519		631,278
Pagseguro Digital Ltd. Class A (a) (c)		20,811		1,163,751
Pinduoduo, Inc. ADR (a)		27,587		3,504,101
Sunny Optical Technology Group Co. Ltd.		12,100		381,412
TAL Education Group Sponsored ADR (a)		25,367		640,009
Tencent Holdings Ltd.		155,890		11,725,911
Tencent Music Entertainment Group ADR (a)		60,524		936,911
Wuxi Biologics Cayman, Inc. (a) (b)		184,000		3,372,498
Zai Lab Ltd. ADR (a)		4,444		786,544
ZTO Express Cayman, Inc.		7,620		230,371
ZTO Express Cayman, Inc. ADR		96,131		2,917,576
				49,579,615
Chile — 0.6%
Falabella SA		242,536		1,079,571
China — 2.4%
Contemporary Amperex Technology Co. Ltd. Class A		3,500		289,881
Gree Electric Appliances, Inc. of Zhuhai Class A		69,300		558,945
Jiangsu Hengrui Medicine Co. Ltd. Class A		67,970		715,173
Ping An Insurance Group Co. of China Ltd. Class A		258,471		2,571,882

MassMutual Strategic Emerging Markets Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
Remegen Co. Ltd. Class H (a) (b)		17,731	$	269,112
				4,404,993
Colombia — 0.3%
Grupo Aval Acciones y Valores SA		95,881		546,522
Egypt — 0.5%
Commercial International Bank Egypt SAE (a)		277,310		927,610
France — 4.6%
Kering SA		6,930		6,064,239
LVMH Moet Hennessy Louis Vuitton SE		111		87,154
Pernod Ricard SA		9,977		2,214,479
				8,365,872
Hong Kong — 3.4%
AIA Group Ltd.		488,200		6,067,682
India — 13.2%
Godrej Properties Ltd. (a)		22,032		413,664
Havells India Ltd.		11,178		147,795
HDFC Bank Ltd.		42,505		856,735
HDFC Life Insurance Co. Ltd. (b)		41,677		386,114
Housing Development Finance Corp. Ltd.		240,843		8,043,437
Infosys Ltd.		118,153		2,492,368
Kotak Mahindra Bank Ltd. (a)		224,221		5,146,947
Oberoi Realty Ltd. (a)		89,329		756,590
Tata Consultancy Services Ltd.		100,871		4,552,048
Zee Entertainment Enterprises Ltd.		353,109		1,021,184
				23,816,882
Indonesia — 1.2%
Bank Central Asia Tbk PT		611,100		1,269,648
Bank Rakyat Indonesia Persero Tbk PT		1,497,100		406,798
Indocement Tunggal Prakarsa Tbk PT		353,435		250,951
Semen Indonesia Persero Tbk PT		310,300		203,309
				2,130,706
Italy — 1.7%
Moncler SpA		13,380		905,737
PRADA SpA		287,700		2,184,345
				3,090,082
Luxembourg — 0.2%
InPost SA (a)		19,340		388,555
Mexico — 5.8%
Alsea SAB de CV (a)		253,000		453,100
Fomento Economico Mexicano SAB de CV		329,554		2,787,504
Fomento Economico Mexicano SAB de CV Sponsored ADR		7,508		634,501
Grupo Aeroportuario del Sureste SAB de CV Class B (a)		28,160		518,461
Grupo Mexico SAB de CV Series B		827,587		3,900,877
Wal-Mart de Mexico SAB de CV		661,093		2,159,314
				10,453,757

MassMutual Strategic Emerging Markets Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
Netherlands — 3.0%
Yandex NV Class A (a) (c)		77,271	$	5,466,923
Philippines — 2.1%
Ayala Land, Inc.		1,649,200		1,218,066
SM Investments Corp.		96,910		1,984,149
SM Prime Holdings, Inc.		854,257		639,046
				3,841,261
Republic of Korea — 2.6%
Samsung Biologics Co. Ltd. (a) (b)		3,684		2,749,887
Samsung Electronics Co. Ltd.		25,860		1,853,524
				4,603,411
Russia — 4.8%
Novatek PJSC Sponsored GDR Registered (b)		31,591		6,931,814
Novatek PJSC Sponsored GDR Registered (b)		531		116,448
Polyus PJSC (a)		4,598		889,186
Polyus PJSC GDR (b) (d)		132		12,771
Polyus PJSC GDR (b) (d)		4,390		424,733
Sberbank of Russia PJSC		91,895		382,975
				8,757,927
South Africa — 0.6%
FirstRand Ltd.		289,274		1,086,046
Switzerland — 2.0%
Cie Financiere Richemont SA Registered		29,280		3,544,992
Taiwan — 7.5%
Taiwan Semiconductor Manufacturing Co. Ltd.		635,000		13,560,341
Turkey — 0.4%
Akbank TAS		821,726		499,639
Turkiye Garanti Bankasi AS		305,629		292,170
				791,809
United Kingdom — 0.3%
Prudential PLC		31,209		592,155
United States — 3.4%
Yum China Holdings, Inc.		93,920		6,222,200
TOTAL COMMON STOCK (Cost $133,573,476)				168,589,276
PREFERRED STOCK — 5.1%
Brazil — 2.1%
Banco Bradesco SA 3.340%
		255,270		1,320,539
Lojas Americanas SA 0.640%
		567,972		2,464,280
				3,784,819

MassMutual Strategic Emerging Markets Fund —  Portfolio of Investments (Continued)

	Number of Shares		Value
India — 0.0%
Zee Entertainment Enterprises Ltd.
6.000%		742,906	$	19,889
Singapore — 3.0%
Grab Holdings, Inc., Series H, (Acquired 6/18/19, Cost $2,438,401)
(a) (d) (e) (f)		395,658		5,428,428
TOTAL PREFERRED STOCK (Cost $6,894,771)				9,233,136
TOTAL EQUITIES (Cost $140,468,247)				177,822,412
WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA, Expires 11/22/23, Strike 67.00 (a)		68,286		45,758
TOTAL WARRANTS (Cost $0)				45,758
TOTAL LONG-TERM INVESTMENTS (Cost $140,468,247)				177,868,170
	Principal Amount
SHORT-TERM INVESTMENTS — 2.3%
Repurchase Agreement — 2.3%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (g)	$	4,047,687		4,047,687
TOTAL SHORT-TERM INVESTMENTS (Cost $4,047,687)				4,047,687
TOTAL INVESTMENTS — 100.5% (Cost $144,515,934) (h)				181,915,857
Other Assets/(Liabilities) — (0.5)%				(835,364)
NET ASSETS — 100.0%			$	181,080,493

Abbreviation Legend

ADR American Depositary Receipt

GDR Global Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2021, the aggregate market value of these securities amounted to $22,575,223 or 12.47% of net assets.

MassMutual Strategic Emerging Markets Fund —  Portfolio of Investments (Continued)

Notes to Portfolio of Investments (continued)

(c) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2021, was $7,261,140 or 4.01% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $7,407,400 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).

(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2021, these securities amounted to a value of $5,865,932 or 3.24% of net assets.

(e) Investment was valued using significant unobservable inputs.

(f) Restricted security. Certain securities are restricted as to resale. At June 30, 2021, these securities amounted to a value of $5,428,428 or 3.00% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(g) Maturity value of $4,047,687. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 1/31/23, and an aggregate market value, including accrued interest, of $4,128,643.

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

Notes to Portfolio of Investments (Unaudited)

1. The Funds

MassMutual Premier Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated August 1, 1994, as amended and restated as of November 21, 2011, as it may be further amended from time to time. The Trust consists of the following series (each individually referred to as a "Fund" or collectively as the "Funds"):

MassMutual Short-Duration Bond Fund (formerly known as MassMutual Premier Short-Duration Bond Fund) (“Short-Duration Bond Fund”)

MassMutual Inflation-Protected and Income Fund (formerly known as MassMutual Premier Inflation-Protected and Income Fund) (“Inflation-Protected and Income Fund”)

MassMutual Core Bond Fund (formerly known as MassMutual Premier Core Bond Fund) (“Core Bond Fund”)

MassMutual Diversified Bond Fund (formerly known as MassMutual Premier Diversified Bond Fund) (“Diversified Bond Fund”)

MassMutual High Yield Fund (formerly known as MassMutual Premier High Yield Fund) (“High Yield Fund”)

MassMutual Balanced Fund (formerly known as MassMutual Premier Balanced Fund) (“Balanced Fund”)

MassMutual Disciplined Value Fund (formerly known as MassMutual Premier Disciplined Value Fund) (“Disciplined Value Fund”)

MassMutual Main Street Fund (formerly known as MassMutual Premier Main Street Fund) (“Main Street Fund”)

MassMutual Disciplined Growth Fund (formerly known as MassMutual Premier Disciplined Growth Fund) (“Disciplined Growth Fund”)

MassMutual Small Cap Opportunities Fund (formerly known as MassMutual Premier Small Cap Opportunities Fund) (“Small Cap Opportunities Fund”)

MassMutual Global Fund (formerly known as MassMutual Premier Global Fund) (“Global Fund”)

MassMutual International Equity Fund (formerly known as MassMutual Premier International Equity Fund) (“International Equity Fund”)

MassMutual Strategic Emerging Markets Fund (formerly known as MassMutual Premier Strategic Emerging Markets Fund) (“Strategic Emerging Markets Fund”)

2. Significant Accounting Policies

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

Notes to Portfolio of Investments (Unaudited) (Continued)

Investment Valuation

The net asset value of each Fund’s shares is determined once daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), on each day the NYSE is open for trading (a “business day”). The NYSE normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE’s scheduled close. A Fund will not treat an intraday disruption in NYSE trading or other event that causes an unscheduled closing of the NYSE as a close of business of the NYSE for these purposes and will instead fair value securities in accordance with procedures approved annually by the Board of Trustees ("Trustees"), and under the general oversight of the Trustees. On holidays and other days when the NYSE is closed, each Fund’s net asset value generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund’s assets may still be affected on such days to the extent that a Fund holds foreign securities that trade on days that foreign securities markets are open.

Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System (“NASDAQ System”), or in the case of over-the-counter (“OTC”) securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day.

Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, established benchmark yield, and estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche, including, but not limited to, prepayment speed assumptions and attributes of the collateral.

Investments for which market quotations are not available or for which a pricing service or vendor does not provide a value, or for which such market quotations or values are considered by the investment adviser or subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event) are stated at fair valuations determined in good faith by the Funds' Valuation Committee¹ in accordance with procedures approved annually by the Trustees, and under the general oversight of the Trustees. The Funds' Valuation Committee employs various methods to determine fair valuations including a regular review of significant inputs and assumptions and review of any related market activity. The Funds' Valuation Committee reports to the Trustees at its regularly scheduled meetings. It is possible that fair value prices will be used by the Funds to a significant extent. The value determined for an investment using the Funds' fair value procedures may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.

¹ The voting members of the Valuation Committee consist of the President, Treasurer, Assistant Treasurers, Vice Presidents (except for the CCO, Secretary, and Assistant Secretaries) of the Trust, as well as such other members as the Trustees may from time to time designate. The non-voting members of the Valuation Committee consist of the CCO, Secretary, and Assistant Secretaries. The Valuation Committee reviews and determines the fair valuation of portfolio securities and the Funds’ pricing procedures in general.

Notes to Portfolio of Investments (Unaudited) (Continued)

The Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds' portfolio securities may change on days when the prices of the Funds' shares are not calculated. The prices of the Funds' shares will reflect any such changes when the prices of the Funds' shares are next calculated, which is the next business day. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds' investments may be priced based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and any other investments fair valued using significant unobservable inputs, as described below, the fair valuation approaches used by third party service providers and/or the Funds’ subadvisers utilize one or a combination of, but not limited to, the following inputs:

Market approach: (i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii) market multiples of comparable issuers.

Income approach: (i) future cash flows discounted to present value and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts, and/or default rates.

Cost approach: (i) audited or unaudited financial statements, investor communications, and financial or operational metrics issued by the Private Company; (ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; (iii) relevant news and other public sources; and (iv) known secondary market transactions in the Private Company's interests and merger or acquisition activity in companies comparable to the Private Company.

Notes to Portfolio of Investments (Unaudited) (Continued)

Investments in series of preferred stock issued by Private Companies are typically valued utilizing Market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as the current value method (“CVM”), an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The CVM allocates value among the various parts of a company’s capital structure assuming that the value of convertible preferred stock is represented by the most favorable claim the preferred stockholders have on the enterprise value as of the valuation date. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Fund. Typically, the most recently available information for a Private Company is as of a date that is earlier than the date a Fund is calculating its net asset value. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

Notes to Portfolio of Investments (Unaudited) (Continued)

Level 1 – quoted prices (unadjusted) in active markets for identical investments that the Funds can access at the measurement date

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs, to the extent observable inputs are not available (including the Funds' own assumptions in determining the fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. In addition, in periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Levels.

In certain cases, the inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest Level input that is significant to the overall fair value measurement.

The Disciplined Value Fund, Disciplined Growth Fund, and Small Cap Opportunities Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of June 30, 2021. For each Fund noted in the preceding sentence, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

Notes to Portfolio of Investments (Unaudited) (Continued)

The following is the aggregate value by input level, as of June 30, 2021, for the remaining Funds' investments:

Short-Duration Bond Fund
Asset Investments	Level 1			Level 2		Level 3		Total
Corporate Debt	$	—		$	200,678,273	$	—	$	200,678,273
Municipal Obligations		—			451,258		—		451,258
Non-U.S. Government Agency Obligations		—			169,478,006		—		169,478,006
U.S. Government Agency Obligations and Instrumentalities		—			2,535,195		—		2,535,195
U.S. Treasury Obligations		—			1,770,896		—		1,770,896
Purchased Options		—			479,102		—		479,102
Mutual Funds		1,252,240			—		—		1,252,240
Short-Term Investments		—			7,627,667		—		7,627,667
Total Investments	$	1,252,240		$	383,020,397	$	—	$	384,272,637
Asset Derivatives
Futures Contracts	$	800,119		$	—	$	—	$	800,119
Liability Derivatives
Futures Contracts	$	(470,580	)	$	—	$	—	$	(470,580	)

Notes to Portfolio of Investments (Unaudited) (Continued)

Inflation-Protected and Income Fund
Asset Investments	Level 1			Level 2		Level 3		Total
Non-U.S. Government Agency Obligations	$	—		$	186,699,732	$	—	$	186,699,732
U.S. Government Agency Obligations and Instrumentalities		—			32,346,513		—		32,346,513
U.S. Treasury Obligations		—			56,040,850		—		56,040,850
Purchased Options		—			912,614		—		912,614
Short-Term Investments		—			85,995,141		—		85,995,141
Total Investments	$	—		$	361,994,850	$	—	$	361,994,850
Asset Derivatives
Futures Contracts	$	36,639		$	—	$	—	$	36,639
Swap Agreements		—			5,349,719		—		5,349,719
Total	$	36,639		$	5,349,719	$	—	$	5,386,358
Liability Derivatives
Futures Contracts	$	(15,276	)	$	—	$	—	$	(15,276	)

Notes to Portfolio of Investments (Unaudited) (Continued)

Core Bond Fund
Asset Investments	Level 1			Level 2		Level 3		Total
Corporate Debt	$	—		$	450,596,378	$	—	$	450,596,378
Non-U.S. Government Agency Obligations		—			395,097,871		—		395,097,871
Sovereign Debt Obligations		—			9,461,608		—		9,461,608
U.S. Government Agency Obligations and Instrumentalities		—			228,862,692		—		228,862,692
U.S. Treasury Obligations		—			88,863,458		—		88,863,458
Purchased Options		—			2,940,363		—		2,940,363
Mutual Funds		3,250,470			—		—		3,250,470
Short-Term Investments		—			195,233,308		—		195,233,308
Total Investments	$	3,250,470		$	1,371,055,678	$	—	$	1,374,306,148
Asset Derivatives
Futures Contracts	$	2,245,544		$	—	$	—	$	2,245,544
Liability Derivatives
Futures Contracts	$	(1,161,738	)	$	—	$	—	$	(1,161,738	)

Notes to Portfolio of Investments (Unaudited) (Continued)

Diversified Bond Fund
Asset Investments	Level 1			Level 2			Level 3		Total
Common Stock	$	125,989		$	—		$	15,389	$	141,378
Preferred Stock		1,632,855			—			—		1,632,855
Corporate Debt		—			103,439,635			—		103,439,635
Non-U.S. Government Agency Obligations		—			74,228,102			—		74,228,102
Sovereign Debt Obligations		—			1,476,172			—		1,476,172
U.S. Government Agency Obligations and Instrumentalities		—			32,928,459			—		32,928,459
U.S. Treasury Obligations		—			7,799,407			—		7,799,407
Purchased Options		—			581,906			—		581,906
Warrants		—			—			4,011		4,011
Mutual Funds		1,928,998			—			—		1,928,998
Short-Term Investments		—			28,967,602			—		28,967,602
Total Investments	$	3,687,842		$	249,421,283		$	19,400	$	253,128,525
Asset Derivatives
Forward Contracts	$	—		$	118,083		$	—	$	118,083
Futures Contracts		633,754			—			—		633,754
Total	$	633,754		$	118,083		$	—	$	751,837
Liability Derivatives
Forward Contracts	$	—		$	(27,188	)	$	—	$	(27,188	)
Futures Contracts		(226,765	)		—			—		(226,765	)
Written Options		—			(5,268	)		—		(5,268	)
Total	$	(226,765	)	$	(32,456	)	$	—	$	(259,221	)

Notes to Portfolio of Investments (Unaudited) (Continued)

High Yield Fund
Asset Investments	Level 1		Level 2		Level 3		Total
Common Stock	$	4,120,324	$	55	$	622,489	$	4,742,868
Bank Loans		—		67,822,756		—		67,822,756
Corporate Debt		—		442,973,403		—		442,973,403
Mutual Funds		3,405,703		—		—		3,405,703
Short-Term Investments		—		35,952,278		—		35,952,278
Total Investments	$	7,526,027	$	546,748,492	$	622,489	$	554,897,008

Notes to Portfolio of Investments (Unaudited) (Continued)

Balanced Fund
Asset Investments	Level 1			Level 2		Level 3		Total
Common Stock	$	104,537,482		$	—	$	—	$	104,537,482
Corporate Debt		—			21,144,317		—		21,144,317
Non-U.S. Government Agency Obligations		—			1,308,335		—		1,308,335
U.S. Government Agency Obligations and Instrumentalities		—			11,371,431		—		11,371,431
U.S. Treasury Obligations		—			31,114,571		—		31,114,571
Mutual Funds		119,070			—		—		119,070
Short-Term Investments		—			2,885,669		—		2,885,669
Total Investments	$	104,656,552		$	67,824,323	$	—	$	172,480,875
Liability Derivatives
Futures Contracts	$	(32,529	)	$	—	$	—	$	(32,529	)

Notes to Portfolio of Investments (Unaudited) (Continued)

Main Street Fund
Asset Investments	Level 1		Level 2			Level 3		Total
Common Stock	$	121,690,481	$	822,471	*	$	—	$	122,512,952
Mutual Funds		467,215		—			—		467,215
Total Investments	$	122,157,696	$	822,471		$	—	$	122,980,167

Notes to Portfolio of Investments (Unaudited) (Continued)

Global Fund
Asset Investments	Level 1		Level 2		Level 3		Total
Common Stock*
Cayman Islands	$	21,854,144	$	1,548,809	$	—	$	23,402,953
Denmark		185,091		1,211,764		—		1,396,855
France		—		31,053,439		—		31,053,439
Germany		—		9,194,192		—		9,194,192
India		5,515,896		7,221,929		—		12,737,825
Italy		—		1,227,632		—		1,227,632
Japan		—		47,265,505		—		47,265,505
Netherlands		861,168		13,289,294		—		14,150,462
Spain		—		4,259,637		—		4,259,637
Sweden		—		11,864,184		—		11,864,184
Switzerland		—		3,529,048		—		3,529,048
United Kingdom		—		3,972,269		—		3,972,269
United States		204,816,216		—		—		204,816,216
Preferred Stock
India		15,342		—		—		15,342
Short-Term Investments		—		2,295,051		—		2,295,051
Total Investments	$	233,247,857	$	137,932,753	$	—	$	371,180,610

Notes to Portfolio of Investments (Unaudited) (Continued)

International Equity Fund
Asset Investments	Level 1		Level 2		Level 3		Total
Common Stock*
Australia	$	—	$	1,031,574	$	—	$	1,031,574
Austria		—		91,618		—		91,618
Belgium		—		1,078,455		—		1,078,455
Canada		8,146,236		—		—		8,146,236
Cayman Islands		—		962,643		—		962,643
Denmark		—		258,822		—		258,822
France		—		16,744,693		—		16,744,693
Germany		—		6,905,256		—		6,905,256
Hong Kong		—		4,128,621		—		4,128,621
Ireland		218,892		5,319,129		—		5,538,021
Israel		358,842		—		—		358,842
Italy		—		397,417		—		397,417
Japan		—		27,691,907		—		27,691,907
Luxembourg		—		362,237		—		362,237
Netherlands		267,436		8,922,304		—		9,189,740
Norway		—		371,400		—		371,400
Republic of Korea		—		222,194		—		222,194
Singapore		—		514,831		—		514,831
Spain		—		5,492,310		—		5,492,310
Sweden		—		4,031,343		—		4,031,343
Switzerland		—		15,287,690		—		15,287,690
United Kingdom		501,104		37,130,565		—		37,631,669
Mutual Funds		331,583		—		—		331,583
Short-Term Investments		—		4,608,442		—		4,608,442
Total Investments	$	9,824,093	$	141,553,451	$	—	$	151,377,544

Notes to Portfolio of Investments (Unaudited) (Continued)

Strategic Emerging Markets Fund
Asset Investments	Level 1		Level 2		Level 3		Total
Common Stock*
Bermuda	$	779,343	$	—	$	—	$	779,343
Brazil		8,491,021		—		—		8,491,021
Cayman Islands		25,515,078		24,064,537		—		49,579,615
Chile		1,079,571		—		—		1,079,571
China		—		4,404,993		—		4,404,993
Colombia		546,522		—		—		546,522
Egypt		—		927,610		—		927,610
France		—		8,365,872		—		8,365,872
Hong Kong		—		6,067,682		—		6,067,682
India		—		23,816,882		—		23,816,882
Indonesia		—		2,130,706		—		2,130,706
Italy		—		3,090,082		—		3,090,082
Luxembourg		—		388,555		—		388,555
Mexico		10,453,757		—		—		10,453,757
Netherlands		5,466,923		—		—		5,466,923
Philippines		—		3,841,261		—		3,841,261
Republic of Korea		—		4,603,411		—		4,603,411
Russia		116,448		8,641,479		—		8,757,927
South Africa		—		1,086,046		—		1,086,046
Switzerland		—		3,544,992		—		3,544,992
Taiwan		—		13,560,341		—		13,560,341
Turkey		—		791,809		—		791,809
United Kingdom		—		592,155		—		592,155
United States		6,222,200		—		—		6,222,200
Preferred Stock
Brazil		3,784,819		—		—		3,784,819
India		19,889		—		—		19,889
Singapore		—		—		5,428,428		5,428,428
Warrants		45,758		—		—		45,758
Short-Term Investments		—		4,047,687		—		4,047,687
Total Investments	$	62,521,329	$	113,966,100	$	5,428,428	$	181,915,857

* 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.

Notes to Portfolio of Investments (Unaudited) (Continued)

Derivative Instruments

Derivatives are financial instruments whose values are based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price.

Please refer to the Funds' most recent Annual/Semiannual reports and prospectus(es) and Statement(s) of Additional Information which can be found on the Securities and Exchange Commission's (“SEC”) EDGAR database on its website at http://www.sec.gov for more information regarding the derivatives and other investments held by the Fund(s).

Securities Lending

Each Fund may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds’ securities lending activities are governed by a Securities Lending Agency Agreement (“Lending Agreement”) between each Fund and the lending agent (“Agent”). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a “Borrower”).

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At June 30, 2021, the Funds' collateral was equal to or greater than 100% of the market value of securities on loan.

Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower (“Borrowing Agreement”), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement.

Accounting for Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country's tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds determine the classification of distributions received as return of capital distributions or capital gain distributions.

Notes to Portfolio of Investments (Unaudited) (Continued)

Foreign Currency Translation

The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.

Foreign Securities

The Global Fund invests a significant amount of its assets in foreign securities and each of the International Equity Fund and Strategic Emerging Markets Fund invests substantially all of its assets in foreign securities. The other Funds may also invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, and diplomatic risks. In addition, fluctuations in currency exchange rates may adversely affect the values of foreign securities and the price of a Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, and greater volatility in currency exchange rates.

Federal Income Tax

It is each Fund's intent to continue to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to a regulated investment company. Under such provisions, the Funds would not be subject to federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for federal income tax.

Dividends and Distributions to Shareholders

Dividends from net investment income of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements. Distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. As a result, net investment income and net realized capital gains on investment transactions for a reporting period may differ significantly from distributions during such period.

Notes to Portfolio of Investments (Unaudited) (Continued)

3. Federal Income Tax Information

At June 30, 2021, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a federal income tax basis, were as follows:

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Short-Duration Bond Fund	$	379,283,701	$	7,118,812	$	(2,129,876	)	$	4,988,936
Inflation-Protected and Income Fund		358,613,130		4,231,137		(849,417	)		3,381,720
Core Bond Fund		1,339,614,898		41,126,139		(6,434,889	)		34,691,250
Diversified Bond Fund		245,040,284		9,244,791		(1,156,550	)		8,088,241
High Yield Fund		528,221,709		30,194,489		(3,519,190	)		26,675,299
Balanced Fund		165,840,557		7,939,142		(1,298,824	)		6,640,318
Disciplined Value Fund		90,655,568		10,180,312		(764,874	)		9,415,438
Main Street Fund		85,769,746		37,647,097		(436,676	)		37,210,421
Disciplined Growth Fund		198,645,116		54,793,438		(1,146,392	)		53,647,046
Small Cap Opportunities Fund		285,249,643		95,898,873		(6,859,170	)		89,039,703
Global Fund		151,679,539		220,133,832		(632,761	)		219,501,071
International Equity Fund		131,373,412		22,294,892		(2,290,760	)		20,004,132
Strategic Emerging Markets Fund		144,515,934		43,712,437		(6,312,514	)		37,399,923

4. New Accounting Pronouncements

In March 2020, FASB issued Accounting Standards Update 2020-04 — Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management does not believe the impact of adopting ASU 2020-04 will have a material impact on the financial statements.

In October 2020, Accounting Standards Update 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”) was amended by Accounting Standards Update 2020-08, Codification Improvements to Subtopic 310-20, Receivables — Nonrefundable Fees and Other Costs (“ASU 2020-08”). ASU 2020-08 requires entities to reevaluate whether callable debt securities fall within the scope of ASU 2017-08 at each reporting period. ASU 2020-08 also amends the relevant guidance to require premiums to be amortized to the “next call date” rather than the “earliest call date,” and further clarifies the definition of “next call date.” ASU 2020-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of ASU 2020-08 is not permitted. Management is currently evaluating the impact, if any, of applying ASU 2020-08.

In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies. Rule 18f-4 will impose limits on the amount of derivatives a fund could enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is more than a limited specified exposure to establish and maintain a derivatives risk management program and appoint a derivatives risk manager. While the new rule became effective February 19, 2021, funds will not be required to fully comply with the new rule until August 19, 2022. It is not currently clear what impact, if any, the new rule will have on the availability, liquidity or performance of derivatives. When fully implemented, the new rule may require changes in how a fund will use derivatives, may adversely affect a fund’s performance and may increase costs related to a fund’s use of derivatives.

Notes to Portfolio of Investments (Unaudited) (Continued)

5. Legal Proceedings

On December 7, 2010, the Trust was named as a defendant and putative member of the proposed defendant class of shareholders named in an adversary proceeding brought by The Official Committee of Unsecured Creditors of Tribune Company (the “Official Committee”) in the U.S. Bankruptcy Court for the District of Delaware, in connection with Tribune Company’s Chapter 11 bankruptcy proceeding (In re Tribune Company). The proceeding relates to a leveraged buyout ("LBO") transaction by which Tribune Company converted to a privately-held company in 2007, and the putative defendant class is comprised of beneficial owners of shares of Tribune Company who received proceeds (the “Proceeds”) of the LBO. The Official Committee seeks to recover payments of those Proceeds. On April 5, 2012, the adversary proceeding was transferred to the Southern District of New York for consolidated pretrial proceedings. The action is now being prosecuted by the litigation trustee (“Trustee”) for the Tribune Litigation Trust.

The potential amounts sought to be recovered from the Balanced Fund, Disciplined Value Fund, and Small Cap Opportunities Fund, are approximately $44,200, $299,880, and $414,800, respectively, plus interest and the Official Committee’s court costs.

In addition, on June 2, 2011, the Disciplined Value Fund and Small Cap Opportunities Fund were named as defendants in a closely related, parallel adversary proceeding brought in connection with the Tribune Company’s LBO by Deutsche Bank Trust Company Americas, in its capacity as successor indenture trustee for a certain series of Senior Notes, Law Debenture Trust Company of New York, in its capacity as successor indenture trustee for a certain series of Senior Notes, and Wilmington Trust Company, in its capacity as successor indenture trustee for the PHONES Notes (together, the “Plaintiffs”), in the United States District Court for the District of Massachusetts. The Plaintiffs also seek to recover payments of the Proceeds. On December 20, 2011, this action was transferred to the Southern District of New York for consolidated pretrial proceedings.

The Funds cannot predict the outcome of these proceedings. Accordingly, the Funds have not accrued any amounts related to these proceedings. If the proceedings were to be decided in a manner adverse to the Funds, or if the Funds were to enter into a settlement agreement with the Trustee or the Plaintiffs, as applicable, the payment of such judgment or settlement could potentially have a material adverse effect on the Funds’ net asset values depending on the net assets of each applicable Fund at the time of such judgment or settlement.

6. Coronavirus (COVID-19) Pandemic

The global pandemic outbreak of the novel coronavirus known as COVID-19 has produced, and will likely continue to produce, substantial market volatility, severe market dislocations and liquidity constraints in many markets, and global business disruption, and it may result in future significant adverse effects, such as exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn or recession throughout the world. Such factors may have a significant adverse effect on a Fund’s performance and have the potential to impair the ability of a Fund’s investment adviser, subadviser, or other service providers to serve the Fund and could lead to disruptions that negatively impact the Fund.