| MassMutual Short-Duration Bond Fund — Portfolio of Investments |
December 31, 2024 (Unaudited)
| Principal Amount | Value | |||||||
| BONDS & NOTES — 78.6% | ||||||||
| CORPORATE DEBT — 43.8% | ||||||||
| Aerospace & Defense — 0.5% | ||||||||
| Boeing Co. | ||||||||
| 6.298% 5/01/29 | $ | 717,000 | $ | 743,220 | ||||
| Auto Manufacturers — 1.4% | ||||||||
| Ford Motor Credit Co. LLC | ||||||||
| 5.303% 9/06/29 | 630,000 | 617,389 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 5.800% 1/07/29 | 366,000 | 373,368 | ||||||
| Hyundai Capital America | ||||||||
| 6.100% 9/21/28 (a) | 356,000 | 366,237 | ||||||
| Nissan Motor Acceptance Co. LLC | ||||||||
| 1.850% 9/16/26 (a) | 815,000 | 766,029 | ||||||
| 2,123,023 | ||||||||
| Banks — 8.6% | ||||||||
| ABN AMRO Bank NV | ||||||||
| 4.750% 7/28/25 (a) | 1,585,000 | 1,578,654 | ||||||
| ABQ Finance Ltd. | ||||||||
| 2.000% 7/06/26 (a) | 1,200,000 | 1,141,416 | ||||||
| Bank of America Corp. | ||||||||
| 4.450% 3/03/26 | 400,000 | 398,342 | ||||||
| Barclays PLC | ||||||||
| 5.200% 5/12/26 | 440,000 | 440,502 | ||||||
| 1 day USD SOFR + 1.740% 5.690% VRN 3/12/30 | 445,000 | 449,312 | ||||||
| BPCE SA, (Acquired 5/21/24, Cost $430,000), | ||||||||
| 5.281% 5/30/29 (a) (b) | 430,000 | 430,716 | ||||||
| Credit Agricole SA 1 day USD SOFR + 1.860% | ||||||||
| 6.316% VRN 10/03/29 (a) | 596,000 | 615,791 | ||||||
| Danske Bank AS 1 yr. CMT + 0.730% | ||||||||
| 1.549% VRN 9/10/27 (a) | 400,000 | 378,314 | ||||||
| Discover Bank 5 yr. USD SOFR ICE Swap + 1.730% | ||||||||
| 5.974% VRN 8/09/28 | 625,000 | 636,471 | ||||||
| HSBC Holdings PLC 1 day USD SOFR + 3.350% | ||||||||
| 7.390% VRN 11/03/28 | 350,000 | 370,950 | ||||||
| ING Groep NV 1 day USD SOFR + 1.440% | ||||||||
| 5.335% VRN 3/19/30 | 445,000 | 446,772 | ||||||
| JP Morgan Chase & Co. 3 mo. USD Term SOFR + 1.522% | ||||||||
| 4.203% VRN 7/23/29 | 600,000 | 583,859 | ||||||
| Lloyds Banking Group PLC 1 yr. CMT + 0.850% | ||||||||
| 5.087% VRN 11/26/28 | 238,000 | 238,264 | ||||||
| Macquarie Group Ltd. 1 day USD SOFR + 1.069% | ||||||||
| 1.340% VRN 1/12/27 (a) | 804,000 | 774,822 | ||||||
| Morgan Stanley 1 day USD SOFR + 1.630% | ||||||||
| 5.449% VRN 7/20/29 | 739,000 | 747,256 | ||||||
| NatWest Group PLC 1 yr. CMT + 0.900% | ||||||||
| 1.642% VRN 6/14/27 | 415,000 | 395,991 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Santander UK Group Holdings PLC 1 day USD SOFR Index + 1.554% | ||||||||
| 4.858% VRN 9/11/30 | $ | 400,000 | $ | 388,911 | ||||
| Societe Generale SA 1 yr. CMT + 1.300% | ||||||||
| 2.797% VRN 1/19/28 (a) | 807,000 | 767,264 | ||||||
| Synovus Bank | ||||||||
| 5.625% 2/15/28 | 653,000 | 654,166 | ||||||
| Truist Financial Corp. 1 day USD SOFR + 2.446% | ||||||||
| 7.161% VRN 10/30/29 | 515,000 | 550,688 | ||||||
| UBS Group AG 1 yr. CMT + 1.080% | ||||||||
| 1.364% VRN 1/30/27 (a) | 875,000 | 841,546 | ||||||
| Wells Fargo & Co. 1 day USD SOFR + 1.740% | ||||||||
| 5.574% VRN 7/25/29 | 369,000 | 374,644 | ||||||
| 13,204,651 | ||||||||
| Beverages — 0.3% | ||||||||
| JDE Peet's NV | ||||||||
| 1.375% 1/15/27 (a) | 510,000 | 473,371 | ||||||
| Chemicals — 1.5% | ||||||||
| Celanese US Holdings LLC | ||||||||
| 6.165% STEP 7/15/27 | 307,000 | 311,575 | ||||||
| 6.600% STEP 11/15/28 | 560,000 | 573,637 | ||||||
| MEGlobal Canada ULC | ||||||||
| 5.000% 5/18/25 (a) (c) | 1,050,000 | 1,047,322 | ||||||
| Yara International ASA | ||||||||
| 4.750% 6/01/28 (a) | 389,000 | 383,214 | ||||||
| 2,315,748 | ||||||||
| Commercial Services — 1.0% | ||||||||
| Element Fleet Management Corp. | ||||||||
| 5.643% 3/13/27 (a) | 450,000 | 456,489 | ||||||
| Triton Container International Ltd. | ||||||||
| 2.050% 4/15/26 (a) | 1,040,000 | 996,568 | ||||||
| 1,453,057 | ||||||||
| Computers — 0.2% | ||||||||
| Genpact Luxembourg SARL/Genpact USA, Inc. | ||||||||
| 6.000% 6/04/29 | 363,000 | 371,162 | ||||||
| Diversified Financial Services — 2.2% | ||||||||
| Ally Financial, Inc. 1 day USD SOFR + 3.260% | ||||||||
| 6.992% VRN 6/13/29 | 375,000 | 390,668 | ||||||
| Avolon Holdings Funding Ltd. | ||||||||
| 4.250% 4/15/26 (a) | 312,000 | 308,243 | ||||||
| 5.750% 11/15/29 (a) | 430,000 | 435,248 | ||||||
| BGC Group, Inc. | ||||||||
| 4.375% 12/15/25 | 1,340,000 | 1,327,409 | ||||||
| Macquarie Airfinance Holdings Ltd. | ||||||||
| 6.400% 3/26/29 (a) | 113,000 | 116,269 | ||||||
| REC Ltd. | ||||||||
| 2.250% 9/01/26 (a) | 800,000 | 762,217 | ||||||
| 3,340,054 | ||||||||
| Electric — 1.8% | ||||||||
| Adani Transmission Step-One Ltd. | ||||||||
| 4.000% 8/03/26 (a) | 500,000 | 459,432 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Alliant Energy Finance LLC | ||||||||
| 1.400% 3/15/26 (a) | $ | 1,630,000 | $ | 1,556,232 | ||||
| Engie SA | ||||||||
| 5.250% 4/10/29 (a) | 395,000 | 396,235 | ||||||
| Pacific Gas & Electric Co. | ||||||||
| 5.550% 5/15/29 | 405,000 | 411,605 | ||||||
| 2,823,504 | ||||||||
| Entertainment — 0.7% | ||||||||
| Warnermedia Holdings, Inc. | ||||||||
| 4.054% 3/15/29 | 1,075,000 | 1,000,233 | ||||||
| Food — 1.1% | ||||||||
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | ||||||||
| 2.500% 1/15/27 | 805,000 | 764,520 | ||||||
| Smithfield Foods, Inc. | ||||||||
| 4.250% 2/01/27 (a) | 995,000 | 973,035 | ||||||
| 1,737,555 | ||||||||
| Hand & Machine Tools — 0.3% | ||||||||
| Regal Rexnord Corp. | ||||||||
| 6.050% 4/15/28 | 385,000 | 391,591 | ||||||
| Health Care - Services — 0.2% | ||||||||
| Centene Corp. | ||||||||
| 2.450% 7/15/28 | 425,000 | 382,461 | ||||||
| Home Furnishing — 0.4% | ||||||||
| LG Electronics, Inc. | ||||||||
| 5.625% 4/24/27 (a) | 250,000 | 252,859 | ||||||
| 5.625% 4/24/29 (a) | 288,000 | 291,783 | ||||||
| 544,642 | ||||||||
| Housewares — 0.2% | ||||||||
| Newell Brands, Inc. | ||||||||
| 6.375% 9/15/27 (c) | 369,000 | 370,273 | ||||||
| Insurance — 3.7% | ||||||||
| Arthur J Gallagher & Co. | ||||||||
| 4.850% 12/15/29 | 117,000 | 116,463 | ||||||
| Athene Global Funding | ||||||||
| 1.730% 10/02/26 (a) | 935,000 | 885,566 | ||||||
| Brighthouse Financial Global Funding | ||||||||
| 5.650% 6/10/29 (a) | 375,000 | 378,162 | ||||||
| CNO Global Funding | ||||||||
| 2.650% 1/06/29 (a) | 475,000 | 429,422 | ||||||
| Corebridge Global Funding | ||||||||
| 4.900% 12/03/29 (a) | 405,000 | 402,064 | ||||||
| Enstar Group Ltd. | ||||||||
| 4.950% 6/01/29 | 400,000 | 393,064 | ||||||
| GA Global Funding Trust | ||||||||
| 5.500% 1/08/29 (a) | 890,000 | 898,797 | ||||||
| Jackson National Life Global Funding | ||||||||
| 4.600% 10/01/29 (a) | 216,000 | 210,010 | ||||||
| Lincoln National Corp., (Acquired 4/19/23, Cost $731,429), | ||||||||
| 3.800% 3/01/28 (b) (c) | 825,000 | 794,884 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Sammons Financial Group, Inc. | ||||||||
| 4.450% 5/12/27 (a) | $ | 1,154,000 | $ | 1,131,194 | ||||
| 5,639,626 | ||||||||
| Internet — 0.8% | ||||||||
| Prosus NV | ||||||||
| 3.257% 1/19/27 (a) | 1,250,000 | 1,195,152 | ||||||
| Investment Companies — 5.7% | ||||||||
| Antares Holdings LP | ||||||||
| 2.750% 1/15/27 (a) | 485,000 | 454,561 | ||||||
| 3.950% 7/15/26 (a) | 880,000 | 854,101 | ||||||
| ARES Capital Corp. | ||||||||
| 2.875% 6/15/28 | 475,000 | 437,850 | ||||||
| 5.950% 7/15/29 | 430,000 | 434,784 | ||||||
| ARES Strategic Income Fund | ||||||||
| 6.350% 8/15/29 (a) | 770,000 | 783,736 | ||||||
| Blackstone Private Credit Fund | ||||||||
| 2.625% 12/15/26 | 813,000 | 774,743 | ||||||
| Blackstone Secured Lending Fund | ||||||||
| 2.750% 9/16/26 | 525,000 | 503,897 | ||||||
| Blue Owl Capital Corp. | ||||||||
| 8.450% 11/15/26 | 375,000 | 393,043 | ||||||
| Blue Owl Credit Income Corp. | ||||||||
| 4.700% 2/08/27 | 783,000 | 771,813 | ||||||
| Blue Owl Technology Finance Corp. II | ||||||||
| 6.750% 4/04/29 (a) | 881,000 | 886,400 | ||||||
| Golub Capital BDC, Inc. | ||||||||
| 2.500% 8/24/26 | 1,115,000 | 1,062,134 | ||||||
| HPS Corporate Lending Fund | ||||||||
| 6.250% 9/30/29 (a) (c) | 425,000 | 432,274 | ||||||
| 6.750% 1/30/29 (a) | 522,000 | 536,047 | ||||||
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | ||||||||
| 5.250% 5/15/27 | 400,000 | 378,710 | ||||||
| 8,704,093 | ||||||||
| Lodging — 0.5% | ||||||||
| Las Vegas Sands Corp. | ||||||||
| 6.000% 8/15/29 | 735,000 | 744,545 | ||||||
| Machinery - Construction & Mining — 0.7% | ||||||||
| Weir Group PLC | ||||||||
| 2.200% 5/13/26 (a) | 1,036,000 | 996,133 | ||||||
| Media — 0.8% | ||||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
| 2.250% 1/15/29 | 385,000 | 339,466 | ||||||
| Paramount Global | ||||||||
| 3.700% 6/01/28 | 950,000 | 894,373 | ||||||
| 1,233,839 | ||||||||
| Office & Business Equipment — 0.3% | ||||||||
| CDW LLC/CDW Finance Corp. | ||||||||
| 5.100% 3/01/30 | 420,000 | 413,653 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Oil & Gas — 1.8% | ||||||||
| Helmerich & Payne, Inc. | ||||||||
| 4.850% 12/01/29 (a) (c) | $ | 760,000 | $ | 736,081 | ||||
| Occidental Petroleum Corp. | ||||||||
| 5.200% 8/01/29 | 425,000 | 421,665 | ||||||
| Parkland Corp. | ||||||||
| 5.875% 7/15/27 (a) | 455,000 | 450,664 | ||||||
| Patterson-UTI Energy, Inc. | ||||||||
| 3.950% 2/01/28 | 1,220,000 | 1,166,891 | ||||||
| 2,775,301 | ||||||||
| Packaging & Containers — 0.3% | ||||||||
| Smurfit Kappa Treasury ULC | ||||||||
| 5.200% 1/15/30 (a) | 440,000 | 442,455 | ||||||
| Pharmaceuticals — 1.3% | ||||||||
| Bayer US Finance II LLC | ||||||||
| 4.375% 12/15/28 (a) | 525,000 | 504,883 | ||||||
| Hikma Finance USA LLC | ||||||||
| 3.250% 7/09/25 (a) | 1,150,000 | 1,133,635 | ||||||
| Viatris, Inc. | ||||||||
| 2.300% 6/22/27 | 416,000 | 390,111 | ||||||
| 2,028,629 | ||||||||
| Pipelines — 0.5% | ||||||||
| Columbia Pipelines Holding Co. LLC | ||||||||
| 6.055% 8/15/26 (a) | 385,000 | 390,432 | ||||||
| Harvest Midstream I LP | ||||||||
| 7.500% 9/01/28 (a) | 391,000 | 394,453 | ||||||
| 784,885 | ||||||||
| Private Equity — 0.6% | ||||||||
| Hercules Capital, Inc. | ||||||||
| 2.625% 9/16/26 | 966,000 | 919,116 | ||||||
| Real Estate Investment Trusts (REITS) — 4.3% | ||||||||
| EPR Properties | ||||||||
| 3.750% 8/15/29 | 175,000 | 162,129 | ||||||
| 4.500% 6/01/27 | 900,000 | 884,611 | ||||||
| Global Net Lease, Inc./Global Net Lease Operating Partnership LP | ||||||||
| 3.750% 12/15/27 (a) | 1,125,000 | 1,026,706 | ||||||
| GLP Capital LP/GLP Financing II, Inc. | ||||||||
| 5.375% 4/15/26 | 450,000 | 450,007 | ||||||
| Omega Healthcare Investors, Inc. | ||||||||
| 4.750% 1/15/28 | 389,000 | 383,734 | ||||||
| Piedmont Operating Partnership LP | ||||||||
| 9.250% 7/20/28 | 800,000 | 877,778 | ||||||
| Store Capital LLC | ||||||||
| 2.750% 11/18/30 | 300,000 | 258,906 | ||||||
| 4.500% 3/15/28 | 925,000 | 896,784 | ||||||
| Sun Communities Operating LP | ||||||||
| 5.500% 1/15/29 | 430,000 | 433,054 | ||||||
| VICI Properties LP/VICI Note Co., Inc. | ||||||||
| 3.750% 2/15/27 (a) | 395,000 | 383,262 | ||||||
| Vornado Realty LP | ||||||||
| 2.150% 6/01/26 | 403,000 | 383,751 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| WEA Finance LLC | ||||||||
| 3.500% 6/15/29 (a) | $ | 500,000 | $ | 460,949 | ||||
| 6,601,671 | ||||||||
| Retail — 0.5% | ||||||||
| Advance Auto Parts, Inc. | ||||||||
| 1.750% 10/01/27 | 475,000 | 424,083 | ||||||
| 5.900% 3/09/26 | 343,000 | 345,378 | ||||||
| 769,461 | ||||||||
| Savings & Loans — 0.2% | ||||||||
| Nationwide Building Society | ||||||||
| 4.000% 9/14/26 (a) | 297,000 | 291,261 | ||||||
| Semiconductors — 0.4% | ||||||||
| Intel Corp. | ||||||||
| 3.750% 3/25/27 | 300,000 | 292,666 | ||||||
| SK Hynix, Inc. | ||||||||
| 5.500% 1/16/27 (a) | 300,000 | 302,377 | ||||||
| 595,043 | ||||||||
| Software — 0.3% | ||||||||
| AppLovin Corp. | ||||||||
| 5.125% 12/01/29 | 390,000 | 389,047 | ||||||
| Telecommunications — 0.7% | ||||||||
| Tower Bersama Infrastructure Tbk. PT | ||||||||
| 4.250% 1/21/25 (a) | 1,100,000 | 1,097,800 | ||||||
| TOTAL CORPORATE DEBT (Cost $67,203,404) | 66,896,255 | |||||||
| NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 34.8% | ||||||||
| Automobile Asset-Backed Securities — 1.9% | ||||||||
| AmeriCredit Automobile Receivables Trust, Series 2020-3, Class D | ||||||||
| 1.490% 9/18/26 | 339,000 | 335,269 | ||||||
| FCCU Auto Receivables Trust, Series 2024-1A, Class A4 | ||||||||
| 5.460% 4/15/30 (a) | 500,000 | 505,415 | ||||||
| LAD Auto Receivables Trust, Series 2023-3A, Class C | ||||||||
| 6.430% 12/15/28 (a) | 1,000,000 | 1,021,398 | ||||||
| PenFed Auto Receivables Owner Trust, Series 2024-A, Class C | ||||||||
| 5.200% 9/16/30 (a) | 400,000 | 397,578 | ||||||
| Westlake Automobile Receivables Trust, Series 2022-2A, Class D | ||||||||
| 5.480% 9/15/27 (a) | 700,000 | 703,843 | ||||||
| 2,963,503 | ||||||||
| Commercial Mortgage-Backed Securities — 2.1% | ||||||||
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class C, | ||||||||
| 3.958% VRN 4/15/46 (d) | 1,015,000 | 684,532 | ||||||
| One New York Plaza Trust | ||||||||
| Series 2020-1NYP, Class C, 1 mo. USD Term SOFR + 2.314% 6.713% FRN 1/15/36 (a) | 2,106,000 | 1,944,067 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2020-1NYP, Class D, 1 mo. USD Term SOFR + 2.864% 7.263% FRN 1/15/36 (a) | $ | 760,000 | $ | 654,334 | ||||
| 3,282,933 | ||||||||
| Credit Card Asset-Backed Securities — 0.7% | ||||||||
| Brex Commercial Charge Card Master Trust, Series 2024-1, Class A1 | ||||||||
| 6.050% 7/15/27 (a) | 1,000,000 | 1,011,492 | ||||||
| Home Equity Asset-Backed Securities — 0.0% | ||||||||
| Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W10, Class M1, 1 mo. USD Term SOFR + 1.014% | ||||||||
| 3.888% FRN 10/25/34 | 43,514 | 42,144 | ||||||
| Other Asset-Backed Securities — 20.0% | ||||||||
| 321 Henderson Receivables I LLC, Series 2006-3A, Class A1, 1 mo. USD Term SOFR + 0.314% | ||||||||
| 4.712% FRN 9/15/41 (a) | 27,046 | 26,781 | ||||||
| 522 Funding CLO Ltd., Series 2018-3A, Class BR, 3 mo. USD Term SOFR + 1.812% | ||||||||
| 6.429% FRN 10/20/31 (a) | 2,352,000 | 2,357,040 | ||||||
| Affirm Asset Securitization Trust, Series 2024-B, Class A | ||||||||
| 4.620% 9/15/29 (a) | 1,000,000 | 993,609 | ||||||
| Apidos CLO XXX Ltd., Series XXXA, Class A2R, 3 mo. USD Term SOFR + 1.500% | ||||||||
| 6.132% FRN 10/18/31 (a) | 500,000 | 500,275 | ||||||
| Ballyrock CLO Ltd., Series 2020-2A, Class A2R, 3 mo. USD Term SOFR + 1.812% | ||||||||
| 6.429% FRN 10/20/31 (a) | 3,700,000 | 3,707,097 | ||||||
| BHG Securitization Trust, Series 2021-B, Class C | ||||||||
| 2.240% 10/17/34 (a) | 3,736,000 | 3,435,911 | ||||||
| BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class B | ||||||||
| 3.780% 9/26/33 (a) | 454,964 | 443,306 | ||||||
| Buttermilk Park CLO Ltd., Series 2018-1A, Class B1R, 3 mo. USD Term SOFR + 1.600% | ||||||||
| 6.256% FRN 10/15/31 (a) | 1,000,000 | 1,001,175 | ||||||
| Castlelake Aircraft Structured Trust, Series 2019-1A, Class B | ||||||||
| 5.095% 4/15/39 (a) | 707,996 | 502,762 | ||||||
| CF Hippolyta Issuer LLC, Series 2020-1, Class B1 | ||||||||
| 2.280% 7/15/60 (a) | 577,448 | 560,560 | ||||||
| Elara HGV Timeshare Issuer LLC, Series 2019-A, Class C | ||||||||
| 3.450% 1/25/34 (a) | 930,707 | 907,287 | ||||||
| Equify ABS LLC, Series 2024-1A, Class A | ||||||||
| 5.430% 4/18/33 (a) | 671,962 | 672,101 | ||||||
| Flatiron CLO 20 Ltd., Series 2020-1A, Class AR, 3 mo. USD Term SOFR + 1.380% | ||||||||
| 5.901% FRN 5/20/36 (a) | 1,000,000 | 1,002,671 | ||||||
| Goodgreen Trust | ||||||||
| Series 2019-2A, Class A, 2.760% 4/15/55 (a) | 1,731,399 | 1,439,180 | ||||||
| Series 2016-1A, Class A, 3.230% 10/15/52 (a) | 648,333 | 585,694 | ||||||
| Series 2019-1A, Class A, 3.860% 10/15/54 (a) | 1,374,516 | 1,223,776 | ||||||
| GreenSky Home Improvement Trust, Series 2024-1, Class A4 | ||||||||
| 5.670% 6/25/59 (a) | 684,873 | 682,381 | ||||||
| Hero Funding Trust | ||||||||
| Series 2017-3A, Class A1, 3.190% 9/20/48 (a) | 459,373 | 397,049 | ||||||
| Series 2017-2A, Class A1, 3.280% 9/20/48 (a) | 90,435 | 78,729 | ||||||
| Series 2016-4A, Class A1, 3.570% 9/20/47 (a) | 218,840 | 197,262 | ||||||
| Series 2015-1A, Class A, 3.840% 9/21/40 (a) | 140,727 | 129,860 | ||||||
| Series 2017-2A, Class A2, 4.070% 9/20/48 (a) | 73,478 | 65,607 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2018-1A, Class A2, 4.670% 9/20/48 (a) | $ | 593,716 | $ | 543,316 | ||||
| Hilton Grand Vacations Trust, Series 2019-AA, Class C | ||||||||
| 2.840% 7/25/33 (a) | 419,329 | 405,968 | ||||||
| Horizon Aircraft Finance III Ltd., Series 2019-2, Class B | ||||||||
| 4.458% 11/15/39 (a) | 1,757,143 | 1,291,490 | ||||||
| Mosaic Solar Loan Trust, Series 2018-2GS, Class A | ||||||||
| 4.200% 2/22/44 (a) | 487,590 | 454,392 | ||||||
| Mosaic Solar Loans LLC, Series 2017-1A, Class A | ||||||||
| 4.450% 6/20/42 (a) | 76,058 | 73,983 | ||||||
| Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ARR, 3 mo. USD Term SOFR + 1.422% | ||||||||
| 6.078% FRN 7/15/34 (a) | 500,000 | 501,088 | ||||||
| Newark BSL CLO 2 Ltd., Series 2017-1A, Class A2R, 3 mo. USD Term SOFR + 1.662% | ||||||||
| 6.288% FRN 7/25/30 (a) | 1,375,000 | 1,377,999 | ||||||
| Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A1 | ||||||||
| 1.850% 11/20/50 (a) | 688,934 | 664,731 | ||||||
| Oxford Finance Funding LLC, Series 2020-1A, Class B | ||||||||
| 4.037% 2/15/28 (a) | 313,329 | 311,407 | ||||||
| PFS Financing Corp., Series 2022-A, Class B | ||||||||
| 2.770% 2/15/27 (a) | 800,000 | 797,686 | ||||||
| PVONE 2023-1 LLC, Series 2023-2A, Class A | ||||||||
| 7.670% 9/17/35 (a) | 669,356 | 674,539 | ||||||
| RR 8 Ltd., Series 2020-8A, Class A1R, 3 mo. USD Term SOFR + 1.350% | ||||||||
| 6.006% FRN 7/15/37 (a) | 1,000,000 | 1,001,126 | ||||||
| Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class C | ||||||||
| 3.510% 7/20/37 (a) | 98,698 | 97,556 | ||||||
| Symphony CLO XXII Ltd., Series 2020-22A, Class BR, 3 mo. USD Term SOFR + 1.680% | ||||||||
| 6.312% FRN 4/18/33 (a) | 750,000 | 750,234 | ||||||
| Whitebox CLO III Ltd., Series 2021-3A, Class A1R, 3 mo. USD Term SOFR + 1.270% | ||||||||
| 5.926% FRN 10/15/35 (a) | 750,000 | 751,073 | ||||||
| 30,606,701 | ||||||||
| Student Loans Asset-Backed Securities — 5.7% | ||||||||
| Chase Education Loan Trust, Series 2007-A, Class B, 90 day USD SOFR Average + 0.482% | ||||||||
| 5.199% FRN 3/28/68 | 280,438 | 260,027 | ||||||
| College Avenue Student Loans LLC, Series 2017-A, Class A1, 1 mo. USD Term SOFR + 1.764% | ||||||||
| 6.103% FRN 11/26/46 (a) | 273,491 | 272,929 | ||||||
| Commonbond Student Loan Trust | ||||||||
| Series 2017-AGS, Class B, 3.470% 5/25/41 (a) | 219,039 | 187,065 | ||||||
| Series 2018-AGS, Class C, 3.820% 2/25/44 (a) | 98,680 | 78,040 | ||||||
| Series 2018-BGS, Class C, 4.120% 9/25/45 (a) | 80,965 | 66,931 | ||||||
| Series 2018-CGS, Class C, 4.350% 2/25/46 (a) | 37,950 | 32,003 | ||||||
| Series 2017-AGS, Class C, 5.280% 5/25/41 (a) | 149,221 | 132,001 | ||||||
| Goal Structured Solutions Trust, Series 2015-1, Class B, 30 day USD SOFR Average + 1.614% | ||||||||
| 6.183% FRN 9/25/43 (a) | 100,000 | 88,947 | ||||||
| Laurel Road Prime Student Loan Trust | ||||||||
| Series 2019-A, Class BFX, 3.000% 10/25/48 (a) | 1,210,820 | 1,160,699 | ||||||
| Series 2017-B, Class CFX, 3.610% 8/25/42 (a) | 688,402 | 677,271 | ||||||
| Nelnet Student Loan Trust, Series 2018-5A, Class B, 1 mo. USD Term SOFR + 1.564% | ||||||||
| 5.903% FRN 2/25/67 (a) | 1,000,000 | 945,381 | ||||||
| SLM Student Loan Trust | ||||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2005-4, Class B, 90 day USD SOFR Average + 0.442% 5.625% FRN 7/25/55 | $ | 367,408 | $ | 345,352 | ||||
| Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.655% FRN 10/25/40 | 388,896 | 365,896 | ||||||
| Series 2005-5, Class B, 90 day USD SOFR Average + 0.512% 5.695% FRN 10/25/40 | 390,253 | 356,142 | ||||||
| Series 2003-4, Class B, 90 day USD SOFR Average + 0.912% 5.720% FRN 6/15/38 | 149,438 | 141,929 | ||||||
| Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% 5.755% FRN 1/25/55 | 263,685 | 250,679 | ||||||
| Series 2004-1 Class B, 90 day USD SOFR Average + 0.762% 5.945% FRN 7/25/39 | 232,574 | 222,078 | ||||||
| SMB Private Education Loan Trust | ||||||||
| Series 2016-C, Class A2B, 1 mo. USD Term SOFR + 1.214% 5.612% FRN 9/15/34 (a) | 3,635 | 3,635 | ||||||
| Series 2023-D, Class A1B, 30 day USD SOFR Average + 1.650% 6.248% FRN 9/15/53 (a) | 850,430 | 861,960 | ||||||
| SoFi Alternative Trust, Series 2019-C, Class PT, | ||||||||
| 5.046% VRN 1/25/45 (a) (d) | 1,297,540 | 1,256,628 | ||||||
| SoFi Professional Loan Program LLC, Series 2019-A, Class BFX | ||||||||
| 4.110% 6/15/48 (a) | 870,000 | 781,110 | ||||||
| Wachovia Student Loan Trust, Series 2005-1, Class B, 90 day USD SOFR Average + 0.562% | ||||||||
| 5.745% FRN 10/25/40 | 219,156 | 190,535 | ||||||
| 8,677,238 | ||||||||
| Whole Loan Collateral Collateralized Mortgage Obligations — 4.4% | ||||||||
| Banc of America Mortgage Trust, Series 2004-G, Class 2A7, | ||||||||
| 6.565% VRN 8/25/34 (d) | 4,027 | 4,009 | ||||||
| Ellington Financial Mortgage Trust | ||||||||
| Series 2024-INV2, Class A2, 5.289% VRN 10/25/69 (a) (d) | 743,520 | 735,253 | ||||||
| Series 2024-INV2, Class A3, 5.441% VRN 10/25/69 (a) (d) | 743,520 | 735,262 | ||||||
| Merrill Lynch Mortgage Investors Trust, Series 2004-A1, Class 2A2, | ||||||||
| 6.530% VRN 2/25/34 (d) | 24,414 | 23,396 | ||||||
| TRK Trust, Series 2021-INV1, Class M1, | ||||||||
| 2.585% VRN 7/25/56 (a) (d) | 1,222,000 | 932,097 | ||||||
| Verus Securitization Trust | ||||||||
| Series 2021-1, Class M1, 1.968% VRN 1/25/66 (a) (d) | 2,247,000 | 1,647,546 | ||||||
| Series 2019-INV3, Class M1, 3.279% VRN 11/25/59 (a) (d) | 2,129,000 | 2,090,843 | ||||||
| Series 2024-8, Class A1, 5.364% VRN 10/25/69 (a) (d) | 488,469 | 486,345 | ||||||
| 6,654,751 | ||||||||
| TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $56,832,586) | 53,238,762 | |||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (e) — 0.0% | ||||||||
| Pass-Through Securities — 0.0% | ||||||||
| Federal Home Loan Mortgage Corp. Pool #1Q0239 1 yr. CMT + 2.144% 6.441% FRN 3/01/37 | 38,548 | 39,039 | ||||||
| TOTAL BONDS & NOTES (Cost $124,075,273) | 120,174,056 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $124,075,273) | 120,174,056 | |||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| SHORT-TERM INVESTMENTS — 21.1% | ||||||||
| Commercial Paper — 17.0% | ||||||||
| Bell Telephone Co. of Canada or Bell Canada | ||||||||
| 4.838% 1/06/25 (a) | $ | 3,000,000 | $ | 2,997,785 | ||||
| DTE Electric Co. | ||||||||
| 4.788% 1/24/25 | 4,000,000 | 3,988,067 | ||||||
| Eversource Energy | ||||||||
| 4.805% 1/13/25 (a) | 3,000,000 | 2,995,184 | ||||||
| Fortive Corp. | ||||||||
| 4.786% 1/06/25 (a) | 2,000,000 | 1,998,507 | ||||||
| Penske Truck Leasing Co. LP | ||||||||
| 4.822% 2/12/25 | 3,000,000 | 2,983,236 | ||||||
| Ryder System, Inc. | ||||||||
| 4.818% 1/06/25 | 2,000,000 | 1,998,507 | ||||||
| Societe Generale SA | ||||||||
| 4.351% 1/02/25 (a) | 2,000,000 | 1,999,519 | ||||||
| Tampa Electric Co. | ||||||||
| 4.834% 1/13/25 (a) | 2,000,000 | 1,996,860 | ||||||
| 4.867% 1/06/25 (a) | 2,000,000 | 1,998,554 | ||||||
| Volkswagen Financial Services | ||||||||
| 4.735% 2/24/25 (a) | 3,000,000 | 2,978,894 | ||||||
| 25,935,113 | ||||||||
| Number of Shares | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.9% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.482% (f) | 1,361,125 | 1,361,125 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 3.2% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/24, 2.750%, due 1/02/25 (g) | $ | 4,889,437 | 4,889,437 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $32,187,212) | 32,185,675 | |||||||
| TOTAL INVESTMENTS — 99.7% (Cost $156,262,485) (h) | 152,359,731 | |||||||
| Other Assets/(Liabilities) — 0.3% | 496,046 | |||||||
| NET ASSETS — 100.0% | $ | 152,855,777 | ||||||
Abbreviation Legend
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury Index |
| FRN | Floating Rate Note^ |
| ICE | Inter-Continental Exchange |
| SOFR | Secured Overnight Financing Rate |
| STEP | Step Coupon Bond |
| VRN | Variable Rate Note^ |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2024, the aggregate market value of these securities amounted to $101,639,960 or 66.49% of net assets. |
| (b) | Restricted security. Certain securities are restricted to resale. At December 31, 2024, these securities amounted to a value of $1,225,600 or 0.80% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
| (c) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2024, was $1,965,178 or 1.29% of net assets. The Fund received $645,524 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) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2024. |
| (e) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
| (f) | Represents investment of security lending cash collateral and 7-day effective yield as of December 31, 2024. (Note 2). |
| (g) | Maturity value of $4,890,184. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $4,987,231. |
| (h) | See Note 3 for aggregate cost for federal tax purposes. |
| ^ | Floating rate or variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| Futures contracts | ||||||||||||||
| Expiration Date | Number of Contracts | Notional Amount | Value/Net Unrealized Appreciation (Depreciation) | |||||||||||
| Long | ||||||||||||||
| U.S. Treasury Note 2 Year | 3/31/25 | 390 | $ | 80,140,115 | $ | 47,542 | ||||||||
| Short | ||||||||||||||
| U.S. Treasury Ultra 10 Year | 3/20/25 | 22 | $ | (2,482,835) | $ | 33,960 | ||||||||
| U.S. Treasury Note 5 Year | 3/31/25 | 240 | (25,609,876) | 96,751 | ||||||||||
| $ | 130,711 | |||||||||||||
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments |
December 31, 2024 (Unaudited)
| Principal Amount | Value | |||||||
| BONDS & NOTES — 82.5% | ||||||||
| NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 55.5% | ||||||||
| Automobile Asset-Backed Securities — 13.6% | ||||||||
| American Credit Acceptance Receivables Trust, Series 2021-2, Class E | ||||||||
| 2.540% 7/13/27 (a) | $ | 4,700,000 | $ | 4,686,804 | ||||
| BOF URSA VI Funding Trust I, Series 2023-CAR2, Class A2 | ||||||||
| 5.542% 10/27/31 (a) | 1,333,226 | 1,338,099 | ||||||
| Carvana Auto Receivables Trust, Series 2021-N3, Class B | ||||||||
| 0.660% 6/12/28 | 772,332 | 741,757 | ||||||
| Drive Auto Receivables Trust | ||||||||
| Series 2021-1, Class D, 1.450% 1/16/29 | 2,975,119 | 2,943,240 | ||||||
| Series 2021-3, Class C, 1.470% 1/15/27 | 68,278 | 68,181 | ||||||
| Exeter Automobile Receivables Trust | ||||||||
| Series 2021-2A, Class D, 1.400% 4/15/27 | 1,512,729 | 1,480,046 | ||||||
| Series 2020-3A, Class E, 3.440% 8/17/26 (a) | 2,747,556 | 2,732,225 | ||||||
| Flagship Credit Auto Trust, Series 2021-2, Class C | ||||||||
| 1.270% 6/15/27 (a) | 3,600,108 | 3,549,777 | ||||||
| Ford Credit Auto Owner Trust, Series 2018-1, Class C | ||||||||
| 3.490% 7/15/31 (a) | 3,500,000 | 3,497,728 | ||||||
| Onemain Direct Auto Receivables Trust, Series 2022-1A, Class C | ||||||||
| 5.310% 6/14/29 (a) | 1,100,000 | 1,097,474 | ||||||
| Santander Drive Auto Receivables Trust, Series 2021-2, Class D | ||||||||
| 1.350% 7/15/27 | 1,997,641 | 1,978,027 | ||||||
| Tesla Auto Lease Trust, Series 2023-B, Class B | ||||||||
| 6.570% 8/20/27 (a) | 3,000,000 | 3,044,762 | ||||||
| Westlake Automobile Receivables Trust | ||||||||
| Series 2022-2A, Class D, 5.480% 9/15/27 (a) | 3,000,000 | 3,016,471 | ||||||
| Series 2023-4A, Class A2, 6.230% 1/15/27 (a) | 934,584 | 939,473 | ||||||
| 31,114,064 | ||||||||
| Commercial Mortgage-Backed Securities — 3.6% | ||||||||
| BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD Term SOFR + 1.797% | ||||||||
| 6.194% FRN 7/15/35 (a) | 1,150,000 | 1,145,688 | ||||||
| CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD Term SOFR + 2.047% | ||||||||
| 6.445% FRN 12/15/37 (a) | 250,836 | 250,836 | ||||||
| COMM Mortgage Trust, Series 2015-LC19, Class D | ||||||||
| 2.867% 2/10/48 (a) | 2,457,000 | 2,187,316 | ||||||
| Extended Stay America Trust | ||||||||
| Series 2021-ESH, Class D, 1 mo. USD Term SOFR + 2.364% 6.762% FRN 7/15/38 (a) | 1,145,028 | 1,147,889 | ||||||
| Series 2021-ESH, Class F, 1 mo. USD Term SOFR + 3.814% 8.212% FRN 7/15/38 (a) | 1,585,423 | 1,593,174 | ||||||
| KREF Ltd., Series 2021-FL2, Class D, 1 mo. USD Term SOFR + 2.314% | ||||||||
| 6.696% FRN 2/15/39 (a) | 900,000 | 855,171 | ||||||
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Ready Capital Mortgage Financing LLC, Series 2023-FL12, Class A, 1 mo. USD Term SOFR + 2.335% | ||||||||
| 6.674% FRN 5/25/38 (a) | $ | 1,010,520 | $ | 1,012,098 | ||||
| 8,192,172 | ||||||||
| Home Equity Asset-Backed Securities — 1.1% | ||||||||
| Home Equity Asset Trust, Series 2005-9, Class M1, 1 mo. USD Term SOFR + 0.729% | ||||||||
| 5.068% FRN 4/25/36 | 792,896 | 781,187 | ||||||
| JP Morgan Mortgage Acquisition Trust, Series 2007-CH3, Class A5, 1 mo. USD Term SOFR + 0.374% | ||||||||
| 4.713% FRN 3/25/37 | 177,650 | 174,490 | ||||||
| Point Securitization Trust, Series 2024-1, Class A1 | ||||||||
| 6.500% 6/25/54 (a) | 1,563,433 | 1,553,408 | ||||||
| Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-BC6, Class A4, 1 mo. USD Term SOFR + 0.284% | ||||||||
| 4.623% FRN 1/25/37 | 54,097 | 53,536 | ||||||
| 2,562,621 | ||||||||
| Other Asset-Backed Securities — 24.7% | ||||||||
| 321 Henderson Receivables I LLC, Series 2006-3A, Class A1, 1 mo. USD Term SOFR + 0.314% | ||||||||
| 4.712% FRN 9/15/41 (a) | 29,074 | 28,790 | ||||||
| ACHV ABS Trust, Series 2024-1PL, Class A | ||||||||
| 5.900% 4/25/31 (a) | 1,148,404 | 1,158,301 | ||||||
| Affirm Asset Securitization Trust | ||||||||
| Series 2021-Z2, Class A, 1.170% 11/16/26 (a) | 45,431 | 44,964 | ||||||
| Series 2024-X2, Class A, 5.220% 12/17/29 (a) | 1,000,000 | 1,001,541 | ||||||
| Series 2023-A, Class 1A, 6.610% 1/18/28 (a) | 10,710,000 | 10,729,004 | ||||||
| Series 2023-X1, Class A, 7.110% 11/15/28 (a) | 819,674 | 821,546 | ||||||
| Series 2023-X1, Class B, 7.770% 11/15/28 (a) | 2,250,000 | 2,266,057 | ||||||
| Alterna Funding III LLC | ||||||||
| Series 2024-1A, Class A, 6.260% 5/16/39 (a) | 2,188,568 | 2,208,141 | ||||||
| Series 2024-1A, Class B, 7.136% 5/16/39 (a) | 1,224,235 | 1,234,176 | ||||||
| BHG Securitization Trust | ||||||||
| Series 2021-B, Class A, 0.900% 10/17/34 (a) | 83,627 | 83,326 | ||||||
| Series 2021-A, Class A, 1.420% 11/17/33 (a) | 1,261,354 | 1,233,762 | ||||||
| Series 2022-C, Class A, 5.320% 10/17/35 (a) | 57,099 | 57,105 | ||||||
| Series 2023-A, Class A, 5.550% 4/17/36 (a) | 1,559,400 | 1,561,446 | ||||||
| FCI Funding LLC, Series 2024-1A, Class A | ||||||||
| 5.440% 8/15/36 (a) | 968,852 | 965,366 | ||||||
| FNA VI LLC, Series 2021-1A, Class A | ||||||||
| 1.350% 1/10/32 (a) | 1,759,693 | 1,658,983 | ||||||
| GreenSky Home Improvement Trust, Series 2024-1, Class A2 | ||||||||
| 5.880% 6/25/59 (a) | 3,146,575 | 3,159,426 | ||||||
| Hilton Grand Vacations Trust, Series 2022-2A, Class C | ||||||||
| 5.570% 1/25/37 (a) | 741,788 | 734,169 | ||||||
| LL ABS Trust, Series 2022-1A, Class B | ||||||||
| 5.050% 11/15/29 (a) | 100,166 | 100,154 | ||||||
| Marlette Funding Trust, Series 2022-2A, Class B | ||||||||
| 5.500% 8/15/32 (a) | 186,274 | 186,292 | ||||||
| MCA Fund Holding LLC, Series 2020-1, Class A | ||||||||
| 3.250% 11/15/35 (a) | 405,982 | 395,987 | ||||||
| NP SPE II LLC, Series 2019-1A, Class A1 | ||||||||
| 2.574% 9/20/49 (a) | 103,286 | 100,549 | ||||||
| Oak Street Investment Grade Net Lease Fund | ||||||||
| Series 2021-1A, Class A1, 1.480% 1/20/51 (a) | 4,062,611 | 3,875,797 | ||||||
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2020-1A, Class A1, 1.850% 11/20/50 (a) | $ | 2,296,446 | $ | 2,215,768 | ||||
| Oxford Finance Funding LLC, Series 2020-1A, Class A2 | ||||||||
| 3.101% 2/15/28 (a) | 3,548,174 | 3,527,924 | ||||||
| Pagaya AI Debt Grantor Trust | ||||||||
| Series 2024-10, Class A, 5.183% 6/15/32 (a) | 3,000,000 | 3,004,372 | ||||||
| Series 2024-8, Class A, 5.331% 1/15/32 (a) | 3,311,338 | 3,323,997 | ||||||
| Series 2024-5, Class A, 6.278% 10/15/31 (a) | 1,115,432 | 1,129,136 | ||||||
| Pagaya AI Debt Trust, Series 2024-4, Class B | ||||||||
| 6.539% 8/15/31 (a) | 4,489,828 | 4,540,690 | ||||||
| PFS Financing Corp., Series 2022-A, Class B | ||||||||
| 2.770% 2/15/27 (a) | 1,100,000 | 1,096,819 | ||||||
| PVONE 2023-1 LLC, Series 2023-2A, Class A | ||||||||
| 7.670% 9/17/35 (a) | 784,973 | 791,051 | ||||||
| RAM LLC, Series 2024-1, Class A | ||||||||
| 6.669% 2/15/39 (a) | 2,529,238 | 2,542,963 | ||||||
| Reach ABS Trust, Series 2024-1A, Class A | ||||||||
| 6.300% 2/18/31 (a) | 577,936 | 581,554 | ||||||
| Reach Financial LLC, Series 2023-1A, Class A | ||||||||
| 7.050% 2/18/31 (a) | 334,290 | 334,855 | ||||||
| 56,694,011 | ||||||||
| Real Estate Investment Trusts (REITS) — 0.6% | ||||||||
| SBA Tower Trust | ||||||||
| 2.836% 1/15/50 (a) | 1,375,000 | 1,373,589 | ||||||
| Student Loans Asset-Backed Securities — 5.5% | ||||||||
| Commonbond Student Loan Trust | ||||||||
| Series 2021-AGS, Class B, 1.400% 3/25/52 (a) | 117,475 | 87,999 | ||||||
| Series 2018-CGS, Class C, 4.350% 2/25/46 (a) | 9,831 | 8,291 | ||||||
| Series 2019-AGS, Class A2, 1 mo. USD Term SOFR + 1.014% 5.353% FRN 1/25/47 (a) | 112,554 | 107,825 | ||||||
| JP Morgan Student Loan Trust, Series 2007-A, Class B, 90 day USD SOFR Average + 0.612% | ||||||||
| 5.789% FRN 6/28/39 (a) | 142,407 | 127,278 | ||||||
| Laurel Road Prime Student Loan Trust, Series 2019-A, Class A1FX | ||||||||
| 2.340% 10/25/48 (a) | 28,335 | 27,874 | ||||||
| Navient Private Education Refi Loan Trust | ||||||||
| Series 2021-A, Class A, 0.840% 5/15/69 (a) | 3,474,057 | 3,136,561 | ||||||
| Series 2020-HA, Class A, 1.310% 1/15/69 (a) | 703,095 | 655,309 | ||||||
| Navient Student Loan Trust, Series 2016-7A, Class A, 30 day USD SOFR Average + 1.264% | ||||||||
| 5.833% FRN 3/25/66 (a) | 933,316 | 939,852 | ||||||
| Nelnet Student Loan Trust | ||||||||
| Series 2005-2, Class B, 90 day USD SOFR Average + 0.432% 5.188% FRN 3/23/37 | 523,365 | 506,785 | ||||||
| Series 2006-3, Class B, 90 day USD SOFR Average + 0.512% 5.244% FRN 6/25/41 | 112,706 | 102,016 | ||||||
| Series 2006-2, Class B, 90 day USD SOFR Average + 0.462% 5.645% FRN 1/25/38 | 269,434 | 232,049 | ||||||
| Series 2004-3, Class B, 90 day USD SOFR Average + 0.612% 5.795% FRN 10/25/40 | 545,845 | 539,773 | ||||||
| Series 2014-2A, Class B, 30 day USD SOFR Average + 1.614% 6.183% FRN 6/25/41 (a) | 295,000 | 287,631 | ||||||
| SLC Student Loan Trust | ||||||||
| Series 2006-2, Class B, 90 day USD SOFR Average + 0.492% 5.300% FRN 12/15/39 | 151,336 | 134,917 | ||||||
| Series 2005-2, Class B, 90 day USD SOFR Average + 0.542% 5.350% FRN 3/15/40 | 473,018 | 429,908 | ||||||
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| SLM Student Loan Trust | ||||||||
| Series 2006-4, Class B, 90 day USD SOFR Average + 0.462% 5.645% FRN 1/25/70 | $ | 103,000 | $ | 96,407 | ||||
| Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.655% FRN 10/25/40 | 200,789 | 188,914 | ||||||
| Series 2006-2, Class B, 90 day USD SOFR Average + 0.482% 5.665% FRN 1/25/41 | 188,900 | 176,564 | ||||||
| Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% 5.755% FRN 1/25/55 | 158,211 | 150,407 | ||||||
| Series 2004-3, Class B, 90 day USD SOFR Average + 0.732% 5.915% FRN 10/25/64 | 98,713 | 93,464 | ||||||
| SMB Private Education Loan Trust | ||||||||
| Series 2019-A, Class A2B, 1 mo. USD Term SOFR + 0.984% 5.382% FRN 7/15/36 (a) | 455,636 | 455,417 | ||||||
| Series 2024-R1, Class M, 6.000% 9/15/54 (a) | 3,503,040 | 3,492,751 | ||||||
| SoFi Alternative Trust, Series 2019-C, Class PT, | ||||||||
| 5.046% VRN 1/25/45 (a) (b) | 328,076 | 317,731 | ||||||
| SoFi Professional Loan Program LLC, Series 2018-D, Class A2FX | ||||||||
| 3.600% 2/25/48 (a) | 350,423 | 343,877 | ||||||
| 12,639,600 | ||||||||
| Whole Loan Collateral Collateralized Mortgage Obligations — 6.4% | ||||||||
| Angel Oak Mortgage Trust, Series 2022-2, Class A1, | ||||||||
| 3.353% VRN 1/25/67 (a) (b) | 1,841,353 | 1,700,579 | ||||||
| BRAVO Residential Funding Trust, Series 2021-NQM2, Class A3, | ||||||||
| 1.435% VRN 3/25/60 (a) (b) | 382,401 | 368,363 | ||||||
| CIM Trust, Series 2019-INV3, Class A11, 30 day USD SOFR Average + 1.064% | ||||||||
| 5.500% FRN 8/25/49 (a) | 592,392 | 566,084 | ||||||
| COLT Mortgage Loan Trust, Series 2022-1, Class A1, | ||||||||
| 2.284% VRN 12/27/66 (a) (b) | 6,780,362 | 6,099,819 | ||||||
| Deephaven Residential Mortgage Trust, Series 2021-1, Class A3, | ||||||||
| 1.128% VRN 5/25/65 (a) (b) | 272,858 | 256,281 | ||||||
| First Franklin Mortgage Loan Trust, Series 2006-FF15, Class A5, 1 mo. USD Term SOFR + 0.274% | ||||||||
| 4.613% FRN 11/25/36 | 144,869 | 143,370 | ||||||
| OBX Trust | ||||||||
| Series 2021-NQM2, Class A2, 1.357% VRN 5/25/61 (a) (b) | 532,787 | 432,814 | ||||||
| Series 2020-EXP1, Class 2A2, 1 mo. USD Term SOFR + 1.064% 5.403% FRN 2/25/60 (a) | 221,644 | 215,592 | ||||||
| PSMC Trust, Series 2020-2, Class A2, | ||||||||
| 3.000% VRN 5/25/50 (a) (b) | 681,378 | 593,527 | ||||||
| STAR Trust, Series 2021-1, Class A3, | ||||||||
| 1.528% VRN 5/25/65 (a) (b) | 2,409,602 | 2,153,840 | ||||||
| Starwood Mortgage Residential Trust | ||||||||
| Series 2020-1, Class M1, 2.878% VRN 2/25/50 (a) (b) | 1,000,000 | 851,789 | ||||||
| Series 2019-INV1, Class A3, 2.916% VRN 9/27/49 (a) (b) | 559,876 | 549,239 | ||||||
| Verus Securitization Trust, Series 2021-3, Class A3, | ||||||||
| 1.437% VRN 6/25/66 (a) (b) | 755,634 | 644,744 | ||||||
| 14,576,041 | ||||||||
| TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $128,335,221) | 127,152,098 | |||||||
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| U.S. Government Agency Obligations and Instrumentalities (c) — 6.2% | ||||||||
| Whole Loans — 6.2% | ||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust | ||||||||
| Series 2021-DNA6, Class M1, 30 day USD SOFR Average + 0.800% 5.369% FRN 10/25/41 (a) | $ | 414,814 | $ | 414,821 | ||||
| Series 2021-DNA7, Class M1, 30 day USD SOFR Average + 0.850% 5.419% FRN 11/25/41 (a) | 910,072 | 909,705 | ||||||
| Series 2022-DNA1, Class M1A, 30 day USD SOFR Average + 1.000% 5.569% FRN 1/25/42 (a) | 403,514 | 403,619 | ||||||
| Series 2022-DNA2, Class M1A, 30 day USD SOFR Average + 1.300% 5.869% FRN 2/25/42 (a) | 1,423,501 | 1,428,182 | ||||||
| Series 2020-DNA1, Class M2, 30 day USD SOFR Average + 1.814% 6.383% FRN 1/25/50 (a) | 258,955 | 259,793 | ||||||
| Series 2022-DNA3, Class M1A, 30 day USD SOFR Average + 2.000% 6.569% FRN 4/25/42 (a) | 1,870,225 | 1,894,153 | ||||||
| Series 2018-DNA3, Class M2A, 30 day USD SOFR Average + 2.214% 6.783% FRN 9/25/48 (a) | 58,870 | 58,992 | ||||||
| Series 2022-DNA5, Class M1A, 30 day USD SOFR Average + 2.950% 7.684% FRN 6/25/42 (a) | 1,903,143 | 1,958,613 | ||||||
| Federal National Mortgage Association Connecticut Avenue Securities | ||||||||
| Series 2023-R05, Class 1M1, 30 day USD SOFR Average + 1.900% 6.460% FRN 6/25/43 (a) | 924,177 | 935,710 | ||||||
| Series 2022-R05, Class 2M1, 30 day USD SOFR Average + 1.900% 6.469% FRN 4/25/42 (a) | 413,033 | 415,712 | ||||||
| Series 2023-R03, Class 2M1, 30 day USD SOFR Average + 2.500% 7.069% FRN 4/25/43 (a) | 1,963,806 | 1,999,820 | ||||||
| Series 2022-R07, Class 1M1, 30 day USD SOFR Average + 2.950% 7.510% FRN 6/25/42 (a) | 3,376,550 | 3,483,680 | ||||||
| 14,162,800 | ||||||||
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $14,031,902) | 14,162,800 | |||||||
| U.S. TREASURY OBLIGATIONS — 20.8% | ||||||||
| U.S. Treasury Bonds & Notes — 20.8% | ||||||||
| U.S. Treasury Inflation-Indexed Bonds | ||||||||
| 0.125% 2/15/51 | 788,067 | 433,353 | ||||||
| 0.125% 2/15/52 | 1,020,519 | 552,944 | ||||||
| 0.250% 2/15/50 | 736,662 | 429,273 | ||||||
| 0.625% 2/15/43 | 205,940 | 150,774 | ||||||
| 0.750% 2/15/42 | 977,851 | 748,815 | ||||||
| 0.750% 2/15/45 | 1,260,023 | 912,457 | ||||||
| 0.875% 2/15/47 | 784,578 | 567,224 | ||||||
| 1.000% 2/15/46 | 666,090 | 501,400 | ||||||
| 1.000% 2/15/48 | 448,014 | 329,630 | ||||||
| 1.000% 2/15/49 | 508,032 | 369,994 | ||||||
| 1.375% 2/15/44 | 677,195 | 563,202 | ||||||
| 1.500% 2/15/53 | 743,323 | 595,111 | ||||||
| 1.750% 1/15/28 | 1,205,376 | 1,196,509 | ||||||
| 2.125% 2/15/40 | 511,144 | 493,029 | ||||||
| 2.125% 2/15/41 | 663,039 | 641,175 | ||||||
| 2.125% 2/15/54 | 514,255 | 475,932 | ||||||
| 2.500% 1/15/29 | 955,630 | 972,365 | ||||||
| 3.375% 4/15/32 | 355,664 | 384,923 | ||||||
| 3.875% 4/15/29 | 480,025 | 514,819 | ||||||
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| U.S. Treasury Inflation-Indexed Notes | ||||||||
| 0.125% 4/15/25 | $ | 2,444,060 | $ | 2,428,938 | ||||
| 0.125% 1/15/30 | 2,331,034 | 2,117,011 | ||||||
| 0.125% 7/15/30 | 2,400,723 | 2,163,746 | ||||||
| 0.125% 1/15/31 | 2,546,397 | 2,259,827 | ||||||
| 0.125% 7/15/31 | 2,119,896 | 1,865,941 | ||||||
| 0.125% 1/15/32 | 2,049,678 | 1,776,592 | ||||||
| 0.250% 7/15/29 | 1,480,812 | 1,371,425 | ||||||
| 0.500% 1/15/28 | 1,919,520 | 1,834,944 | ||||||
| 0.625% 7/15/32 | 2,607,360 | 2,330,097 | ||||||
| 0.750% 7/15/28 (d) | 1,534,150 | 1,473,488 | ||||||
| 0.875% 1/15/29 | 750,060 | 716,109 | ||||||
| 1.125% 1/15/33 | 2,543,232 | 2,339,036 | ||||||
| 1.250% 4/15/28 | 2,104,700 | 2,050,573 | ||||||
| 1.375% 7/15/33 | 2,878,944 | 2,693,053 | ||||||
| 1.625% 10/15/29 | 1,906,023 | 1,874,538 | ||||||
| 1.750% 1/15/34 | 1,745,696 | 1,673,562 | ||||||
| 1.875% 7/15/34 | 804,768 | 779,816 | ||||||
| 2.125% 4/15/29 | 2,092,046 | 2,095,165 | ||||||
| 2.375% 10/15/28 | 2,988,595 | 3,034,863 | ||||||
| 47,711,653 | ||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $51,454,684) | 47,711,653 | |||||||
| TOTAL BONDS & NOTES (Cost $193,821,807) | 189,026,551 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $193,821,807) | 189,026,551 | |||||||
| SHORT-TERM INVESTMENTS — 17.3% | ||||||||
| Commercial Paper — 16.1% | ||||||||
| DTE Energy Co. | ||||||||
| 4.679% 1/21/25 (a) | 1,000,000 | 997,351 | ||||||
| Eversource Energy | ||||||||
| 4.856% 1/10/25 (a) | 5,000,000 | 4,993,836 | ||||||
| L3Harris Technologies, Inc. | ||||||||
| 4.813% 1/02/25 (a) | 4,000,000 | 3,999,006 | ||||||
| Microchip Technology, Inc. | ||||||||
| 4.766% 1/30/25 (a) | 5,000,000 | 4,980,708 | ||||||
| OGE Energy Corp. | ||||||||
| 4.878% 1/15/25 (a) | 5,000,000 | 4,990,594 | ||||||
| Tampa Electric Co. | ||||||||
| 4.803% 1/07/25 (a) | 5,000,000 | 4,995,781 | ||||||
| 4.805% 1/13/25 (a) | 4,000,000 | 3,993,719 | ||||||
| 4.835% 1/15/25 (a) | 3,000,000 | 2,994,561 | ||||||
| TELUS Corp. | ||||||||
| 4.816% 5/21/25 (a) | 5,000,000 | 4,909,917 | ||||||
| 36,855,473 | ||||||||
| Repurchase Agreement — 1.2% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/24, 2.750%, due 1/02/25 (e) | 2,813,181 | 2,813,181 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $39,670,042) | 39,668,654 | |||||||
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Value | ||||||||
| TOTAL INVESTMENTS — 99.8% (Cost $233,491,849) (f) | $ | 228,695,205 | ||||||
| Other Assets/(Liabilities) — 0.2% | 379,678 | |||||||
| NET ASSETS — 100.0% | $ | 229,074,883 | ||||||
Abbreviation Legend
| FRN | Floating Rate Note^ |
| REMICS | Real Estate Mortgage Investment Conduits |
| SOFR | Secured Overnight Financing Rate |
| VRN | Variable Rate Note^ |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2024, the aggregate market value of these securities amounted to $167,155,333 or 72.97% of net assets. |
| (b) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2024. |
| (c) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
| (d) | All or a portion of this security is pledged/held as collateral for open derivatives. |
| (e) | Maturity value of $2,813,610. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $2,869,617. |
| (f) | See Note 3 for aggregate cost for federal tax purposes. |
| ^ | Floating rate or variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| Futures contracts | ||||||||||||||
| Expiration Date | Number of Contracts | Notional Amount | Value/Net Unrealized Appreciation (Depreciation) | |||||||||||
| Long | ||||||||||||||
| U.S. Treasury Ultra Bond | 3/20/25 | 4 | $ | 491,045 | $ | (15,420) | ||||||||
| Short | ||||||||||||||
| U.S. Treasury Long Bond | 3/20/25 | 6 | $ | (698,840) | $ | 15,777 | ||||||||
| U.S. Treasury Note 10 Year | 3/20/25 | 15 | (1,647,256) | 16,006 | ||||||||||
| U.S. Treasury Ultra 10 Year | 3/20/25 | 1 | (112,857) | 1,544 | ||||||||||
| U.S. Treasury Note 2 Year | 3/31/25 | 259 | (53,219,650) | (33,178) | ||||||||||
| U.S. Treasury Note 5 Year | 3/31/25 | 21 | (2,240,863) | 8,465 | ||||||||||
| $ | 8,614 | |||||||||||||
| Centrally Cleared Interest Rate Swaps | ||||||||||||||||||||||||||||||||
| Paid by the Fund | Received by the Fund | |||||||||||||||||||||||||||||||
| Rate/ Reference | Frequency | Rate/ Reference | Frequency | Termination Date | Notional Amount | Value | Upfront Premium Paid/ (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
| Fixed 2.490% | Maturity | U.S. Consumer Price Index | Maturity | 7/31/26 | USD | 1,500,000 | $ | 8,611 | $ | — | $ | 8,611 | ||||||||||||||||||||
| Fixed 2.482% | Maturity | U.S. Consumer Price Index | Maturity | 9/07/26 | USD | 3,000,000 | 14,890 | — | 14,890 | |||||||||||||||||||||||
| Fixed 2.164% | Maturity | U.S. Consumer Price Index | Maturity | 9/19/26 | USD | 7,000,000 | 44,823 | — | 44,823 | |||||||||||||||||||||||
| $ | 68,324 | $ | — | $ | 68,324 | |||||||||||||||||||||||||||
| 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 Paid/ (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
| Fed Funds + 23.5 BP | Maturity | Bloomberg US Treasury Inflation Notes TR Index | Maturity | BNP Paribas SA | 1/30/25 | USD | 64,812,301 | $ | (419,490) | $ | — | $ | (419,490) | ||||||||||||||||
| Fed Funds + 29.1 BP | Maturity | Bloomberg US Treasury Inflation Notes TR Index | Maturity | BNP Paribas SA | 5/29/25 | USD | 64,532,093 | (640,982) | — | (640,982) | |||||||||||||||||||
| Fed Funds + 25.0 BP | Maturity | Bloomberg US Treasury Inflation Notes TR Index | Maturity | Goldman Sachs International | 2/28/25 | USD | 14,021,051 | (199,177) | — | (199,177) | |||||||||||||||||||
| Fed Funds + 28.0 BP | Maturity | Bloomberg US Treasury Inflation Notes TR Index | Maturity | Goldman Sachs International | 4/30/25 | USD | 33,000,001 | (364,423) | — | (364,423) | |||||||||||||||||||
| $ | (1,624,072) | $ | — | $ | (1,624,072) | ||||||||||||||||||||||||
Currency Legend
| USD | U.S. Dollar |
| MassMutual Core Bond Fund — Portfolio of Investments |
December 31, 2024 (Unaudited)
| Principal Amount | Value | |||||||
| BONDS & NOTES — 98.7% | ||||||||
| CORPORATE DEBT — 36.7% | ||||||||
| Aerospace & Defense — 0.2% | ||||||||
| Boeing Co. | ||||||||
| 5.930% 5/01/60 | $ | 1,470,000 | $ | 1,360,203 | ||||
| 6.858% 5/01/54 | 718,000 | 763,124 | ||||||
| 2,123,327 | ||||||||
| Agriculture — 0.2% | ||||||||
| Imperial Brands Finance PLC | ||||||||
| 5.875% 7/01/34 (a) | 1,935,000 | 1,928,361 | ||||||
| Airlines — 0.1% | ||||||||
| United Airlines Pass-Through Trust | ||||||||
| Series 2018-1, Class B, 4.600% 9/01/27 | 240,919 | 237,507 | ||||||
| Series 2024-1, Class AA, 5.450% 8/15/38 | 853,000 | 854,190 | ||||||
| 1,091,697 | ||||||||
| Auto Manufacturers — 0.8% | ||||||||
| Ford Motor Credit Co. LLC | ||||||||
| 5.303% 9/06/29 | 2,745,000 | 2,690,054 | ||||||
| General Motors Co. | ||||||||
| 5.150% 4/01/38 | 1,295,000 | 1,191,526 | ||||||
| Nissan Motor Acceptance Co. LLC | ||||||||
| 5.300% 9/13/27 (a) (b) | 2,025,000 | 2,001,834 | ||||||
| Volkswagen Group of America Finance LLC | ||||||||
| 4.600% 6/08/29 (a) | 1,146,000 | 1,103,633 | ||||||
| 4.950% 8/15/29 (a) | 900,000 | 878,204 | ||||||
| 7,865,251 | ||||||||
| Banks — 6.4% | ||||||||
| Bank of America Corp. | ||||||||
| 5 yr. CMT + 1.200% 2.482% VRN 9/21/36 | 4,040,000 | 3,291,553 | ||||||
| 5 yr. CMT + 2.000% 3.846% VRN 3/08/37 | 2,025,000 | 1,793,738 | ||||||
| Barclays PLC | ||||||||
| 5 yr. CMT + 5.867% 6.125% VRN (c) | 1,500,000 | 1,496,470 | ||||||
| 5 yr. CMT + 5.431% 8.000% VRN (c) | 3,118,000 | 3,225,803 | ||||||
| BNP Paribas SA 5 yr. CMT + 3.196% | ||||||||
| 4.625% VRN (a) (c) | 2,675,000 | 2,512,757 | ||||||
| BPCE SA, (Acquired 10/12/21, Cost $1,830,000), 1 day USD SOFR + 1.730% | ||||||||
| 3.116% VRN 10/19/32 (a) (d) | 1,830,000 | 1,514,378 | ||||||
| Citigroup, Inc. | ||||||||
| 5 yr. CMT + 2.572% 6.750% VRN (c) | 2,485,000 | 2,464,789 | ||||||
| 10 yr. CMT + 2.757% 7.000% VRN (c) | 1,904,000 | 2,007,911 | ||||||
| Discover Bank 5 yr. USD SOFR ICE Swap + 1.730% | ||||||||
| 5.974% VRN 8/09/28 | 4,583,000 | 4,667,117 | ||||||
| HSBC Holdings PLC | ||||||||
| 1 day USD SOFR + 1.520% 5.733% VRN 5/17/32 | 1,985,000 | 2,008,141 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 5 yr. CMT + 3.298% 6.875% VRN (c) | $ | 1,269,000 | $ | 1,263,204 | ||||
| ING Groep NV 5 yr. USD Swap + 4.446% | ||||||||
| 6.500% VRN (c) | 1,925,000 | 1,924,972 | ||||||
| JP Morgan Chase & Co. 3 mo. USD Term SOFR + 2.515% | ||||||||
| 2.956% VRN 5/13/31 | 1,975,000 | 1,766,655 | ||||||
| Lloyds Banking Group PLC | ||||||||
| 5 yr. USD ICE Swap + 4.496% 7.500% VRN (c) | 1,775,000 | 1,788,964 | ||||||
| 5 yr. CMT + 3.913% 8.000% VRN (b) (c) | 2,050,000 | 2,128,210 | ||||||
| Macquarie Bank Ltd. 5 yr. CMT + 1.700% | ||||||||
| 3.052% VRN 3/03/36 (a) | 3,410,000 | 2,915,598 | ||||||
| Morgan Stanley | ||||||||
| 1 day USD SOFR + 1.360% 2.484% VRN 9/16/36 | 3,540,000 | 2,879,199 | ||||||
| 1 day USD SOFR + 2.620% 5.297% VRN 4/20/37 | 2,435,000 | 2,365,784 | ||||||
| National Australia Bank Ltd. 5 yr. CMT + 1.700% | ||||||||
| 3.347% VRN 1/12/37 (a) | 3,455,000 | 2,972,394 | ||||||
| NatWest Group PLC | ||||||||
| 5 yr. CMT + 5.625% 6.000% VRN (b) (c) | 1,950,000 | 1,939,469 | ||||||
| 5 yr. CMT + 2.937% 7.300% VRN (c) | 1,000,000 | 986,152 | ||||||
| Nordea Bank Abp 5 yr. CMT + 2.660% | ||||||||
| 6.300% VRN (a) (b) (c) | 1,652,000 | 1,578,344 | ||||||
| Societe Generale SA | ||||||||
| 1 yr. CMT + 1.300% 2.797% VRN 1/19/28 (a) | 2,440,000 | 2,319,856 | ||||||
| 5 yr. USD ICE Swap + 5.873% 8.000% VRN (a) (b) (c) | 1,975,000 | 1,996,678 | ||||||
| Synovus Bank | ||||||||
| 5.625% 2/15/28 | 2,451,000 | 2,455,376 | ||||||
| Toronto-Dominion Bank 5 yr. CMT + 4.075% | ||||||||
| 8.125% VRN 10/31/82 | 4,377,000 | 4,562,236 | ||||||
| Wells Fargo & Co. 5 yr. CMT + 2.767% | ||||||||
| 6.850% VRN (c) | 1,695,000 | 1,749,495 | ||||||
| 62,575,243 | ||||||||
| Beverages — 0.1% | ||||||||
| Bacardi Ltd./Bacardi-Martini BV | ||||||||
| 5.900% 6/15/43 (a) | 697,000 | 675,493 | ||||||
| Biotechnology — 0.3% | ||||||||
| Amgen, Inc. | ||||||||
| 5.600% 3/02/43 | 1,417,000 | 1,377,502 | ||||||
| 5.750% 3/02/63 | 1,065,000 | 1,021,397 | ||||||
| 2,398,899 | ||||||||
| Chemicals — 0.5% | ||||||||
| Celanese US Holdings LLC | ||||||||
| 6.600% STEP 11/15/28 | 2,425,000 | 2,484,051 | ||||||
| Dow Chemical Co. | ||||||||
| 5.600% 2/15/54 (b) | 1,121,000 | 1,058,839 | ||||||
| Huntsman International LLC | ||||||||
| 2.950% 6/15/31 | 1,750,000 | 1,458,673 | ||||||
| 5,001,563 | ||||||||
| Computers — 0.2% | ||||||||
| Kyndryl Holdings, Inc. | ||||||||
| 6.350% 2/20/34 | 1,445,000 | 1,503,305 | ||||||
| Diversified Financial Services — 2.6% | ||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust | ||||||||
| 3.300% 1/30/32 | 3,175,000 | 2,766,439 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 5 yr. CMT + 2.720% 6.950% VRN 3/10/55 | $ | 364,000 | $ | 374,619 | ||||
| Ally Financial, Inc. | ||||||||
| 1 day USD SOFR + 1.730% 5.543% VRN 1/17/31 | 1,151,000 | 1,134,764 | ||||||
| 1 day USD SOFR + 3.260% 6.992% VRN 6/13/29 | 1,150,000 | 1,198,047 | ||||||
| Apollo Global Management, Inc. | ||||||||
| 5.800% 5/21/54 | 1,949,000 | 1,957,242 | ||||||
| ARES Finance Co. III LLC 5 yr. CMT + 3.237% | ||||||||
| 4.125% VRN 6/30/51 (a) | 2,745,000 | 2,630,382 | ||||||
| Avolon Holdings Funding Ltd. | ||||||||
| 2.528% 11/18/27 (a) | 1,770,000 | 1,641,323 | ||||||
| 4.950% 1/15/28 (a) | 2,505,000 | 2,482,249 | ||||||
| 5.750% 11/15/29 (a) | 2,060,000 | 2,085,139 | ||||||
| BGC Group, Inc. | ||||||||
| 6.600% 6/10/29 | 3,110,000 | 3,186,039 | ||||||
| Blue Owl Finance LLC | ||||||||
| 3.125% 6/10/31 | 2,825,000 | 2,478,088 | ||||||
| Charles Schwab Corp. 5 yr. CMT + 3.168% | ||||||||
| 4.000% VRN (c) | 3,320,000 | 3,211,087 | ||||||
| 25,145,418 | ||||||||
| Electric — 1.8% | ||||||||
| AES Corp. 5 yr. CMT + 3.201% | ||||||||
| 7.600% VRN 1/15/55 | 2,598,000 | 2,668,444 | ||||||
| Cleveland Electric Illuminating Co. | ||||||||
| 5.950% 12/15/36 | 864,000 | 874,029 | ||||||
| Emera, Inc. 3 mo. USD LIBOR + 5.440% | ||||||||
| 6.750% VRN 6/15/76 | 2,600,000 | 2,613,491 | ||||||
| Entergy Mississippi LLC | ||||||||
| 5.850% 6/01/54 | 775,000 | 781,302 | ||||||
| Entergy Texas, Inc. | ||||||||
| 5.800% 9/01/53 | 2,242,000 | 2,242,266 | ||||||
| MidAmerican Energy Co. | ||||||||
| 5.300% 2/01/55 | 777,000 | 733,984 | ||||||
| NextEra Energy Capital Holdings, Inc. 5 yr. CMT + 2.547% | ||||||||
| 3.800% VRN 3/15/82 | 1,865,000 | 1,774,246 | ||||||
| RWE Finance US LLC | ||||||||
| 5.875% 4/16/34 (a) | 2,560,000 | 2,567,832 | ||||||
| Sempra | ||||||||
| 5 yr. CMT + 2.868% 4.125% VRN 4/01/52 | 2,163,000 | 2,064,111 | ||||||
| 5 yr. CMT + 4.550% 4.875% VRN (c) | 1,690,000 | 1,668,008 | ||||||
| 17,987,713 | ||||||||
| Entertainment — 0.4% | ||||||||
| Warnermedia Holdings, Inc. | ||||||||
| 4.279% 3/15/32 | 3,670,000 | 3,234,030 | ||||||
| 5.141% 3/15/52 | 1,370,000 | 1,017,916 | ||||||
| 4,251,946 | ||||||||
| Food — 0.6% | ||||||||
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | ||||||||
| 3.625% 1/15/32 | 2,180,000 | 1,923,739 | ||||||
| Smithfield Foods, Inc. | ||||||||
| 2.625% 9/13/31 (a) | 3,215,000 | 2,646,623 | ||||||
| 4.250% 2/01/27 (a) | 1,720,000 | 1,682,031 | ||||||
| 6,252,393 | ||||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Gas — 0.2% | ||||||||
| CenterPoint Energy Resources Corp. | ||||||||
| 6.625% 11/01/37 | $ | 2,190,000 | $ | 2,337,675 | ||||
| Health Care - Services — 0.9% | ||||||||
| Centene Corp. | ||||||||
| 3.000% 10/15/30 | 2,875,000 | 2,480,828 | ||||||
| Cigna Group | ||||||||
| 4.800% 7/15/46 | 1,615,000 | 1,379,958 | ||||||
| HCA, Inc. | ||||||||
| 5.900% 6/01/53 | 2,215,000 | 2,090,318 | ||||||
| Humana, Inc. | ||||||||
| 5.750% 4/15/54 | 1,305,000 | 1,209,438 | ||||||
| UnitedHealth Group, Inc. | ||||||||
| 5.750% 7/15/64 | 1,521,000 | 1,477,897 | ||||||
| 8,638,439 | ||||||||
| Insurance — 6.6% | ||||||||
| Allianz SE 5 yr. CMT + 2.973% | ||||||||
| 3.500% VRN (a) (c) | 4,400,000 | 4,208,658 | ||||||
| Allstate Corp., (Acquired 11/30/18, Cost $3,292,364), 3 mo. USD Term SOFR + 3.200% | ||||||||
| 7.723% VRN 8/15/53 (d) | 3,220,000 | 3,220,448 | ||||||
| Arthur J Gallagher & Co. | ||||||||
| 5.000% 2/15/32 | 346,000 | 341,493 | ||||||
| Ascot Group Ltd. | ||||||||
| 4.250% 12/15/30 (a) | 2,025,000 | 1,727,770 | ||||||
| Athene Global Funding | ||||||||
| 2.673% 6/07/31 (a) | 2,635,000 | 2,238,685 | ||||||
| Athene Holding Ltd. 5 yr. CMT + 2.607% | ||||||||
| 6.625% VRN 10/15/54 | 2,670,000 | 2,655,063 | ||||||
| AXIS Specialty Finance LLC 5 yr. CMT + 3.186% | ||||||||
| 4.900% VRN 1/15/40 | 2,450,000 | 2,299,828 | ||||||
| Beacon Funding Trust | ||||||||
| 6.266% 8/15/54 (a) | 2,495,000 | 2,463,972 | ||||||
| CNO Financial Group, Inc. | ||||||||
| 6.450% 6/15/34 | 2,483,000 | 2,565,289 | ||||||
| Corebridge Financial, Inc. 5 yr. CMT + 3.846% | ||||||||
| 6.875% VRN 12/15/52 | 5,159,000 | 5,294,267 | ||||||
| Enstar Finance LLC | ||||||||
| HYB, 5 yr. CMT + 4.006% 5.500% VRN 1/15/42 | 2,244,000 | 2,142,776 | ||||||
| 5 yr. CMT + 5.468% 5.750% VRN 9/01/40 (b) | 2,400,000 | 2,367,171 | ||||||
| Equitable Holdings, Inc. 5 yr. CMT + 4.736% | ||||||||
| 4.950% VRN (c) | 1,480,000 | 1,471,443 | ||||||
| Fairfax Financial Holdings Ltd. | ||||||||
| 6.100% 3/15/55 (a) | 2,535,000 | 2,500,946 | ||||||
| Global Atlantic Fin Co. | ||||||||
| 5 yr. CMT + 3.796% 4.700% VRN 10/15/51 (a) | 3,275,000 | 3,163,016 | ||||||
| 6.750% 3/15/54 (a) | 2,379,000 | 2,414,248 | ||||||
| 5 yr. CMT + 3.608% 7.950% VRN 10/15/54 (a) | 596,000 | 623,418 | ||||||
| Kemper Corp. | ||||||||
| 3.800% 2/23/32 | 1,440,000 | 1,266,913 | ||||||
| Liberty Mutual Group, Inc. 5 yr. CMT + 3.315% | ||||||||
| 4.125% VRN 12/15/51 (a) | 2,070,000 | 1,969,834 | ||||||
| Markel Group, Inc. | ||||||||
| 6.000% 5/16/54 | 2,217,000 | 2,195,486 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| MetLife Capital Trust IV | ||||||||
| 7.875% 12/15/67 (a) | $ | 1,520,000 | $ | 1,657,843 | ||||
| Pine Street Trust III | ||||||||
| 6.223% 5/15/54 (a) | 2,655,000 | 2,679,173 | ||||||
| Sammons Financial Group, Inc. | ||||||||
| 3.350% 4/16/31 (a) | 4,555,000 | 3,914,066 | ||||||
| 4.450% 5/12/27 (a) | 69,000 | 67,636 | ||||||
| 4.750% 4/08/32 (a) | 90,000 | 82,330 | ||||||
| 6.875% 4/15/34 (a) | 4,181,000 | 4,368,961 | ||||||
| USF&G Capital I | ||||||||
| 8.500% 12/15/45 (a) | 1,015,000 | 1,069,442 | ||||||
| Vitality Re XV Ltd. 3 mo. U.S. T-Bill Rate + 2.500% | ||||||||
| 6.814% FRN 1/08/29 (a) | 3,276,000 | 3,272,396 | ||||||
| 64,242,571 | ||||||||
| Investment Companies — 3.2% | ||||||||
| Antares Holdings LP | ||||||||
| 2.750% 1/15/27 (a) | 985,000 | 923,180 | ||||||
| 3.950% 7/15/26 (a) (b) | 5,650,000 | 5,483,715 | ||||||
| 8.500% 5/18/25 (a) | 1,185,000 | 1,195,136 | ||||||
| ARES Capital Corp. | ||||||||
| 5.875% 3/01/29 | 1,572,000 | 1,585,309 | ||||||
| ARES Strategic Income Fund | ||||||||
| 6.350% 8/15/29 (a) | 3,131,000 | 3,186,854 | ||||||
| Blackstone Private Credit Fund | ||||||||
| 2.625% 12/15/26 | 3,635,000 | 3,463,950 | ||||||
| Blackstone Secured Lending Fund | ||||||||
| 2.750% 9/16/26 | 1,950,000 | 1,871,618 | ||||||
| Blue Owl Credit Income Corp. | ||||||||
| 4.700% 2/08/27 | 2,970,000 | 2,927,565 | ||||||
| 5.800% 3/15/30 (a) | 2,720,000 | 2,678,949 | ||||||
| Blue Owl Technology Finance Corp. II | ||||||||
| 6.750% 4/04/29 (a) | 2,083,000 | 2,095,767 | ||||||
| Golub Capital BDC, Inc. | ||||||||
| 2.500% 8/24/26 | 2,635,000 | 2,510,067 | ||||||
| 6.000% 7/15/29 | 1,961,000 | 1,959,406 | ||||||
| HPS Corporate Lending Fund | ||||||||
| 6.250% 9/30/29 (a) (b) | 1,815,000 | 1,846,063 | ||||||
| 31,727,579 | ||||||||
| Media — 0.9% | ||||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
| 2.300% 2/01/32 | 1,865,000 | 1,476,956 | ||||||
| 6.484% 10/23/45 | 1,925,000 | 1,818,967 | ||||||
| Discovery Communications LLC | ||||||||
| 4.125% 5/15/29 | 725,000 | 675,469 | ||||||
| Paramount Global | ||||||||
| 5 yr. CMT + 3.999% 6.375% VRN 3/30/62 | 1,337,000 | 1,292,321 | ||||||
| 6.875% 4/30/36 | 1,760,000 | 1,781,900 | ||||||
| 7.875% 7/30/30 | 1,000,000 | 1,082,442 | ||||||
| Time Warner Cable LLC | ||||||||
| 6.750% 6/15/39 | 960,000 | 940,884 | ||||||
| 9,068,939 | ||||||||
| Oil & Gas — 2.8% | ||||||||
| BP Capital Markets PLC | ||||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 5 yr. CMT + 1.674% 6.125% VRN (c) | $ | 2,595,000 | $ | 2,549,752 | ||||
| 5 yr. CMT + 2.153% 6.450% VRN (b) (c) | 1,150,000 | 1,181,407 | ||||||
| EQT Corp. | ||||||||
| 7.000% STEP 2/01/30 | 1,514,000 | 1,607,995 | ||||||
| Expand Energy Corp. | ||||||||
| 5.700% 1/15/35 | 1,334,000 | 1,309,299 | ||||||
| Helmerich & Payne, Inc. | ||||||||
| 5.500% 12/01/34 (a) (b) | 3,630,000 | 3,446,573 | ||||||
| Occidental Petroleum Corp. | ||||||||
| 5.375% 1/01/32 | 1,250,000 | 1,223,939 | ||||||
| 6.050% 10/01/54 | 2,611,000 | 2,477,290 | ||||||
| Ovintiv, Inc. | ||||||||
| 6.500% 8/15/34 | 885,000 | 916,772 | ||||||
| 6.500% 2/01/38 | 1,380,000 | 1,405,073 | ||||||
| 7.100% 7/15/53 | 2,479,000 | 2,638,472 | ||||||
| Patterson-UTI Energy, Inc. | ||||||||
| 3.950% 2/01/28 | 2,185,000 | 2,089,882 | ||||||
| 5.150% 11/15/29 (b) | 1,925,000 | 1,877,054 | ||||||
| 7.150% 10/01/33 (b) | 925,000 | 969,304 | ||||||
| Petroleos Mexicanos | ||||||||
| 5.350% 2/12/28 | 845,000 | 772,312 | ||||||
| 6.375% 1/23/45 | 585,000 | 391,424 | ||||||
| 6.500% 3/13/27 | 295,000 | 285,198 | ||||||
| 6.625% 6/15/38 | 202,000 | 147,358 | ||||||
| Santos Finance Ltd. | ||||||||
| 6.875% 9/19/33 (a) | 1,825,000 | 1,937,671 | ||||||
| 27,226,775 | ||||||||
| Oil & Gas Services — 0.2% | ||||||||
| NOV, Inc. | ||||||||
| 3.950% 12/01/42 | 2,603,000 | 1,931,581 | ||||||
| Pharmaceuticals — 1.2% | ||||||||
| Bayer US Finance LLC | ||||||||
| 6.500% 11/21/33 (a) | 1,925,000 | 1,958,512 | ||||||
| CVS Health Corp. | ||||||||
| 5.050% 3/25/48 | 1,650,000 | 1,360,501 | ||||||
| 5.875% 6/01/53 | 675,000 | 619,204 | ||||||
| 6.125% 9/15/39 | 895,000 | 874,196 | ||||||
| 5 yr. CMT + 2.886% 7.000% VRN 3/10/55 | 2,965,000 | 2,974,949 | ||||||
| CVS Pass-Through Trust | ||||||||
| 5.926% 1/10/34 (a) | 1,369,492 | 1,357,541 | ||||||
| Utah Acquisition Sub, Inc. | ||||||||
| 5.250% 6/15/46 | 3,370,000 | 2,837,475 | ||||||
| 11,982,378 | ||||||||
| Pipelines — 1.4% | ||||||||
| Energy Transfer LP | ||||||||
| 5.950% 5/15/54 | 1,041,000 | 1,006,384 | ||||||
| 5 yr. CMT + 5.306% 7.125% VRN (c) | 2,750,000 | 2,759,903 | ||||||
| EnLink Midstream Partners LP | ||||||||
| 5.050% 4/01/45 | 625,000 | 537,093 | ||||||
| 5.450% 6/01/47 | 2,215,000 | 1,993,305 | ||||||
| Enterprise Products Operating LLC 3 mo. USD Term SOFR + 3.295% | ||||||||
| 5.250% VRN 8/16/77 | 2,000,000 | 1,954,228 | ||||||
| Plains All American Pipeline LP 3 mo. USD Term SOFR + 4.372% | ||||||||
| 8.895% VRN (c) | 2,590,000 | 2,570,787 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Western Midstream Operating LP | ||||||||
| 5.450% 11/15/34 | $ | 2,625,000 | $ | 2,535,529 | ||||
| 13,357,229 | ||||||||
| Private Equity — 1.1% | ||||||||
| Brookfield Finance, Inc. | ||||||||
| 5.968% 3/04/54 | 1,386,000 | 1,400,913 | ||||||
| Hercules Capital, Inc. | ||||||||
| 2.625% 9/16/26 | 3,352,000 | 3,189,314 | ||||||
| 3.375% 1/20/27 | 4,080,000 | 3,901,170 | ||||||
| KKR Group Finance Co. VIII LLC | ||||||||
| 3.500% 8/25/50 (a) | 920,000 | 634,110 | ||||||
| KKR Group Finance Co. X LLC | ||||||||
| 3.250% 12/15/51 (a) | 2,442,000 | 1,593,933 | ||||||
| 10,719,440 | ||||||||
| Real Estate Investment Trusts (REITS) — 2.5% | ||||||||
| Broadstone Net Lease LLC | ||||||||
| 2.600% 9/15/31 | 3,401,000 | 2,808,846 | ||||||
| EPR Properties | ||||||||
| 3.600% 11/15/31 | 880,000 | 769,951 | ||||||
| 3.750% 8/15/29 | 1,650,000 | 1,528,643 | ||||||
| 4.500% 6/01/27 | 2,675,000 | 2,629,261 | ||||||
| Global Net Lease, Inc./Global Net Lease Operating Partnership LP | ||||||||
| 3.750% 12/15/27 (a) | 4,280,000 | 3,906,047 | ||||||
| Piedmont Operating Partnership LP | ||||||||
| 6.875% 7/15/29 | 1,325,000 | 1,361,357 | ||||||
| 9.250% 7/20/28 | 1,872,000 | 2,054,001 | ||||||
| Service Properties Trust | ||||||||
| 4.950% 10/01/29 | 1,320,000 | 1,050,001 | ||||||
| Store Capital LLC | ||||||||
| 4.500% 3/15/28 | 700,000 | 678,648 | ||||||
| 4.625% 3/15/29 | 5,140,000 | 4,951,180 | ||||||
| WEA Finance LLC | ||||||||
| 2.875% 1/15/27 (a) | 3,145,000 | 2,993,065 | ||||||
| 24,731,000 | ||||||||
| Semiconductors — 0.1% | ||||||||
| Intel Corp. | ||||||||
| 5.600% 2/21/54 | 1,080,000 | 947,087 | ||||||
| Software — 0.7% | ||||||||
| AppLovin Corp. | ||||||||
| 5.375% 12/01/31 | 2,450,000 | 2,450,637 | ||||||
| Electronic Arts, Inc. | ||||||||
| 2.950% 2/15/51 | 1,680,000 | 1,052,788 | ||||||
| Microsoft Corp. | ||||||||
| 2.921% 3/17/52 | 2,307,000 | 1,524,081 | ||||||
| Oracle Corp. | ||||||||
| 5.375% 9/27/54 | 2,075,000 | 1,912,572 | ||||||
| 6,940,078 | ||||||||
| Telecommunications — 0.7% | ||||||||
| AT&T, Inc. | ||||||||
| 3.550% 9/15/55 | 4,963,000 | 3,338,041 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Sprint Capital Corp. | ||||||||
| 8.750% 3/15/32 | $ | 2,015,000 | $ | 2,405,715 | ||||
| T-Mobile USA, Inc. | ||||||||
| 6.000% 6/15/54 | 1,477,000 | 1,497,044 | ||||||
| 7,240,800 | ||||||||
| TOTAL CORPORATE DEBT (Cost $372,108,532) | 359,892,180 | |||||||
| NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 23.7% | ||||||||
| Automobile Asset-Backed Securities — 2.0% | ||||||||
| Exeter Automobile Receivables Trust | ||||||||
| Series 2024-5A, Class C, 4.640% 1/15/30 | 2,000,000 | 1,979,733 | ||||||
| Series 2024-5A, Class D, 5.060% 2/18/31 | 3,500,000 | 3,443,202 | ||||||
| Ford Credit Floorplan Master Owner Trust A, Series 2024-4, Class B | ||||||||
| 4.610% 9/15/31 (a) | 5,000,000 | 4,969,927 | ||||||
| Hyundai Auto Receivables Trust, Series 2024-C, Class C | ||||||||
| 4.860% 2/17/32 | 3,000,000 | 2,952,982 | ||||||
| LAD Auto Receivables Trust, Series 2024-3A, Class C | ||||||||
| 4.930% 3/15/30 (a) | 3,000,000 | 2,969,838 | ||||||
| SFS Auto Receivables Securitization Trust, Series 2024-3A, Class C | ||||||||
| 4.980% 10/20/32 (a) | 3,700,000 | 3,640,402 | ||||||
| 19,956,084 | ||||||||
| Commercial Mortgage-Backed Securities — 6.3% | ||||||||
| Bank, Series 2020-BN30, Class MCDF, | ||||||||
| 2.918% VRN 12/15/53 (e) | 3,165,000 | 1,706,984 | ||||||
| Benchmark Mortgage Trust | ||||||||
| Series 2021-B23, Class 360A, 2.760% VRN 2/15/54 (a) (e) | 3,150,000 | 2,382,385 | ||||||
| Series 2021-B23, Class 360B, 2.760% VRN 2/15/54 (a) (e) | 4,800,000 | 3,366,586 | ||||||
| Series 2021-B25, Class 300C, 2.994% VRN 4/15/54 (a) (e) | 3,100,000 | 1,912,099 | ||||||
| BGME Trust | ||||||||
| Series 2021-VR, Class C, 2.995% VRN 1/10/43 (a) (e) | 16,248,000 | 12,533,025 | ||||||
| Series 2021-VR, Class D, 2.995% VRN 1/10/43 (a) (e) | 3,790,000 | 2,849,325 | ||||||
| BMO Mortgage Trust, Series 2023-C4, Class A5, | ||||||||
| 5.117% VRN 2/15/56 (e) | 1,300,000 | 1,283,687 | ||||||
| BX Trust, Series 2023-LIFE, Class C | ||||||||
| 5.884% 2/15/28 (a) | 600,000 | 562,409 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2019-GC41, Class C | ||||||||
| 3.502% 8/10/56 | 1,259,000 | 1,037,076 | ||||||
| COLEM Mortgage Trust, Series 2022-HLNE, Class D, | ||||||||
| 2.461% VRN 4/12/42 (a) (e) | 1,900,000 | 1,472,999 | ||||||
| COMM Mortgage Trust | ||||||||
| Series 2015-CR23, Class B, 4.183% VRN 5/10/48 (e) | 1,200,000 | 1,169,017 | ||||||
| Series 2015-CR23, Class C, 4.332% VRN 5/10/48 (e) | 1,050,000 | 991,057 | ||||||
| DROP Mortgage Trust | ||||||||
| Series 2021-FILE, Class C, 1 mo. USD Term SOFR + 2.364% 6.762% FRN 10/15/43 (a) | 3,365,000 | 3,002,468 | ||||||
| Series 2021-FILE, Class D, 1 mo. USD Term SOFR + 2.864% 7.262% FRN 10/15/43 (a) | 1,162,000 | 964,571 | ||||||
| GS Mortgage Securities Trust, Series 2019-GC39, Class C, | ||||||||
| 4.005% VRN 5/10/52 (e) | 1,357,000 | 1,035,261 | ||||||
| KREF Ltd. | ||||||||
| Series 2021-FL2, Class B, 1 mo. USD Term SOFR + 1.764% 6.146% FRN 2/15/39 (a) | 3,500,000 | 3,423,538 | ||||||
| Series 2021-FL2, Class C, 1 mo. USD Term SOFR + 2.114% 6.496% FRN 2/15/39 (a) | 5,800,000 | 5,651,585 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2021-FL2, Class D, 1 mo. USD Term SOFR + 2.314% 6.696% FRN 2/15/39 (a) | $ | 3,200,000 | $ | 3,040,609 | ||||
| LEX Mortgage Trust, Series 2024-BBG, Class A, | ||||||||
| 4.874% VRN 10/13/33 (a) (e) | 3,300,000 | 3,236,277 | ||||||
| Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864% | ||||||||
| 6.262% FRN 3/15/38 (a) | 2,021,699 | 1,971,161 | ||||||
| MFT Mortgage Trust | ||||||||
| Series 2020-ABC, Class A, 3.358% 2/10/42 (a) | 1,185,000 | 840,703 | ||||||
| Series 2020-ABC, Class B, 3.477% VRN 2/10/42 (a) (e) | 1,278,000 | 791,242 | ||||||
| VASA Trust, Series 2021-VASA, Class D, 1 mo. USD Term SOFR + 2.214% | ||||||||
| 6.613% FRN 7/15/39 (a) | 4,879,000 | 3,606,576 | ||||||
| Wells Fargo Commercial Mortgage Trust | ||||||||
| Series 2018-C45, Class B, 4.556% 6/16/51 | 390,000 | 360,915 | ||||||
| Series 2021-FCMT, Class B, 1 mo. USD Term SOFR + 1.964% 6.363% FRN 5/15/31 (a) | 3,000,000 | 2,933,956 | ||||||
| 62,125,511 | ||||||||
| Home Equity Asset-Backed Securities — 0.3% | ||||||||
| Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2003-HE6, Class A3B, 1 mo. USD Term SOFR + 1.074% | ||||||||
| 5.413% FRN 11/25/33 | 1,131,419 | 1,139,057 | ||||||
| Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD Term SOFR + 1.314% | ||||||||
| 5.653% FRN 11/25/35 (a) | 118,337 | 117,821 | ||||||
| Unlock HEA Trust, Series 2024-1, Class A | ||||||||
| 7.000% 4/25/39 (a) | 1,419,354 | 1,405,936 | ||||||
| 2,662,814 | ||||||||
| Other Asset-Backed Securities — 10.8% | ||||||||
| AASET Trust, Series 2021-2A, Class B | ||||||||
| 3.538% 1/15/47 (a) | 837,533 | 750,938 | ||||||
| Apidos CLO XLVIII Ltd., Series 2024-48A, Class A1, 3 mo. USD Term SOFR + 1.440% | ||||||||
| 6.755% FRN 7/25/37 (a) | 2,000,000 | 2,006,662 | ||||||
| Apidos CLO XXXII Ltd., Series 2019-32A, Class B1R, 3 mo. USD Term SOFR + 1.500% | ||||||||
| 6.117% FRN 1/20/33 (a) | 1,750,000 | 1,750,665 | ||||||
| ARES Loan Funding VI Ltd., Series 2024-ALF6A, Class A1, 3 mo. USD Term SOFR + 1.470% | ||||||||
| 6.481% FRN 7/10/37 (a) | 1,000,000 | 1,004,626 | ||||||
| Bain Capital Credit CLO Ltd., Series 2022-1A, Class A1, 3 mo. USD Term SOFR + 1.320% | ||||||||
| 5.952% FRN 4/18/35 (a) | 1,000,000 | 1,001,702 | ||||||
| Ballyrock CLO 26 Ltd., Series 2024-26A, Class A1A, 3 mo. USD Term SOFR + 1.510% | ||||||||
| 6.844% FRN 7/25/37 (a) | 1,700,000 | 1,711,798 | ||||||
| Benefit Street Partners CLO V-B Ltd., Series 2018-5BA, Class A1R, 3 mo. USD Term SOFR + 1.530% | ||||||||
| 6.147% FRN 7/20/37 (a) | 2,000,000 | 2,018,312 | ||||||
| Benefit Street Partners CLO XXVIII Ltd., Series 2022-28A, Class AR, 3 mo. USD Term SOFR + 1.350% | ||||||||
| 5.912% FRN 10/20/37 (a) | 2,000,000 | 2,004,000 | ||||||
| Buttermilk Park CLO Ltd., Series 2018-1A, Class B1R, 3 mo. USD Term SOFR + 1.600% | ||||||||
| 6.256% FRN 10/15/31 (a) | 2,000,000 | 2,002,350 | ||||||
| Capital Automotive REIT, Series 2024-3A, Class A1 | ||||||||
| 4.400% 10/15/54 (a) | 2,475,000 | 2,358,406 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| CARS-DB4 LP | ||||||||
| Series 2020-1A, Class A3, 3.250% 2/15/50 (a) | $ | 550,516 | $ | 492,768 | ||||
| Series 2020-1A, Class A6, 3.810% 2/15/50 (a) | 484,270 | 417,864 | ||||||
| CIFC Funding Ltd. | ||||||||
| Series 2018-2A, Class A1R, 3 mo. USD Term SOFR + 1.370% 6.021% FRN 10/20/37 (a) | 3,350,000 | 3,369,554 | ||||||
| Series 2019-6A, Class A1R, 3 mo. USD Term SOFR + 1.450% 6.097% FRN 7/16/37 (a) | 2,650,000 | 2,662,903 | ||||||
| Diameter Capital CLO 2 Ltd., Series 2021-2A, Class A1R, 3 mo. USD Term SOFR + 1.390% | ||||||||
| 6.025% FRN 10/15/37 (a) | 5,000,000 | 5,037,435 | ||||||
| Elmwood CLO I Ltd., Series 2019-1A, Class A1RR, 3 mo. USD Term SOFR + 1.520% | ||||||||
| 6.137% FRN 4/20/37 (a) | 3,000,000 | 3,020,001 | ||||||
| Flatiron CLO 20 Ltd., Series 2020-1A, Class BR, 3 mo. USD Term SOFR + 1.920% | ||||||||
| 6.441% FRN 5/20/36 (a) | 500,000 | 500,830 | ||||||
| Galaxy XXVI CLO Ltd., Series 2018-26A, Class BR, 3 mo. USD Term SOFR + 1.600% | ||||||||
| 6.114% FRN 11/22/31 (a) | 1,000,000 | 1,001,929 | ||||||
| GoldenTree Loan Management US CLO 8 Ltd., Series 2020-8A, Class BRR, 3 mo. USD Term SOFR + 1.550% | ||||||||
| 6.152% FRN 10/20/34 (a) | 3,000,000 | 3,000,189 | ||||||
| Goodgreen Trust | ||||||||
| Series 2019-2A, Class A, 2.760% 4/15/55 (a) | 1,833,945 | 1,524,419 | ||||||
| Series 2016-1A, Class A, 3.230% 10/15/52 (a) | 716,952 | 647,684 | ||||||
| Series 2017-1A, Class A, 3.740% 10/15/52 (a) | 338,796 | 305,177 | ||||||
| Series 2019-1A, Class A, 3.860% 10/15/54 (a) | 690,717 | 614,968 | ||||||
| Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (e) | 892,287 | 803,656 | ||||||
| Harbor Park CLO 18-1 Ltd., Series 2018-1A, Class B1R, 3 mo. USD Term SOFR + 1.700% | ||||||||
| 6.317% FRN 1/20/31 (a) | 1,300,000 | 1,302,785 | ||||||
| Hero Funding Trust | ||||||||
| Series 2016-3A, Class A1, 3.080% 9/20/42 (a) | 280,430 | 250,471 | ||||||
| Series 2017-3A, Class A1, 3.190% 9/20/48 (a) | 320,931 | 277,390 | ||||||
| Series 2017-2A, Class A1, 3.280% 9/20/48 (a) | 96,087 | 83,649 | ||||||
| Series 2016-4A, Class A1, 3.570% 9/20/47 (a) | 295,729 | 266,571 | ||||||
| Series 2017-2A, Class A2, 4.070% 9/20/48 (a) | 77,247 | 68,972 | ||||||
| Series 2018-1A, Class A2, 4.670% 9/20/48 (a) | 564,590 | 516,663 | ||||||
| HPS Loan Management Ltd., Series 2023-18A, Class B, 3 mo. USD Term SOFR + 2.950% | ||||||||
| 7.567% FRN 7/20/36 (a) | 1,000,000 | 1,009,697 | ||||||
| Juniper Valley Park CLO Ltd., Series 2023-1A, Class BR, 3 mo. USD Term SOFR + 1.550% | ||||||||
| 6.167% FRN 7/20/36 (a) | 1,350,000 | 1,352,970 | ||||||
| Labrador Aviation Finance Ltd., Series 2016-1A, Class A1 | ||||||||
| 4.300% 1/15/42 (a) | 1,335,026 | 1,292,320 | ||||||
| MACH 1 Cayman Ltd., Series 2019-1, Class A | ||||||||
| 3.474% 10/15/39 (a) | 880,350 | 845,612 | ||||||
| Marble Point CLO XIX Ltd., Series 2020-3A, Class AR, 3 mo. USD Term SOFR + 1.400% | ||||||||
| 6.017% FRN 1/19/34 (a) | 2,250,000 | 2,253,215 | ||||||
| Mariner Finance Issuance Trust | ||||||||
| Series 2021-AA, Class B, 2.330% 3/20/36 (a) | 1,771,000 | 1,708,880 | ||||||
| Series 2021-AA, Class C, 2.960% 3/20/36 (a) | 835,000 | 809,073 | ||||||
| MidOcean Credit CLO XII Ltd., Series 2023-12A, Class CR, 3 mo. USD Term SOFR + 2.450% | ||||||||
| 7.082% FRN 4/18/36 (a) | 700,000 | 701,784 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| MidOcean Credit CLO XIV Ltd., Series 2024-14A, Class A1, 3 mo. USD Term SOFR + 1.580% | ||||||||
| 6.236% FRN 4/15/37 (a) | $ | 2,000,000 | $ | 2,014,116 | ||||
| Mosaic Solar Loan Trust, Series 2018-1A, Class A | ||||||||
| 4.010% 6/22/43 (a) | 116,138 | 107,897 | ||||||
| Mosaic Solar Loans LLC | ||||||||
| Series 2017-2A, Class A, 3.820% 6/22/43 (a) | 251,760 | 236,820 | ||||||
| Series 2017-1A, Class A, 4.450% 6/20/42 (a) | 103,324 | 100,505 | ||||||
| Neuberger Berman Loan Advisers CLO 45 Ltd., Series 2021-45A, Class B, 3 mo. USD Term SOFR + 1.912% | ||||||||
| 6.568% FRN 10/14/35 (a) | 1,350,000 | 1,351,420 | ||||||
| OCP CLO Ltd., Series 2023-27A, Class BR, 3 mo. USD Term SOFR + 1.700% | ||||||||
| 6.347% FRN 7/16/35 (a) | 2,500,000 | 2,502,327 | ||||||
| OHA Credit Funding 5 Ltd., Series 2020-5A, Class AR, 3 mo. USD Term SOFR + 1.350% | ||||||||
| 6.131% FRN 10/18/37 (a) | 5,000,000 | 5,009,515 | ||||||
| Orion CLO Ltd., Series 2024-3A, Class A, 3 mo. USD Term SOFR + 1.560% | ||||||||
| 6.890% FRN 7/25/37 (a) | 1,500,000 | 1,511,473 | ||||||
| Parallel Ltd., Series 2021-2A, Class A2, 3 mo. USD Term SOFR + 2.112% | ||||||||
| 6.729% FRN 10/20/34 (a) | 550,000 | 550,239 | ||||||
| Rad CLO 12 Ltd., Series 2021-12A, Class A, 3 mo. USD Term SOFR + 1.432% | ||||||||
| 6.021% FRN 10/30/34 (a) | 2,000,000 | 2,002,462 | ||||||
| Rad CLO 4 Ltd., Series 2019-4A, Class B1R, 3 mo. USD Term SOFR + 1.750% | ||||||||
| 6.376% FRN 4/25/32 (a) | 1,100,000 | 1,101,478 | ||||||
| Rad CLO 6 Ltd., Series 2019-6A, Class A1R, 3 mo. USD Term SOFR + 1.390% | ||||||||
| 6.007% FRN 10/20/37 (a) | 4,000,000 | 4,013,956 | ||||||
| RR 29 Ltd., Series 2024-29RA, Class A1R, 3 mo. USD Term SOFR + 1.390% | ||||||||
| 6.046% FRN 7/15/39 (a) | 2,000,000 | 2,013,164 | ||||||
| RR 7 Ltd., Series 2019-7A, Class A2B, 3 mo. USD Term SOFR + 1.850% | ||||||||
| 6.506% FRN 1/15/37 (a) | 750,000 | 750,360 | ||||||
| Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class D | ||||||||
| 3.170% 11/20/37 (a) | 400,995 | 384,992 | ||||||
| Structured Receivables Finance LLC, Series 2010-B, Class A | ||||||||
| 3.730% 8/15/36 (a) | 25,059 | 24,905 | ||||||
| Sunnova Helios II Issuer LLC, Series 2018-1A, Class A | ||||||||
| 4.870% 7/20/48 (a) | 530,611 | 482,626 | ||||||
| Sunnova Hestia II Issuer LLC, Series 2024-GRID1, Class 1A | ||||||||
| 5.630% 7/20/51 (a) | 1,155,498 | 1,162,543 | ||||||
| Symphony CLO 42 Ltd., Series 2024-42A, Class A1, 3 mo. USD Term SOFR + 1.530% | ||||||||
| 6.178% FRN 4/17/37 (a) | 2,000,000 | 2,008,716 | ||||||
| Tesla Sustainable Energy Trust, Series 2024-1A, Class A3 | ||||||||
| 5.290% 6/20/50 (a) | 4,500,000 | 4,445,177 | ||||||
| THL Credit Wind River CLO Ltd., Series 2018-3A, Class B, 3 mo. USD Term SOFR + 1.962% | ||||||||
| 6.579% FRN 1/20/31 (a) | 2,440,000 | 2,443,426 | ||||||
| Thrust Engine Leasing DAC | ||||||||
| Series 2021-1A, Class A, 4.163% 7/15/40 (a) | 3,190,346 | 3,053,581 | ||||||
| Series 2021-1A, Class B, 6.121% 7/15/40 (a) | 1,448,504 | 1,400,880 | ||||||
| Series 2021-1A, Class C, 7.386% 7/15/40 (a) | 484,133 | 450,332 | ||||||
| TICP CLO XIV Ltd., Series 2019-14A, Class A2R, 3 mo. USD Term SOFR + 1.912% | ||||||||
| 6.529% FRN 10/20/32 (a) | 1,100,000 | 1,101,013 | ||||||
| Vivint Solar Financing V LLC, Series 2018-1A, Class B | ||||||||
| 7.370% 4/30/48 (a) | 1,108,740 | 1,031,660 | ||||||
| Voya CLO Ltd. | ||||||||
| Series 2019-1A, Class A1RR, 3 mo. USD Term SOFR + 1.370% 5.819% FRN 10/15/37 (a) | 5,000,000 | 5,033,530 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2021-3A, Class B, 3 mo. USD Term SOFR + 1.862% 6.479% FRN 1/20/35 (a) | $ | 500,000 | $ | 501,247 | ||||
| WAVE Trust, Series 2017-1A, Class C | ||||||||
| 6.656% 11/15/42 (a) | 2,355,602 | 942,290 | ||||||
| Whitebox CLO III Ltd., Series 2021-3A, Class A1R, 3 mo. USD Term SOFR + 1.270% | ||||||||
| 5.926% FRN 10/15/35 (a) | 4,750,000 | 4,756,797 | ||||||
| Willis Engine Structured Trust IV, Series 2018-A, Class A, | ||||||||
| 4.750% STEP 9/15/43 (a) | 407,888 | 402,716 | ||||||
| 105,641,051 | ||||||||
| Real Estate Investment Trusts (REITS) — 0.3% | ||||||||
| SBA Tower Trust | ||||||||
| 4.831% 10/15/29 (a) | 3,250,000 | 3,174,569 | ||||||
| Student Loans Asset-Backed Securities — 1.8% | ||||||||
| College Avenue Student Loans LLC | ||||||||
| Series 2019-A, Class B, 3.810% 12/28/48 (a) | 1,111,686 | 1,021,053 | ||||||
| Series 2019-A, Class C, 4.460% 12/28/48 (a) | 743,114 | 696,172 | ||||||
| Education Loan Asset-Backed Trust I | ||||||||
| Series 2013-1, Class B1, 30 day USD SOFR Average + 1.114% 5.683% FRN 11/25/33 (a) | 421,331 | 418,326 | ||||||
| Series 2003-1, Class A2, 6.041% FRN 2/01/43 (a) (e) | 1,300,000 | 1,203,406 | ||||||
| Series 2003-2, Class 2A1, 6.258% FRN 8/01/43 (a) (e) | 1,950,000 | 1,819,683 | ||||||
| Higher Education Funding I | ||||||||
| Series 2004-1, Class B1, 5.784% FRN 1/01/44 (a) (e) | 600,000 | 516,736 | ||||||
| Series 2004-1, Class B2, 5.793% FRN 1/01/44 (a) (e) | 600,000 | 516,593 | ||||||
| Navient Student Loan Trust, Series 2018-EA, Class B | ||||||||
| 4.440% 12/15/59 (a) | 730,000 | 704,350 | ||||||
| Nelnet Student Loan Trust | ||||||||
| Series 2019-5, Class B, 3.450% 10/25/67 (a) | 2,850,000 | 2,172,743 | ||||||
| Series 2014-3A, Class B, 30 day USD SOFR Average + 1.614% 6.183% FRN 10/25/50 (a) | 975,000 | 933,795 | ||||||
| Series 2015-2A, Class B, 30 day USD SOFR Average + 1.614% 6.183% FRN 5/26/54 (a) | 1,130,000 | 1,099,784 | ||||||
| SLC Student Loan Trust, Series 2005-1, Class B, 90 day USD SOFR Average + 0.462% | ||||||||
| 5.512% FRN 2/15/45 | 661,892 | 593,288 | ||||||
| SLM Student Loan Trust | ||||||||
| Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.655% FRN 10/25/40 | 1,409,044 | 1,325,711 | ||||||
| Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% 5.755% FRN 1/25/55 | 767,084 | 729,248 | ||||||
| SMB Private Education Loan Trust, Series 2024-E, Class B | ||||||||
| 5.710% 10/16/56 (a) | 2,500,000 | 2,448,890 | ||||||
| SoFi Alternative Trust, Series 2019-C, Class PT, | ||||||||
| 5.046% VRN 1/25/45 (a) (e) | 1,523,919 | 1,475,868 | ||||||
| 17,675,646 | ||||||||
| Whole Loan Collateral Collateralized Mortgage Obligations — 2.2% | ||||||||
| Banc of America Mortgage Trust, Series 2004-G, Class 2A7, | ||||||||
| 6.565% VRN 8/25/34 (e) | 13,961 | 13,900 | ||||||
| Credit Suisse Mortgage Trust, Series 2021-NQM3, Class M1, | ||||||||
| 2.317% VRN 4/25/66 (a) (e) | 1,670,000 | 1,157,425 | ||||||
| Ellington Financial Mortgage Trust | ||||||||
| Series 2024-INV2, Class A2, 5.289% VRN 10/25/69 (a) (e) | 1,982,721 | 1,960,674 | ||||||
| Series 2024-INV2, Class A3, 5.441% VRN 10/25/69 (a) (e) | 1,982,721 | 1,960,699 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Flagstar Mortgage Trust, Series 2021-6INV, Class A18, | ||||||||
| 2.500% VRN 8/25/51 (a) (e) | $ | 4,159,837 | $ | 3,302,196 | ||||
| GS Mortgage-Backed Securities Trust, Series 2024-PJ8, Class B2, | ||||||||
| 6.919% VRN 2/25/55 (a) (e) | 2,989,248 | 3,028,731 | ||||||
| New Residential Mortgage Loan Trust, Series 2021-INV1, Class A4, | ||||||||
| 2.500% VRN 6/25/51 (a) (e) | 2,488,316 | 1,973,740 | ||||||
| NMLT Trust, Series 2021-INV1, Class M1, | ||||||||
| 2.711% VRN 5/25/56 (a) (e) | 3,723,000 | 2,697,851 | ||||||
| STAR Trust, Series 2021-1, Class M1, | ||||||||
| 2.363% VRN 5/25/65 (a) (e) | 5,273,000 | 4,218,516 | ||||||
| Starwood Mortgage Residential Trust, Series 2021-3, Class M1, | ||||||||
| 2.491% VRN 6/25/56 (a) (e) | 1,840,000 | 1,295,600 | ||||||
| Wells Fargo Mortgage-Backed Securities Trust, Series 2019-1, Class A1, | ||||||||
| 3.921% VRN 11/25/48 (a) (e) | 18,559 | 17,477 | ||||||
| 21,626,809 | ||||||||
| TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $254,140,051) | 232,862,484 | |||||||
| SOVEREIGN DEBT OBLIGATIONS — 0.1% | ||||||||
| Mexico Government International Bond | ||||||||
| 4.750% 3/08/44 | 1,778,000 | 1,349,076 | ||||||
| TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,788,846) | 1,349,076 | |||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (f) — 30.6% | ||||||||
| Collateralized Mortgage Obligations — 0.0% | ||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 2178, Class PB 7.000% 8/15/29 | 32,439 | 33,361 | ||||||
| Pass-Through Securities — 30.6% | ||||||||
| Federal Home Loan Mortgage Corp. | ||||||||
| Pool #RA4245 2.000% 12/01/50 | 3,950,777 | 3,113,526 | ||||||
| Pool #RA4255 2.000% 1/01/51 | 8,011,874 | 6,334,022 | ||||||
| Pool #RA5576 2.500% 7/01/51 | 6,567,062 | 5,418,880 | ||||||
| Pool #SD0905 3.000% 3/01/52 | 3,137,394 | 2,692,422 | ||||||
| Pool #RA2483 3.500% 6/01/50 | 4,355,795 | 3,886,327 | ||||||
| Pool #Z40047 4.000% 10/01/41 | 58,301 | 55,191 | ||||||
| Pool #SD1523 4.000% 8/01/52 | 4,473,896 | 4,125,848 | ||||||
| Pool #SD1603 4.000% 9/01/52 | 2,890,853 | 2,648,794 | ||||||
| Pool #SD8245 4.500% 9/01/52 | 2,561,296 | 2,413,738 | ||||||
| Pool #SD8257 4.500% 10/01/52 | 1,801,947 | 1,698,136 | ||||||
| Pool #SD8266 4.500% 11/01/52 | 6,596,351 | 6,216,331 | ||||||
| Pool #SD8268 5.500% 11/01/52 | 4,279,353 | 4,236,565 | ||||||
| Pool #SD4364 5.500% 10/01/53 | 4,793,894 | 4,757,945 | ||||||
| Federal National Mortgage Association | ||||||||
| Pool #CB0414 2.500% 5/01/51 | 5,802,325 | 4,760,650 | ||||||
| Pool #FM8596 2.500% 9/01/51 | 2,034,704 | 1,678,957 | ||||||
| Pool #FS3035 2.500% 4/01/52 | 7,267,862 | 5,999,423 | ||||||
| Pool #MA3029 3.000% 6/01/32 | 1,186,022 | 1,134,351 | ||||||
| Pool #MA3090 3.000% 8/01/32 | 408,850 | 390,552 | ||||||
| Pool #FS1075 3.000% 3/01/52 | 3,193,419 | 2,743,495 | ||||||
| Pool #CB3304 3.000% 4/01/52 | 4,963,778 | 4,264,426 | ||||||
| Pool #CB3305 3.000% 4/01/52 | 5,894,743 | 5,056,858 | ||||||
| Pool #AS1304 3.500% 12/01/28 | 254,355 | 250,188 | ||||||
| Pool #MA1356 3.500% 2/01/43 | 2,871,111 | 2,609,996 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Pool #CA6096 3.500% 6/01/50 | $ | 5,944,823 | $ | 5,270,651 | ||||
| Pool #FM4017 3.500% 8/01/50 | 290,982 | 259,529 | ||||||
| Pool #CB3842 3.500% 6/01/52 | 9,432,517 | 8,406,301 | ||||||
| Pool #MA4626 4.000% 6/01/52 | 9,680,477 | 8,861,585 | ||||||
| Pool #CA1909 4.500% 6/01/48 | 1,848,740 | 1,762,453 | ||||||
| Pool #CB3866 4.500% 6/01/52 | 5,045,402 | 4,779,959 | ||||||
| Pool #CB4129 4.500% 7/01/52 | 4,558,510 | 4,303,013 | ||||||
| Pool #MA4733 4.500% 9/01/52 | 3,644,132 | 3,434,191 | ||||||
| Pool #AD6437 5.000% 6/01/40 | 156,417 | 156,170 | ||||||
| Pool #AD6996 5.000% 7/01/40 | 997,087 | 994,548 | ||||||
| Pool #AL8173 5.000% 2/01/44 | 396,632 | 395,158 | ||||||
| Pool #MA4785 5.000% 10/01/52 | 1,356,200 | 1,311,786 | ||||||
| Pool #MA4806 5.000% 11/01/52 | 4,269,103 | 4,129,295 | ||||||
| Government National Mortgage Association | ||||||||
| Pool #781038 6.500% 5/15/29 | 10,414 | 10,592 | ||||||
| Pool #781468 6.500% 7/15/32 | 1,066 | 1,088 | ||||||
| Pool #781496 6.500% 9/15/32 | 4,625 | 4,711 | ||||||
| Pool #781124 7.000% 12/15/29 | 1,655 | 1,681 | ||||||
| Pool #781319 7.000% 7/15/31 | 34,927 | 35,629 | ||||||
| Pool #581417 7.000% 7/15/32 | 5,644 | 5,723 | ||||||
| Pool #565982 7.000% 7/15/32 | 9,416 | 9,650 | ||||||
| Pool #441009 8.000% 11/15/26 | 21 | 21 | ||||||
| Pool #522777 8.000% 12/15/29 | 2,052 | 2,088 | ||||||
| Pool #523043 8.000% 3/15/30 | 79 | 81 | ||||||
| Pool #529134 8.000% 3/15/30 | 920 | 943 | ||||||
| Pool #477036 8.000% 4/15/30 | 88 | 90 | ||||||
| Pool #503157 8.000% 4/15/30 | 7,828 | 8,021 | ||||||
| Pool #528714 8.000% 4/15/30 | 737 | 756 | ||||||
| Pool #544640 8.000% 11/15/30 | 6,544 | 6,719 | ||||||
| Pool #531298 8.500% 8/15/30 | 167 | 170 | ||||||
| Government National Mortgage Association II | ||||||||
| Pool #MA6038 3.000% 7/20/49 | 2,295,454 | 2,000,721 | ||||||
| Pool #MA6283 3.000% 11/20/49 | 4,158,254 | 3,621,743 | ||||||
| Pool #MA6409 3.000% 1/20/50 | 4,339,144 | 3,777,937 | ||||||
| Pool #MA4321 3.500% 3/20/47 | 2,583,059 | 2,337,598 | ||||||
| Pool #MA8647 5.000% 2/20/53 | 3,624,408 | 3,520,610 | ||||||
| Pool #MA8725 5.000% 3/20/53 | 3,667,749 | 3,562,709 | ||||||
| Pool #MA8947 5.000% 6/20/53 | 2,027,246 | 1,972,990 | ||||||
| Pool #MA8429 5.500% 11/20/52 | 5,621,537 | 5,583,167 | ||||||
| Pool #MA8648 5.500% 2/20/53 | 1,412,128 | 1,404,255 | ||||||
| Pool #MA8801 5.500% 4/20/53 | 4,459,803 | 4,434,937 | ||||||
| Pool #MA8879 5.500% 5/20/53 | 3,947,558 | 3,925,548 | ||||||
| Pool #MA8948 5.500% 6/20/53 | 1,259,021 | 1,249,247 | ||||||
| Pool #MA9171 5.500% 9/20/53 | 3,652,876 | 3,624,518 | ||||||
| Pool #MA9241 5.500% 10/20/53 | 3,248,197 | 3,230,086 | ||||||
| Pool #MA9488 5.500% 2/20/54 | 2,227,873 | 2,209,186 | ||||||
| Government National Mortgage Association II, TBA | ||||||||
| 2.500% 1/20/55 (g) | 3,900,000 | 3,252,213 | ||||||
| 3.000% 1/20/55 (g) | 12,100,000 | 10,481,557 | ||||||
| 3.500% 1/20/55 (g) | 9,280,000 | 8,286,698 | ||||||
| 4.500% 1/20/55 (g) | 2,000,000 | 1,889,675 | ||||||
| 5.000% 1/20/55 (g) | 11,500,000 | 11,153,607 | ||||||
| Uniform Mortgage-Backed Security, TBA | ||||||||
| 2.000% 1/01/55 (g) | 6,300,000 | 4,894,312 | ||||||
| 2.500% 1/01/55 (g) | 28,575,000 | 23,239,507 | ||||||
| 3.500% 1/01/55 (g) | 13,150,000 | 11,619,256 | ||||||
| 4.000% 1/01/55 (g) | 6,075,000 | 5,547,234 | ||||||
| 4.500% 1/01/55 (g) | 3,625,000 | 3,406,933 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 5.000% 1/01/55 (g) | $ | 20,500,000 | $ | 19,770,487 | ||||
| 5.500% 1/01/55 (g) | 19,400,000 | 19,132,491 | ||||||
| 6.000% 1/01/55 (g) | 10,300,000 | 10,345,867 | ||||||
| 300,114,312 | ||||||||
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $317,288,915) | 300,147,673 | |||||||
| U.S. TREASURY OBLIGATIONS — 7.6% | ||||||||
| U.S. Treasury Bonds & Notes — 7.6% | ||||||||
| U.S. Treasury Bonds | ||||||||
| 2.250% 8/15/49 (h) | 35,050,000 | 21,716,917 | ||||||
| 3.000% 8/15/52 | 8,000,000 | 5,746,632 | ||||||
| 4.125% 8/15/53 | 570,000 | 508,424 | ||||||
| 4.500% 2/15/44 | 19,600,000 | 18,727,187 | ||||||
| 4.750% 11/15/43 | 5,910,000 | 5,838,948 | ||||||
| 4.750% 11/15/53 | 8,730,000 | 8,636,538 | ||||||
| U.S. Treasury Notes | ||||||||
| 3.875% 8/15/33 | 2,000,000 | 1,904,546 | ||||||
| 4.000% 2/15/34 (b) | 240,000 | 229,918 | ||||||
| 4.250% 2/28/31 | 12,000,000 | 11,866,776 | ||||||
| 75,175,886 | ||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $80,214,065) | 75,175,886 | |||||||
| TOTAL BONDS & NOTES (Cost $1,025,540,409) | 969,427,299 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $1,025,540,409) | 969,427,299 | |||||||
| SHORT-TERM INVESTMENTS — 15.0% | ||||||||
| Commercial Paper — 14.1% | ||||||||
| American Honda Finance Corp. | ||||||||
| 4.780% 3/12/25 | 5,000,000 | 4,954,156 | ||||||
| 4.782% 3/13/25 | 5,000,000 | 4,953,520 | ||||||
| 4.813% 3/06/25 | 5,000,000 | 4,957,976 | ||||||
| CRH America Finance, Inc. | ||||||||
| 4.810% 2/27/25 (a) | 4,000,000 | 3,970,304 | ||||||
| DTE Energy Co. | ||||||||
| 4.679% 1/21/25 (a) | 2,000,000 | 1,994,702 | ||||||
| Enbridge US, Inc. | ||||||||
| 4.793% 1/27/25 (a) | 5,000,000 | 4,982,499 | ||||||
| Entergy Corp. | ||||||||
| 4.773% 2/10/25 (a) | 3,000,000 | 2,984,314 | ||||||
| Eversource Energy | ||||||||
| 4.708% 1/21/25 (a) | 5,000,000 | 4,986,971 | ||||||
| 4.856% 1/10/25 (a) | 11,000,000 | 10,986,440 | ||||||
| 4.887% 1/09/25 (a) | 4,000,000 | 3,995,565 | ||||||
| Microchip Technology, Inc. | ||||||||
| 4.766% 1/30/25 (a) | 7,000,000 | 6,972,992 | ||||||
| 4.816% 2/07/25 (a) | 8,000,000 | 7,960,812 | ||||||
| Mosaic Co. | ||||||||
| 4.727% 1/09/25 (a) | 6,000,000 | 5,993,238 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| OGE Energy Corp. | ||||||||
| 4.878% 1/15/25 (a) | $ | 5,000,000 | $ | 4,990,594 | ||||
| Penske Truck Leasing Co. LP | ||||||||
| 4.836% 5/28/25 | 5,000,000 | 4,903,601 | ||||||
| Phillips 66 | ||||||||
| 4.672% 1/03/25 (a) | 4,000,000 | 3,998,498 | ||||||
| Societe Generale SA | ||||||||
| 4.351% 1/02/25 (a) | 7,000,000 | 6,998,317 | ||||||
| Tampa Electric Co. | ||||||||
| 4.803% 1/07/25 (a) | 8,000,000 | 7,993,249 | ||||||
| 4.805% 1/13/25 (a) | 2,000,000 | 1,996,860 | ||||||
| 4.834% 1/13/25 (a) | 3,000,000 | 2,995,289 | ||||||
| 4.835% 1/15/25 (a) | 4,000,000 | 3,992,748 | ||||||
| TELUS Corp. | ||||||||
| 4.816% 5/21/25 (a) | 15,000,000 | 14,729,750 | ||||||
| TransCanada PipeLines Ltd. | ||||||||
| 4.684% 1/22/25 (a) | 5,000,000 | 4,986,111 | ||||||
| 4.713% 1/27/25 (a) | 1,000,000 | 996,575 | ||||||
| Volkswagen Financial Services | ||||||||
| 5.016% 1/06/25 (a) | 10,000,000 | 9,992,536 | ||||||
| 138,267,617 | ||||||||
| Number of Shares | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.7% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.482% (i) | 6,796,918 | 6,796,918 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 0.2% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/24, 2.750%, due 1/02/25 (j) | $ | 1,928,357 | 1,928,357 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $147,001,302) | 146,992,892 | |||||||
| TOTAL INVESTMENTS — 113.7% (Cost $1,172,541,711) (k) | 1,116,420,191 | |||||||
| Other Assets/(Liabilities) — (13.7)% | (134,697,372) | |||||||
| NET ASSETS — 100.0% | $ | 981,722,819 | ||||||
Abbreviation Legend
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury Index |
| FRN | Floating Rate Note^ |
| ICE | Inter-Continental Exchange |
| LIBOR | London InterBank Offered Rate |
| REMICS | Real Estate Mortgage Investment Conduits |
| SOFR | Secured Overnight Financing Rate |
| STEP | Step Coupon Bond |
| TBA | To Be Announced |
| VRN | Variable Rate Note^ |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2024, the aggregate market value of these securities amounted to $443,392,349 or 45.16% of net assets. |
| (b) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2024, was $15,903,876 or 1.62% of net assets. The Fund received $9,457,615 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 perpetual and has no stated maturity date. |
| (d) | Restricted security. Certain securities are restricted to resale. At December 31, 2024, these securities amounted to a value of $4,734,826 or 0.48% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
| (e) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2024. |
| (f) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
| (g) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (h) | All or a portion of this security is pledged/held as collateral for open derivatives. |
| (i) | Represents investment of security lending cash collateral and 7-day effective yield as of December 31, 2024. (Note 2). |
| (j) | Maturity value of $1,928,652. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $1,966,926. |
| (k) | See Note 3 for aggregate cost for federal tax purposes. |
| ^ | Floating rate or variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| Futures contracts | ||||||||||||||
| Expiration Date | Number of Contracts | Notional Amount | Value/Net Unrealized Appreciation (Depreciation) | |||||||||||
| Long | ||||||||||||||
| U.S. Treasury Long Bond | 3/20/25 | 200 | $ | 23,424,685 | $ | (655,935) | ||||||||
| U.S. Treasury Note 2 Year | 3/31/25 | 400 | 82,194,989 | 48,761 | ||||||||||
| U.S. Treasury Note 5 Year | 3/31/25 | 210 | 22,411,588 | (87,604) | ||||||||||
| $ | (694,778) | |||||||||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments |
December 31, 2024 (Unaudited)
| Principal Amount | Value | |||||||
| BONDS & NOTES — 92.9% | ||||||||
| CORPORATE DEBT — 28.3% | ||||||||
| Aerospace & Defense — 0.2% | ||||||||
| Boeing Co. | ||||||||
| 5.930% 5/01/60 | $ | 105,000 | $ | 97,159 | ||||
| 6.858% 5/01/54 | 142,000 | 150,924 | ||||||
| 248,083 | ||||||||
| Airlines — 0.2% | ||||||||
| United Airlines Pass-Through Trust | ||||||||
| Series 2018-1, Class B, 4.600% 9/01/27 | 44,205 | 43,579 | ||||||
| Series 2024-1, Class AA, 5.450% 8/15/38 | 163,000 | 163,228 | ||||||
| 206,807 | ||||||||
| Auto Manufacturers — 0.4% | ||||||||
| Ford Motor Credit Co. LLC | ||||||||
| 5.303% 9/06/29 | 115,000 | 112,698 | ||||||
| General Motors Co. | ||||||||
| 5.200% 4/01/45 | 170,000 | 147,403 | ||||||
| Nissan Motor Acceptance Co. LLC | ||||||||
| 5.300% 9/13/27 (a) (b) | 240,000 | 237,254 | ||||||
| 497,355 | ||||||||
| Banks — 5.6% | ||||||||
| Bank of America Corp. | ||||||||
| 5 yr. CMT + 1.200% 2.482% VRN 9/21/36 | 230,000 | 187,390 | ||||||
| 5 yr. CMT + 2.000% 3.846% VRN 3/08/37 | 345,000 | 305,600 | ||||||
| Barclays PLC | ||||||||
| 5 yr. CMT + 3.410% 4.375% VRN (c) | 375,000 | 337,251 | ||||||
| 5 yr. CMT + 5.431% 8.000% VRN (c) | 290,000 | 300,027 | ||||||
| BNP Paribas SA 5 yr. CMT + 3.340% | ||||||||
| 4.625% VRN (a) (c) | 375,000 | 316,081 | ||||||
| BPCE SA, (Acquired 10/12/21, Cost $450,000), 1 day USD SOFR + 1.730% | ||||||||
| 3.116% VRN 10/19/32 (a) (d) | 450,000 | 372,388 | ||||||
| Citigroup, Inc. | ||||||||
| 5 yr. CMT + 2.572% 6.750% VRN (b) (c) | 240,000 | 238,048 | ||||||
| 10 yr. CMT + 2.757% 7.000% VRN (c) | 171,000 | 180,332 | ||||||
| Citizens Financial Group, Inc. 1 day USD SOFR + 2.325% | ||||||||
| 6.645% VRN 4/25/35 | 261,000 | 275,150 | ||||||
| Discover Bank 5 yr. USD SOFR ICE Swap + 1.730% | ||||||||
| 5.974% VRN 8/09/28 | 468,000 | 476,590 | ||||||
| HSBC Holdings PLC | ||||||||
| 6.500% 9/15/37 | 125,000 | 127,506 | ||||||
| 7.350% 11/27/32 | 215,000 | 229,398 | ||||||
| Huntington Bancshares, Inc. 5 yr. CMT + 1.700% | ||||||||
| 6.141% VRN 11/18/39 | 240,000 | 239,688 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| ING Groep NV 5 yr. USD Swap + 4.446% | ||||||||
| 6.500% VRN (c) | $ | 475,000 | $ | 474,993 | ||||
| JP Morgan Chase & Co. 3 mo. USD Term SOFR + 2.515% | ||||||||
| 2.956% VRN 5/13/31 | 175,000 | 156,539 | ||||||
| Lloyds Banking Group PLC 5 yr. CMT + 3.913% | ||||||||
| 8.000% VRN (b) (c) | 405,000 | 420,451 | ||||||
| Macquarie Bank Ltd. 5 yr. CMT + 1.700% | ||||||||
| 3.052% VRN 3/03/36 (a) | 250,000 | 213,754 | ||||||
| Morgan Stanley | ||||||||
| 1 day USD SOFR + 1.360% 2.484% VRN 9/16/36 | 210,000 | 170,800 | ||||||
| 1 day USD SOFR + 2.620% 5.297% VRN 4/20/37 | 140,000 | 136,020 | ||||||
| NatWest Group PLC 5 yr. CMT + 2.937% | ||||||||
| 7.300% VRN (b) (c) | 435,000 | 428,976 | ||||||
| Nordea Bank Abp 5 yr. CMT + 4.110% | ||||||||
| 6.625% VRN (a) (c) | 275,000 | 275,831 | ||||||
| Societe Generale SA 5 yr. USD ICE Swap + 5.873% | ||||||||
| 8.000% VRN (a) (b) (c) | 325,000 | 328,567 | ||||||
| Synovus Financial Corp. 1 day USD SOFR + 2.347% | ||||||||
| 6.168% VRN 11/01/30 | 240,000 | 241,774 | ||||||
| Toronto-Dominion Bank 5 yr. CMT + 4.075% | ||||||||
| 8.125% VRN 10/31/82 | 358,000 | 373,151 | ||||||
| 6,806,305 | ||||||||
| Beverages — 0.1% | ||||||||
| Bacardi Ltd. | ||||||||
| 5.150% 5/15/38 (a) | 100,000 | 91,968 | ||||||
| Biotechnology — 0.2% | ||||||||
| Amgen, Inc. | ||||||||
| 5.600% 3/02/43 | 126,000 | 122,488 | ||||||
| 5.750% 3/02/63 | 110,000 | 105,496 | ||||||
| 227,984 | ||||||||
| Chemicals — 0.1% | ||||||||
| Dow Chemical Co. | ||||||||
| 5.600% 2/15/54 (b) | 112,000 | 105,789 | ||||||
| Computers — 0.3% | ||||||||
| Kyndryl Holdings, Inc. | ||||||||
| 6.350% 2/20/34 | 311,000 | 323,549 | ||||||
| Diversified Financial Services — 1.4% | ||||||||
| Ally Financial, Inc. | ||||||||
| 7 yr. CMT + 3.481% 4.700% VRN (c) | 200,000 | 174,787 | ||||||
| 1 day USD SOFR + 3.260% 6.992% VRN 6/13/29 | 110,000 | 114,596 | ||||||
| Apollo Global Management, Inc. | ||||||||
| 5.800% 5/21/54 | 176,000 | 176,744 | ||||||
| ARES Finance Co. III LLC 5 yr. CMT + 3.237% | ||||||||
| 4.125% VRN 6/30/51 (a) | 220,000 | 210,814 | ||||||
| Avolon Holdings Funding Ltd. | ||||||||
| 2.528% 11/18/27 (a) | 280,000 | 259,644 | ||||||
| BGC Group, Inc. | ||||||||
| 4.375% 12/15/25 | 245,000 | 242,698 | ||||||
| 6.600% 6/10/29 | 225,000 | 230,501 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Charles Schwab Corp. 5 yr. CMT + 3.168% | ||||||||
| 4.000% VRN (c) | $ | 320,000 | $ | 309,503 | ||||
| 1,719,287 | ||||||||
| Electric — 0.7% | ||||||||
| AES Corp. 5 yr. CMT + 2.890% | ||||||||
| 6.950% VRN 7/15/55 | 67,000 | 65,527 | ||||||
| Cleveland Electric Illuminating Co. | ||||||||
| 5.950% 12/15/36 | 110,000 | 111,277 | ||||||
| Elwood Energy LLC | ||||||||
| 8.159% 7/05/26 | 38,447 | 35,756 | ||||||
| NextEra Energy Capital Holdings, Inc. 5 yr. CMT + 2.547% | ||||||||
| 3.800% VRN 3/15/82 | 355,000 | 337,725 | ||||||
| Pacific Gas & Electric Co. | ||||||||
| 4.300% 3/15/45 | 120,000 | 95,756 | ||||||
| Sempra 5 yr. CMT + 2.789% | ||||||||
| 6.875% VRN 10/01/54 | 247,000 | 249,759 | ||||||
| 895,800 | ||||||||
| Entertainment — 0.2% | ||||||||
| Warnermedia Holdings, Inc. | ||||||||
| 4.279% 3/15/32 | 205,000 | 180,647 | ||||||
| 5.141% 3/15/52 | 110,000 | 81,731 | ||||||
| 262,378 | ||||||||
| Food — 0.6% | ||||||||
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | ||||||||
| 6.750% 3/15/34 | 242,000 | 255,858 | ||||||
| 7.250% 11/15/53 | 195,000 | 214,854 | ||||||
| Smithfield Foods, Inc. | ||||||||
| 2.625% 9/13/31 (a) | 280,000 | 230,499 | ||||||
| 4.250% 2/01/27 (a) | 85,000 | 83,123 | ||||||
| 784,334 | ||||||||
| Health Care - Services — 0.9% | ||||||||
| Centene Corp. | ||||||||
| 3.000% 10/15/30 | 280,000 | 241,611 | ||||||
| CHS/Community Health Systems, Inc. | ||||||||
| 4.750% 2/15/31 (a) | 445,000 | 345,300 | ||||||
| Humana, Inc. | ||||||||
| 5.750% 4/15/54 | 123,000 | 113,993 | ||||||
| Radiology Partners, Inc. | ||||||||
| 7.775% 1/31/29 (a) | 326,617 | 322,534 | ||||||
| UnitedHealth Group, Inc. | ||||||||
| 5.750% 7/15/64 | 93,000 | 90,365 | ||||||
| 1,113,803 | ||||||||
| Insurance — 5.5% | ||||||||
| Allianz SE 5 yr. CMT + 2.973% | ||||||||
| 3.500% VRN (a) (c) | 776,000 | 742,254 | ||||||
| Allstate Corp., (Acquired 7/02/19, Cost $687,600), 3 mo. USD Term SOFR + 3.200% | ||||||||
| 7.723% VRN 8/15/53 (d) | 640,000 | 640,089 | ||||||
| Ascot Group Ltd. | ||||||||
| 4.250% 12/15/30 (a) | 335,000 | 285,829 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Athene Holding Ltd. | ||||||||
| 6.250% 4/01/54 | $ | 170,000 | $ | 170,292 | ||||
| 5 yr. CMT + 2.607% 6.625% VRN 10/15/54 | 250,000 | 248,601 | ||||||
| AXIS Specialty Finance LLC 5 yr. CMT + 3.186% | ||||||||
| 4.900% VRN 1/15/40 | 300,000 | 281,612 | ||||||
| Brighthouse Financial, Inc. | ||||||||
| 3.850% 12/22/51 | 430,000 | 279,553 | ||||||
| CNO Financial Group, Inc. | ||||||||
| 6.450% 6/15/34 | 118,000 | 121,911 | ||||||
| Corebridge Financial, Inc. 5 yr. CMT + 3.846% | ||||||||
| 6.875% VRN 12/15/52 | 450,000 | 461,799 | ||||||
| Enstar Finance LLC 5 yr. CMT + 5.468% | ||||||||
| 5.750% VRN 9/01/40 | 680,000 | 670,698 | ||||||
| Equitable Holdings, Inc. 5 yr. CMT + 4.736% | ||||||||
| 4.950% VRN (b) (c) | 305,000 | 303,236 | ||||||
| Fairfax Financial Holdings Ltd. | ||||||||
| 6.100% 3/15/55 (a) | 220,000 | 217,045 | ||||||
| Global Atlantic Fin Co. | ||||||||
| 5 yr. CMT + 3.796% 4.700% VRN 10/15/51 (a) | 715,000 | 690,552 | ||||||
| 6.750% 3/15/54 (a) | 61,000 | 61,904 | ||||||
| Liberty Mutual Group, Inc. 5 yr. CMT + 3.315% | ||||||||
| 4.125% VRN 12/15/51 (a) | 190,000 | 180,806 | ||||||
| Lincoln National Corp., (Acquired 11/15/22, Cost $169,000), 5 yr. CMT + 5.318% | ||||||||
| 9.250% VRN (c) (d) | 169,000 | 184,519 | ||||||
| Markel Group, Inc. | ||||||||
| 6.000% 5/16/54 | 194,000 | 192,117 | ||||||
| MetLife Capital Trust IV | ||||||||
| 7.875% 12/15/67 (a) | 225,000 | 245,404 | ||||||
| Sammons Financial Group, Inc. | ||||||||
| 3.350% 4/16/31 (a) | 90,000 | 77,336 | ||||||
| 4.750% 4/08/32 (a) | 590,000 | 539,717 | ||||||
| USF&G Capital I | ||||||||
| 8.500% 12/15/45 (a) | 95,000 | 100,095 | ||||||
| 6,695,369 | ||||||||
| Investment Companies — 2.4% | ||||||||
| Antares Holdings LP | ||||||||
| 2.750% 1/15/27 (a) | 345,000 | 323,348 | ||||||
| 3.750% 7/15/27 (a) | 355,000 | 335,886 | ||||||
| ARES Capital Corp. | ||||||||
| 5.875% 3/01/29 | 157,000 | 158,329 | ||||||
| ARES Strategic Income Fund | ||||||||
| 6.350% 8/15/29 (a) | 420,000 | 427,493 | ||||||
| Blackstone Private Credit Fund | ||||||||
| 4.950% 9/26/27 (a) | 157,000 | 155,102 | ||||||
| Blackstone Secured Lending Fund | ||||||||
| 2.750% 9/16/26 | 280,000 | 268,745 | ||||||
| Blue Owl Capital Corp. | ||||||||
| 8.450% 11/15/26 | 280,000 | 293,472 | ||||||
| Blue Owl Credit Income Corp. | ||||||||
| 4.700% 2/08/27 | 305,000 | 300,642 | ||||||
| Blue Owl Technology Finance Corp. II | ||||||||
| 6.750% 4/04/29 (a) | 192,000 | 193,177 | ||||||
| Golub Capital BDC, Inc. | ||||||||
| 2.500% 8/24/26 | 120,000 | 114,310 | ||||||
| 6.000% 7/15/29 | 258,000 | 257,790 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Sixth Street Specialty Lending, Inc. | ||||||||
| 6.125% 3/01/29 (b) | $ | 134,000 | $ | 135,641 | ||||
| 2,963,935 | ||||||||
| Leisure Time — 0.8% | ||||||||
| Sabre GLBL, Inc. | ||||||||
| 8.625% 6/01/27 (a) (b) | 401,000 | 395,481 | ||||||
| 10.750% 11/15/29 (a) (b) | 529,813 | 546,577 | ||||||
| 942,058 | ||||||||
| Media — 1.0% | ||||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
| 2.300% 2/01/32 | 330,000 | 261,338 | ||||||
| CSC Holdings LLC | ||||||||
| 5.750% 1/15/30 (a) | 200,000 | 113,773 | ||||||
| Discovery Communications LLC | ||||||||
| 4.125% 5/15/29 | 225,000 | 209,628 | ||||||
| Paramount Global | ||||||||
| 3.700% 6/01/28 | 225,000 | 211,825 | ||||||
| 5 yr. CMT + 3.999% 6.375% VRN 3/30/62 | 304,000 | 293,841 | ||||||
| Time Warner Cable LLC | ||||||||
| 4.500% 9/15/42 | 135,000 | 100,993 | ||||||
| 6.750% 6/15/39 | 85,000 | 83,308 | ||||||
| 1,274,706 | ||||||||
| Mining — 0.3% | ||||||||
| Anglo American Capital PLC | ||||||||
| 6.000% 4/05/54 (a) | 330,000 | 325,762 | ||||||
| Oil & Gas — 2.2% | ||||||||
| Antero Resources Corp. | ||||||||
| 7.625% 2/01/29 (a) | 74,000 | 75,751 | ||||||
| BP Capital Markets PLC | ||||||||
| 5 yr. CMT + 1.674% 6.125% VRN (c) | 240,000 | 235,815 | ||||||
| 5 yr. CMT + 2.153% 6.450% VRN (b) (c) | 99,000 | 101,704 | ||||||
| EQT Corp. | ||||||||
| 7.000% STEP 2/01/30 | 169,000 | 179,492 | ||||||
| Expand Energy Corp. | ||||||||
| 5.700% 1/15/35 | 126,000 | 123,667 | ||||||
| Occidental Petroleum Corp. | ||||||||
| 5.375% 1/01/32 | 110,000 | 107,707 | ||||||
| 6.050% 10/01/54 | 232,000 | 220,119 | ||||||
| Ovintiv, Inc. | ||||||||
| 6.500% 8/15/34 | 55,000 | 56,975 | ||||||
| 6.500% 2/01/38 | 120,000 | 122,180 | ||||||
| 7.100% 7/15/53 | 315,000 | 335,264 | ||||||
| Parkland Corp. | ||||||||
| 6.625% 8/15/32 (a) | 315,000 | 311,724 | ||||||
| Patterson-UTI Energy, Inc. | ||||||||
| 5.150% 11/15/29 (b) | 235,000 | 229,147 | ||||||
| 7.150% 10/01/33 (b) | 225,000 | 235,777 | ||||||
| Petroleos Mexicanos | ||||||||
| 5.350% 2/12/28 | 190,000 | 173,656 | ||||||
| 6.375% 1/23/45 | 35,000 | 23,418 | ||||||
| 6.500% 3/13/27 | 65,000 | 62,840 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Santos Finance Ltd. | ||||||||
| 3.649% 4/29/31 (a) | $ | 125,000 | $ | 110,087 | ||||
| 2,705,323 | ||||||||
| Oil & Gas Services — 0.1% | ||||||||
| NOV, Inc. | ||||||||
| 3.950% 12/01/42 | 189,000 | 140,249 | ||||||
| Pharmaceuticals — 0.9% | ||||||||
| Bayer US Finance LLC | ||||||||
| 6.500% 11/21/33 (a) | 250,000 | 254,352 | ||||||
| CVS Health Corp. | ||||||||
| 5.050% 3/25/48 | 85,000 | 70,086 | ||||||
| 5.875% 6/01/53 | 75,000 | 68,801 | ||||||
| 5 yr. CMT + 2.886% 7.000% VRN 3/10/55 | 251,000 | 251,842 | ||||||
| CVS Pass-Through Trust | ||||||||
| 5.926% 1/10/34 (a) | 142,655 | 141,411 | ||||||
| 7.507% 1/10/32 (a) | 9,848 | 10,370 | ||||||
| Utah Acquisition Sub, Inc. | ||||||||
| 5.250% 6/15/46 | 305,000 | 256,804 | ||||||
| 1,053,666 | ||||||||
| Pipelines — 0.6% | ||||||||
| Enbridge, Inc., Series NC5, 5 yr. CMT + 3.785% | ||||||||
| 8.250% VRN 1/15/84 | 185,000 | 193,443 | ||||||
| Energy Transfer LP | ||||||||
| 5.950% 5/15/54 | 103,000 | 99,575 | ||||||
| 5 yr. CMT + 5.134% 6.750% VRN (c) | 270,000 | 267,405 | ||||||
| Plains All American Pipeline LP 3 mo. USD Term SOFR + 4.372% | ||||||||
| 8.895% VRN (c) | 200,000 | 198,517 | ||||||
| 758,940 | ||||||||
| Private Equity — 0.6% | ||||||||
| Hercules Capital, Inc. | ||||||||
| 2.625% 9/16/26 | 293,000 | 278,779 | ||||||
| 3.375% 1/20/27 | 255,000 | 243,823 | ||||||
| KKR Group Finance Co. VIII LLC | ||||||||
| 3.500% 8/25/50 (a) | 120,000 | 82,710 | ||||||
| KKR Group Finance Co. X LLC | ||||||||
| 3.250% 12/15/51 (a) | 113,000 | 73,757 | ||||||
| 679,069 | ||||||||
| Real Estate Investment Trusts (REITS) — 2.0% | ||||||||
| Broadstone Net Lease LLC | ||||||||
| 2.600% 9/15/31 | 340,000 | 280,802 | ||||||
| EPR Properties | ||||||||
| 3.600% 11/15/31 | 215,000 | 188,113 | ||||||
| 3.750% 8/15/29 | 95,000 | 88,013 | ||||||
| 4.950% 4/15/28 | 75,000 | 73,720 | ||||||
| Piedmont Operating Partnership LP | ||||||||
| 6.875% 7/15/29 | 170,000 | 174,665 | ||||||
| 9.250% 7/20/28 | 98,000 | 107,528 | ||||||
| Service Properties Trust | ||||||||
| 4.950% 10/01/29 | 590,000 | 469,319 | ||||||
| Store Capital LLC | ||||||||
| 4.500% 3/15/28 | 170,000 | 164,814 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 4.625% 3/15/29 | $ | 395,000 | $ | 380,489 | ||||
| Ventas Realty LP | ||||||||
| 5.700% 9/30/43 | 65,000 | 63,115 | ||||||
| WEA Finance LLC | ||||||||
| 2.875% 1/15/27 (a) | 195,000 | 185,579 | ||||||
| 3.500% 6/15/29 (a) | 280,000 | 258,132 | ||||||
| 2,434,289 | ||||||||
| Software — 0.1% | ||||||||
| Oracle Corp. | ||||||||
| 5.375% 9/27/54 | 190,000 | 175,127 | ||||||
| Telecommunications — 0.9% | ||||||||
| AT&T, Inc. | ||||||||
| 3.550% 9/15/55 | 369,000 | 248,184 | ||||||
| Consolidated Communications, Inc. | ||||||||
| 6.500% 10/01/28 (a) | 261,000 | 251,113 | ||||||
| Sable International Finance Ltd. | ||||||||
| 7.125% 10/15/32 (a) | 322,000 | 315,508 | ||||||
| Sprint Capital Corp. | ||||||||
| 8.750% 3/15/32 | 106,000 | 126,554 | ||||||
| T-Mobile USA, Inc. | ||||||||
| 6.000% 6/15/54 | 140,000 | 141,900 | ||||||
| 1,083,259 | ||||||||
| TOTAL CORPORATE DEBT (Cost $35,715,277) | 34,515,194 | |||||||
| NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 18.6% | ||||||||
| Commercial Mortgage-Backed Securities — 6.7% | ||||||||
| Aventura Mall Trust, Series 2018-AVM, Class D, | ||||||||
| 4.112% VRN 7/05/40 (a) (e) | 530,000 | 488,529 | ||||||
| Bank | ||||||||
| Series 2020-BN30, Class MCDF, 2.918% VRN 12/15/53 (e) | 500,000 | 269,666 | ||||||
| Series 2019-BN17, Class C, 4.507% VRN 4/15/52 (e) | 331,000 | 280,274 | ||||||
| Benchmark Mortgage Trust | ||||||||
| Series 2021-B25, Class 300C, 2.994% VRN 4/15/54 (a) (e) | 500,000 | 308,403 | ||||||
| Series 2020-IG1, Class D, 3.245% VRN 9/15/43 (e) | 400,000 | 117,979 | ||||||
| BGME Trust, Series 2021-VR, Class D, | ||||||||
| 2.995% VRN 1/10/43 (a) (e) | 3,100,000 | 2,330,582 | ||||||
| CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, 1 mo. USD Term SOFR + 2.447% | ||||||||
| 6.845% FRN 12/15/37 (a) | 572,453 | 572,453 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2019-GC41, Class C | ||||||||
| 3.502% 8/10/56 | 222,000 | 182,868 | ||||||
| COMM Mortgage Trust, Series 2015-CR23, Class C, | ||||||||
| 4.332% VRN 5/10/48 (e) | 110,000 | 103,825 | ||||||
| DROP Mortgage Trust, Series 2021-FILE, Class D, 1 mo. USD Term SOFR + 2.864% | ||||||||
| 7.262% FRN 10/15/43 (a) | 998,000 | 828,435 | ||||||
| GS Mortgage Securities Trust, Series 2018-GS10, Class D | ||||||||
| 3.000% 7/10/51 (a) | 599,000 | 421,699 | ||||||
| Hudson Yards Mortgage Trust, Series 2019-30HY, Class E, | ||||||||
| 3.443% VRN 7/10/39 (a) (e) | 630,000 | 523,847 | ||||||
| JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class C, | ||||||||
| 4.564% VRN 8/15/47 (e) | 217,438 | 214,670 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864% | ||||||||
| 6.262% FRN 3/15/38 (a) | $ | 342,634 | $ | 334,069 | ||||
| VASA Trust, Series 2021-VASA, Class D, 1 mo. USD Term SOFR + 2.214% | ||||||||
| 6.613% FRN 7/15/39 (a) | 864,000 | 638,672 | ||||||
| Wells Fargo Commercial Mortgage Trust | ||||||||
| Series 2015-NXS1, Class C, 3.848% VRN 5/15/48 (e) | 140,000 | 132,796 | ||||||
| Series 2021-FCMT, Class C, 1 mo. USD Term SOFR + 2.514% 6.913% FRN 5/15/31 (a) | 461,000 | 448,453 | ||||||
| 8,197,220 | ||||||||
| Home Equity Asset-Backed Securities — 0.0% | ||||||||
| Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W10, Class M1, 1 mo. USD Term SOFR + 1.014% | ||||||||
| 3.888% FRN 10/25/34 | 57,439 | 55,631 | ||||||
| Other Asset-Backed Securities — 8.4% | ||||||||
| Apidos CLO XLVIII Ltd., Series 2024-48A, Class A1, 3 mo. USD Term SOFR + 1.440% | ||||||||
| 6.755% FRN 7/25/37 (a) | 500,000 | 501,666 | ||||||
| Canyon CLO Ltd., Series 2020-2A, Class BR, 3 mo. USD Term SOFR + 1.962% | ||||||||
| 6.618% FRN 10/15/34 (a) | 500,000 | 500,573 | ||||||
| CIFC Funding Ltd., Series 2019-6A, Class A1R, 3 mo. USD Term SOFR + 1.450% | ||||||||
| 6.097% FRN 7/16/37 (a) | 500,000 | 502,434 | ||||||
| Diameter Capital CLO 2 Ltd., Series 2021-2A, Class A1R, 3 mo. USD Term SOFR + 1.390% | ||||||||
| 6.025% FRN 10/15/37 (a) | 750,000 | 755,615 | ||||||
| Goodgreen Trust | ||||||||
| Series 2016-1A, Class A, 3.230% 10/15/52 (a) | 115,943 | 104,741 | ||||||
| Series 2017-1A, Class A, 3.740% 10/15/52 (a) | 62,547 | 56,340 | ||||||
| Series 2019-2A, Class B, 3.860% 4/15/55 (a) | 75,221 | 62,106 | ||||||
| Series 2021-1A, Class C, 5.740% 10/15/56 (a) | 343,234 | 280,067 | ||||||
| Harbor Park CLO 18-1 Ltd., Series 2018-1A, Class B1R, 3 mo. USD Term SOFR + 1.700% | ||||||||
| 6.317% FRN 1/20/31 (a) | 500,000 | 501,071 | ||||||
| Hero Funding Trust | ||||||||
| Series 2016-3A, Class A1, 3.080% 9/20/42 (a) | 38,129 | 34,055 | ||||||
| Series 2017-3A, Class A1, 3.190% 9/20/48 (a) | 54,537 | 47,138 | ||||||
| Series 2017-2A, Class A1, 3.280% 9/20/48 (a) | 20,725 | 18,042 | ||||||
| Series 2016-4A, Class A2, 4.290% 9/20/47 (a) | 39,923 | 36,797 | ||||||
| Horizon Aircraft Finance I Ltd., Series 2018-1, Class B | ||||||||
| 5.270% 12/15/38 (a) | 225,200 | 164,391 | ||||||
| Horizon Aircraft Finance II Ltd., Series 2019-1, Class B | ||||||||
| 4.703% 7/15/39 (a) | 273,167 | 198,728 | ||||||
| JG Wentworth XLIII LLC, Series 2019-1A, Class B | ||||||||
| 4.510% 8/15/73 (a) | 121,826 | 103,945 | ||||||
| MACH 1 Cayman Ltd., Series 2019-1, Class B | ||||||||
| 4.335% 10/15/39 (a) | 319,562 | 261,980 | ||||||
| Mariner Finance Issuance Trust, Series 2021-AA, Class D | ||||||||
| 3.830% 3/20/36 (a) | 381,000 | 370,484 | ||||||
| MCA Fund Holding LLC, Series 2020-1, Class A | ||||||||
| 3.250% 11/15/35 (a) | 218,606 | 213,224 | ||||||
| MidOcean Credit CLO XII Ltd., Series 2023-12A, Class CR, 3 mo. USD Term SOFR + 2.450% | ||||||||
| 7.082% FRN 4/18/36 (a) | 250,000 | 250,637 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| MidOcean Credit CLO XIV Ltd., Series 2024-14A, Class A1, 3 mo. USD Term SOFR + 1.580% | ||||||||
| 6.236% FRN 4/15/37 (a) | $ | 500,000 | $ | 503,529 | ||||
| Mosaic Solar Loans LLC, Series 2017-1A, Class A | ||||||||
| 4.450% 6/20/42 (a) | 17,221 | 16,751 | ||||||
| Neuberger Berman CLO XX Ltd., Series 2015-20A, Class BRR, 3 mo. USD Term SOFR + 1.912% | ||||||||
| 6.568% FRN 7/15/34 (a) | 500,000 | 500,559 | ||||||
| Parallel Ltd., Series 2021-2A, Class A2, 3 mo. USD Term SOFR + 2.112% | ||||||||
| 6.729% FRN 10/20/34 (a) | 250,000 | 250,109 | ||||||
| Pioneer Aircraft Finance Ltd., Series 2019-1, Class B | ||||||||
| 4.948% 6/15/44 (a) | 341,661 | 268,217 | ||||||
| Rad CLO 12 Ltd., Series 2021-12A, Class A, 3 mo. USD Term SOFR + 1.432% | ||||||||
| 6.021% FRN 10/30/34 (a) | 500,000 | 500,616 | ||||||
| Rad CLO 4 Ltd., Series 2019-4A, Class B1R, 3 mo. USD Term SOFR + 1.750% | ||||||||
| 6.376% FRN 4/25/32 (a) | 250,000 | 250,336 | ||||||
| Renew Financial, Series 2021-1, Class M | ||||||||
| 3.210% 11/20/56 (a) | 140,342 | 111,840 | ||||||
| Rockford Tower CLO Ltd., Series 2018-1A, Class B, 3 mo. USD Term SOFR + 1.982% | ||||||||
| 6.503% FRN 5/20/31 (a) | 250,000 | 250,560 | ||||||
| RR 36 Ltd., Series 2024-36RA, Class A2, 3 mo. USD Term SOFR + 2.012% | ||||||||
| 6.668% FRN 1/15/37 (a) | 250,000 | 250,000 | ||||||
| Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class C | ||||||||
| 3.510% 7/20/37 (a) | 18,629 | 18,414 | ||||||
| Slam Ltd., Series 2021-1A, Class B | ||||||||
| 3.422% 6/15/46 (a) | 228,892 | 207,213 | ||||||
| Sunnova Helios II Issuer LLC, Series 2018-1A, Class A | ||||||||
| 4.870% 7/20/48 (a) | 97,556 | 88,734 | ||||||
| Symphony CLO 42 Ltd., Series 2024-42A, Class A1, 3 mo. USD Term SOFR + 1.530% | ||||||||
| 6.178% FRN 4/17/37 (a) | 500,000 | 502,179 | ||||||
| Symphony CLO XXII Ltd., Series 2020-22A, Class BR, 3 mo. USD Term SOFR + 1.680% | ||||||||
| 6.312% FRN 4/18/33 (a) | 500,000 | 500,156 | ||||||
| THL Credit Wind River CLO Ltd., Series 2018-3A, Class B, 3 mo. USD Term SOFR + 1.962% | ||||||||
| 6.579% FRN 1/20/31 (a) | 490,000 | 490,688 | ||||||
| Thrust Engine Leasing DAC, Series 2021-1A, Class C | ||||||||
| 7.386% 7/15/40 (a) | 161,378 | 150,111 | ||||||
| TICP CLO XIV Ltd., Series 2019-14A, Class A2R, 3 mo. USD Term SOFR + 1.912% | ||||||||
| 6.529% FRN 10/20/32 (a) | 250,000 | 250,230 | ||||||
| Willis Engine Structured Trust III, Series 2017-A, Class A, | ||||||||
| 4.690% STEP 8/15/42 (a) | 247,153 | 237,457 | ||||||
| 10,311,733 | ||||||||
| Student Loans Asset-Backed Securities — 2.3% | ||||||||
| College Avenue Student Loans LLC | ||||||||
| Series 2021-A, Class D, 4.120% 7/25/51 (a) | 148,866 | 136,078 | ||||||
| Series 2019-A, Class C, 4.460% 12/28/48 (a) | 111,097 | 104,079 | ||||||
| Series 2019-A, Class D, 5.500% 12/28/48 (a) | 78,067 | 69,685 | ||||||
| Commonbond Student Loan Trust, Series 2017-AGS, Class C | ||||||||
| 5.280% 5/25/41 (a) | 33,079 | 29,261 | ||||||
| EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A, Class B | ||||||||
| 3.500% 11/25/50 (a) | 600,000 | 489,407 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Goal Capital Funding Trust, Series 2006-1, Class B, 3 mo. USD LIBOR + 0.450% | ||||||||
| 5.304% FRN 8/25/42 | $ | 257,696 | $ | 233,939 | ||||
| Navient Student Loan Trust | ||||||||
| Series 2018-EA, Class B, 4.440% 12/15/59 (a) | 140,000 | 135,081 | ||||||
| Series 2018-1A, Class B, 30 day USD SOFR Average + 1.314% 5.883% FRN 3/25/67 (a) | 250,000 | 232,479 | ||||||
| Nelnet Student Loan Trust | ||||||||
| Series 2005-4, Class A4R2, 1.191% FRN 3/22/32 (e) | 70,000 | 69,571 | ||||||
| Series 2006-3, Class B, 90 day USD SOFR Average + 0.512% 5.244% FRN 6/25/41 | 53,752 | 48,654 | ||||||
| Series 2012-2A, Class B, 30 day USD SOFR Average + 1.114% 5.683% FRN 11/25/36 (a) | 200,000 | 198,411 | ||||||
| Series 2012-1A, Class B, 30 day USD SOFR Average + 1.114% 5.683% FRN 6/25/42 (a) | 150,000 | 149,104 | ||||||
| Series 2012-4A, Class B, 30 day USD SOFR Average + 1.114% 5.683% FRN 7/26/49 (a) | 250,000 | 228,709 | ||||||
| Series 2014-2A, Class B, 30 day USD SOFR Average + 1.614% 6.183% FRN 6/25/41 (a) | 100,000 | 97,502 | ||||||
| SLM Student Loan Trust | ||||||||
| Series 2006-4, Class B, 90 day USD SOFR Average + 0.462% 5.645% FRN 1/25/70 | 80,111 | 74,983 | ||||||
| Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.655% FRN 10/25/40 | 105,678 | 99,428 | ||||||
| Series 2005-6, Class B, 90 day USD SOFR Average + 0.552% 5.735% FRN 1/25/44 | 150,140 | 143,571 | ||||||
| Series 2004-3, Class B, 90 day USD SOFR Average + 0.732% 5.915% FRN 10/25/64 | 51,002 | 48,290 | ||||||
| SMB Private Education Loan Trust, Series 2019-A, Class B | ||||||||
| 4.000% 11/17/42 (a) | 185,000 | 171,436 | ||||||
| South Carolina Student Loan Corp., Series 2015-A, Class A, 1 mo. USD Term SOFR + 1.614% | ||||||||
| 5.953% FRN 1/25/36 | 16,151 | 16,151 | ||||||
| 2,775,819 | ||||||||
| Whole Loan Collateral Collateralized Mortgage Obligations — 1.2% | ||||||||
| Angel Oak Mortgage Trust I LLC | ||||||||
| Series 2019-4, Class M1, 3.459% VRN 7/26/49 (a) (e) | 220,072 | 217,336 | ||||||
| Series 2019-2, Class M1, 4.065% VRN 3/25/49 (a) (e) | 2,831 | 2,826 | ||||||
| Banc of America Mortgage Trust, Series 2004-G, Class 2A7, | ||||||||
| 6.565% VRN 8/25/34 (e) | 2,233 | 2,223 | ||||||
| New Residential Mortgage Loan Trust, Series 2021-NQM3, Class B1, | ||||||||
| 3.398% VRN 11/27/56 (a) (e) | 1,600,000 | 1,196,646 | ||||||
| 1,419,031 | ||||||||
| TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $25,769,296) | 22,759,434 | |||||||
| SOVEREIGN DEBT OBLIGATIONS — 0.1% | ||||||||
| Mexico Government International Bond | ||||||||
| 4.750% 3/08/44 | 174,000 | 132,024 | ||||||
| TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $193,575) | 132,024 | |||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (f) — 20.0% | ||||||||
| Collateralized Mortgage Obligations — 0.0% | ||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 2178, Class PB 7.000% 8/15/29 | $ | 1,763 | $ | 1,813 | ||||
| Pass-Through Securities — 20.0% | ||||||||
| Federal Home Loan Mortgage Corp. | ||||||||
| Pool #RA4245 2.000% 12/01/50 | 420,685 | 331,533 | ||||||
| Pool #RA4255 2.000% 1/01/51 | 847,070 | 669,676 | ||||||
| Pool #SD0905 3.000% 3/01/52 | 635,422 | 545,301 | ||||||
| Pool #SD1523 4.000% 8/01/52 | 945,189 | 871,658 | ||||||
| Pool #SD1603 4.000% 9/01/52 | 617,892 | 566,154 | ||||||
| Pool #SD8266 4.500% 11/01/52 | 1,319,270 | 1,243,266 | ||||||
| Federal National Mortgage Association | ||||||||
| Pool #FM8596 2.500% 9/01/51 | 410,854 | 339,020 | ||||||
| Pool #FS3035 2.500% 4/01/52 | 1,352,160 | 1,116,172 | ||||||
| Pool #MA3029 3.000% 6/01/32 | 167,963 | 160,645 | ||||||
| Pool #MA3090 3.000% 8/01/32 | 69,297 | 66,195 | ||||||
| Pool #AR3007 3.000% 2/01/43 | 75,948 | 67,351 | ||||||
| Pool #FS1075 3.000% 3/01/52 | 646,768 | 555,645 | ||||||
| Pool #CB3304 3.000% 4/01/52 | 1,009,582 | 867,341 | ||||||
| Pool #CB3305 3.000% 4/01/52 | 1,229,839 | 1,055,028 | ||||||
| Pool #AS1304 3.500% 12/01/28 | 34,822 | 34,252 | ||||||
| Pool #MA1356 3.500% 2/01/43 | 380,307 | 345,720 | ||||||
| Pool #CA6096 3.500% 6/01/50 | 839,824 | 744,584 | ||||||
| Pool #FM4017 3.500% 8/01/50 | 49,529 | 44,175 | ||||||
| Pool #CB3842 3.500% 6/01/52 | 2,000,248 | 1,782,630 | ||||||
| Pool #CA1909 4.500% 6/01/48 | 300,787 | 286,748 | ||||||
| Pool #CB3866 4.500% 6/01/52 | 744,404 | 705,240 | ||||||
| Pool #CB4129 4.500% 7/01/52 | 961,887 | 907,975 | ||||||
| Pool #AD6437 5.000% 6/01/40 | 20,359 | 20,327 | ||||||
| Pool #AD6996 5.000% 7/01/40 | 130,286 | 129,954 | ||||||
| Pool #AL8173 5.000% 2/01/44 | 52,412 | 52,217 | ||||||
| Government National Mortgage Association | ||||||||
| Pool #579140 6.500% 1/15/32 | 262 | 267 | ||||||
| Pool #587280 6.500% 9/15/32 | 360 | 366 | ||||||
| Pool #550659 6.500% 9/15/35 | 40,616 | 41,565 | ||||||
| Pool #538689 6.500% 12/15/35 | 4,385 | 4,488 | ||||||
| Pool #780651 7.000% 10/15/27 | 125 | 126 | ||||||
| Pool #462384 7.000% 11/15/27 | 96 | 97 | ||||||
| Pool #482668 7.000% 8/15/28 | 229 | 232 | ||||||
| Pool #581417 7.000% 7/15/32 | 343 | 348 | ||||||
| Pool #423836 8.000% 8/15/26 | 47 | 47 | ||||||
| Government National Mortgage Association II | ||||||||
| Pool #MA6038 3.000% 7/20/49 | 385,791 | 336,256 | ||||||
| Pool #MA6283 3.000% 11/20/49 | 696,358 | 606,512 | ||||||
| Pool #MA6409 3.000% 1/20/50 | 729,448 | 635,104 | ||||||
| Pool #MA4321 3.500% 3/20/47 | 457,417 | 413,950 | ||||||
| Pool #MA8429 5.500% 11/20/52 | 1,606,153 | 1,595,191 | ||||||
| Government National Mortgage Association II, TBA | ||||||||
| 4.500% 1/20/55 (g) | 1,000,000 | 944,837 | ||||||
| 5.000% 1/20/55 (g) | 1,300,000 | 1,260,843 | ||||||
| Uniform Mortgage-Backed Security, TBA | ||||||||
| 2.500% 1/01/55 (g) | 1,800,000 | 1,463,906 | ||||||
| 5.000% 1/01/55 (g) | 1,400,000 | 1,350,180 | ||||||
| 5.500% 1/01/55 (g) | 1,300,000 | 1,282,074 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 6.000% 1/01/55 (g) | $ | 1,000,000 | $ | 1,004,453 | ||||
| 24,449,649 | ||||||||
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $26,462,056) | 24,451,462 | |||||||
| U.S. TREASURY OBLIGATIONS — 25.9% | ||||||||
| U.S. Treasury Bonds & Notes — 25.9% | ||||||||
| U.S. Treasury Bonds | ||||||||
| 2.250% 8/15/49 (h) | 5,040,000 | 3,122,775 | ||||||
| 4.125% 8/15/53 | 1,000,000 | 891,971 | ||||||
| 4.625% 5/15/44 | 500,000 | 485,144 | ||||||
| U.S. Treasury Notes | ||||||||
| 4.000% 2/15/34 | 1,500,000 | 1,436,987 | ||||||
| 4.250% 11/30/26 | 9,500,000 | 9,499,672 | ||||||
| 4.250% 2/28/31 | 11,800,000 | 11,668,997 | ||||||
| 4.625% 6/15/27 | 4,500,000 | 4,538,677 | ||||||
| 31,644,223 | ||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $31,919,533) | 31,644,223 | |||||||
| TOTAL BONDS & NOTES (Cost $120,059,737) | 113,502,337 | |||||||
| TOTAL PURCHASED OPTIONS(#) — 0.0% (Cost $21,097) | 917 | |||||||
| Number of Shares | ||||||||
| WARRANTS — 0.0% | ||||||||
| Materials — 0.0% | ||||||||
| Hercules LLC, Expires 3/31/29, Strike 0.09 (i) (j) (k) | 150 | 3,787 | ||||||
| TOTAL WARRANTS (Cost $0) | 3,787 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $120,080,834) | 113,507,041 | |||||||
| SHORT-TERM INVESTMENTS — 14.1% | ||||||||
| Principal Amount | ||||||||
| Commercial Paper — 10.6% | ||||||||
| DTE Electric Co. | ||||||||
| 4.788% 1/24/25 | $ | 3,000,000 | 2,991,050 | |||||
| Eversource Energy | ||||||||
| 4.708% 1/21/25 (a) | 5,000,000 | 4,986,971 | ||||||
| 4.734% 1/27/25 (a) | 2,000,000 | 1,993,277 | ||||||
| Volkswagen Financial Services | ||||||||
| 4.845% 2/19/25 (a) | 3,000,000 | 2,980,833 | ||||||
| 12,952,131 | ||||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Investment of Cash Collateral from Securities Loaned — 2.0% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.482% (l) | 2,488,480 | $ | 2,488,480 | |||||
| Principal Amount | ||||||||
| Repurchase Agreement — 1.5% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/24, 2.750%, due 1/02/25 (m) | $ | 1,763,376 | 1,763,376 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $17,203,955) | 17,203,987 | |||||||
| TOTAL INVESTMENTS — 107.0% (Cost $137,284,789) (n) | 130,711,028 | |||||||
| Other Assets/(Liabilities) — (7.0)% | (8,494,734) | |||||||
| NET ASSETS — 100.0% | $ | 122,216,294 | ||||||
Abbreviation Legend
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury Index |
| FRN | Floating Rate Note^ |
| ICE | Inter-Continental Exchange |
| LIBOR | London InterBank Offered Rate |
| REMICS | Real Estate Mortgage Investment Conduits |
| SOFR | Secured Overnight Financing Rate |
| STEP | Step Coupon Bond |
| TBA | To Be Announced |
| VRN | Variable Rate Note^ |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2024, the aggregate market value of these securities amounted to $41,941,788 or 34.32% of net assets. |
| (b) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2024, was $3,454,795 or 2.83% of net assets. The Fund received $1,039,131 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 perpetual and has no stated maturity date. |
| (d) | Restricted security. Certain securities are restricted to resale. At December 31, 2024, these securities amounted to a value of $1,196,996 or 0.98% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
| (e) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2024. |
| (f) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
| (g) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (h) | All or a portion of this security is pledged/held as collateral for open derivatives. |
| (i) | Non-income producing security. |
| (j) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2024, these securities amounted to a value of $3,787 or 0.00% of net assets. |
| (k) | Investment is valued using significant unobservable inputs. |
| (l) | Represents investment of security lending cash collateral and 7-day effective yield as of December 31, 2024. (Note 2). |
| (m) | Maturity value of $1,763,645. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $1,798,808. |
| (n) | See Note 3 for aggregate cost for federal tax purposes. |
| ^ | Floating rate or variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| (#) OTC Options Purchased | ||||||||||||||||||||||||||||||||
| Description | Counterparty | Expiration Date | Exercise Price | No. of Contracts | Notional Amount | Value | Premiums Paid/(Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
| Put | ||||||||||||||||||||||||||||||||
| USD Put KRW Call | Bank of America N.A. | 2/18/25 | 1,349.00 | 197,000 | USD | 197,000 | $ | 16 | $ | 1,285 | $ | (1,269) | ||||||||||||||||||||
| USD Put KRW Call | Bank of America N.A. | 2/18/25 | 1,366.00 | 197,000 | USD | 197,000 | 33 | 2,015 | (1,982) | |||||||||||||||||||||||
| USD Put BRL Call | Goldman Sachs International | 1/14/25 | 5.36 | 166,000 | USD | 166,000 | — | 1,344 | (1,344) | |||||||||||||||||||||||
| USD Put BRL Call | Goldman Sachs International | 1/14/25 | 5.58 | 166,000 | USD | 166,000 | 3 | 3,477 | (3,474) | |||||||||||||||||||||||
| USD Put BRL Call | Goldman Sachs International | 2/14/25 | 5.68 | 147,000 | USD | 147,000 | 151 | 2,518 | (2,367) | |||||||||||||||||||||||
| USD Put BRL Call | Goldman Sachs International | 5/15/25 | 5.70 | 147,000 | USD | 147,000 | 688 | 3,353 | (2,665) | |||||||||||||||||||||||
| USD Put MXN Call | Morgan Stanley & Co. LLC | 2/06/25 | 18.06 | 240,000 | USD | 240,000 | 1 | 1,709 | (1,708) | |||||||||||||||||||||||
| USD Put MXN Call | Morgan Stanley & Co. LLC | 2/06/25 | 19.13 | 240,000 | USD | 240,000 | 25 | 5,396 | (5,371) | |||||||||||||||||||||||
| $ | 917 | $ | 21,097 | $ | (20,180) | |||||||||||||||||||||||||||
| OTC Options Written | ||||||||||||||||||||||||||||||||
| Description | Counterparty | Expiration Date | Exercise Price | No. of Contracts | Notional Amount | Value | Premiums Paid/(Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
| Call | ||||||||||||||||||||||||||||||||
| USD Call KRW Put | Bank of America N.A. | 2/18/25 | 1,390.00 | 197,000 | USD | 197,000 | $ | (11,570) | $ | (3,471) | $ | (8,099) | ||||||||||||||||||||
| USD Call BRL Put | Goldman Sachs International | 1/14/25 | 5.69 | 166,000 | USD | 166,000 | (13,522) | (5,008) | (8,514) | |||||||||||||||||||||||
| USD Call BRL Put | Goldman Sachs International | 5/15/25 | 5.93 | 147,000 | USD | 147,000 | (11,242) | (5,872) | (5,370) | |||||||||||||||||||||||
| $ | (36,334) | $ | (14,351) | $ | (21,983) | |||||||||||||||||||||||||||
| Forward contracts | ||||||||||||||||
| Counterparty | Settlement Date | Currency Purchased | Currency Sold | Unrealized Appreciation (Depreciation) | ||||||||||||
| Barclays Bank PLC | 2/18/25 | USD | 109,297 | MYR | 482,629 | $ | 1,176 | |||||||||
| BNP Paribas SA | 2/11/25 | USD | 209,783 | CHF | 179,543 | 11,149 | ||||||||||
| Citibank N.A. | 2/18/25 | USD | 98,262 | PHP | 5,779,592 | (1,369) | ||||||||||
| Goldman Sachs International | 1/08/25 | EGP | 7,503,449 | USD | 149,000 | (1,719) | ||||||||||
| Goldman Sachs International | 2/04/25 | USD | 137,940 | BRL | 805,158 | 8,386 | ||||||||||
| Goldman Sachs International | 2/11/25 | HUF | 125,551,017 | USD | 332,791 | (17,330) | ||||||||||
| Goldman Sachs International | 2/11/25 | PLN | 1,413,163 | USD | 352,146 | (10,464) | ||||||||||
| Goldman Sachs International | 2/18/25 | USD | 101,964 | CNH | 734,672 | 1,762 | ||||||||||
| Goldman Sachs International | 4/23/25 | BRL | 974,700 | USD | 180,000 | (25,439) | ||||||||||
| Goldman Sachs International | 4/28/25 | TRY | 2,351,750 | USD | 50,000 | 9,590 | ||||||||||
| Goldman Sachs International | 5/09/25 | TRY | 4,768,300 | USD | 104,000 | 15,619 | ||||||||||
| HSBC Bank PLC | 2/11/25 | TRY | 3,582,733 | USD | 94,354 | 3,072 | ||||||||||
| HSBC Bank PLC | 2/18/25 | THB | 8,957,520 | USD | 259,000 | 4,468 | ||||||||||
| JP Morgan Chase Bank N.A. | 2/18/25 | BRL | 653,149 | USD | 117,346 | (12,520) | ||||||||||
| JP Morgan Chase Bank N.A. | 4/15/25 | NGN | 97,160,589 | USD | 55,205 | 3,904 | ||||||||||
| JP Morgan Chase Bank N.A. | 4/25/25 | NGN | 29,148,170 | USD | 16,561 | 1,065 | ||||||||||
| JP Morgan Chase Bank N.A. | 5/07/25 | NGN | 29,645,371 | USD | 16,562 | 1,238 | ||||||||||
| JP Morgan Chase Bank N.A. | 5/12/25 | NGN | 19,316,320 | USD | 10,672 | 892 | ||||||||||
| Morgan Stanley & Co. LLC | 1/14/25 | PEN | 559,089 | USD | 150,277 | (1,533) | ||||||||||
| Morgan Stanley & Co. LLC | 2/04/25 | BRL | 805,158 | USD | 139,494 | (9,940) | ||||||||||
| Morgan Stanley & Co. LLC | 2/11/25 | USD | 133,261 | ZAR | 2,374,269 | 7,905 | ||||||||||
| Morgan Stanley & Co. LLC | 2/18/25 | SGD | 345,024 | USD | 259,358 | (6,236) | ||||||||||
| Morgan Stanley & Co. LLC | 2/18/25 | USD | 258,758 | SGD | 345,024 | 5,636 | ||||||||||
| $ | (10,688) | |||||||||||||||
| Futures contracts | ||||||||||||||
| Expiration Date | Number of Contracts | Notional Amount | Value/Net Unrealized Appreciation (Depreciation) | |||||||||||
| Long | ||||||||||||||
| U.S. Treasury Long Bond | 3/20/25 | 71 | $ | 8,265,562 | $ | (182,656) | ||||||||
| U.S. Treasury Ultra 10 Year | 3/20/25 | 5 | 559,314 | (2,751) | ||||||||||
| U.S. Treasury Ultra Bond | 3/20/25 | 15 | 1,849,716 | (66,122) | ||||||||||
| U.S. Treasury Note 2 Year | 3/31/25 | 3 | 616,462 | 366 | ||||||||||
| U.S. Treasury Note 5 Year | 3/31/25 | 43 | 4,568,634 | 2,468 | ||||||||||
| $ | (248,695) | |||||||||||||
Currency Legend
| BRL | Brazilian Real |
| CHF | Swiss Franc |
| CNH | Offshore Chinese Yuan |
| EGP | Egyptian Pound |
| HUF | Hungarian Forint |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NGN | Nigerian Naira |
| PEN | Peruvian New Sol |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | New Turkish Lira |
| USD | U.S. Dollar |
| ZAR | South African Rand |
| MassMutual High Yield Fund — Portfolio of Investments |
December 31, 2024 (Unaudited)
| Number of Shares | Value | |||||||
| EQUITIES — 0.0% | ||||||||
| PREFERRED STOCK — 0.0% | ||||||||
| Financials — 0.0% | ||||||||
| Veritas Holdings Ltd., Series G (a) (b) (c) | 4,266 | $ | 66,957 | |||||
| Veritas Holdings Ltd., Series G-1 (a) (b) (c) | 2,948 | 46,270 | ||||||
| 113,227 | ||||||||
| TOTAL PREFERRED STOCK (Cost $113,148) | 113,227 | |||||||
| TOTAL EQUITIES (Cost $113,148) | 113,227 | |||||||
| Principal Amount | ||||||||
| BONDS & NOTES — 92.7% | ||||||||
| BANK LOANS — 9.6% | ||||||||
| Advertising — 0.4% | ||||||||
| CMG Media Corp., 2024 Term Loan, | ||||||||
| 0.000% - —% 6/18/29 (d) | $ | 217,000 | 193,889 | |||||
| Neptune Bidco US, Inc., 2022 USD Term Loan B, 3 mo. USD Term SOFR + 5.000% | ||||||||
| 9.758% VRN 4/11/29 | 1,465,761 | 1,312,120 | ||||||
| 1,506,009 | ||||||||
| Chemicals — 1.3% | ||||||||
| CPC Acquisition Corp., Term Loan, 3 mo. USD Term SOFR + 3.750% | ||||||||
| 8.340% VRN 12/29/27 (d) | 4,505,797 | 4,019,532 | ||||||
| PMHC II, Inc., 2022 Term Loan B, 3 mo. USD Term SOFR + 4.250% | ||||||||
| 9.058% VRN 4/23/29 | 993,661 | 977,931 | ||||||
| 4,997,463 | ||||||||
| Computers — 1.1% | ||||||||
| Clover Holdings 2 LLC, Fixed Term Loan B, | ||||||||
| 7.750% 12/09/31 | 2,382,000 | 2,382,000 | ||||||
| SonicWall US Holdings, Inc., 2nd Lien Term Loan, 3 mo. USD Term SOFR + 7.500% | ||||||||
| 11.979% VRN 5/18/26 | 38,923 | 36,120 | ||||||
| Vision Solutions, Inc., 2021 Incremental Term Loan, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 8.847% VRN 4/24/28 | 1,968,172 | 1,934,713 | ||||||
| 4,352,833 | ||||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Diversified Financial Services — 0.2% | ||||||||
| Aretec Group, Inc., 2024 1st Lien Term Loan B, | ||||||||
| 7.857% 8/09/30 (d) | $ | 942,404 | $ | 943,139 | ||||
| Electric — 0.4% | ||||||||
| Talen Energy Supply LLC, 2024 Incremental Term Loan B, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 7.023% VRN 12/11/31 | 1,594,500 | 1,598,486 | ||||||
| Electronics — 0.5% | ||||||||
| TCP Sunbelt Acquisition Co., 2024 Term Loan B, 3 mo. USD Term SOFR + 4.250% | ||||||||
| 8.771% VRN 10/16/31 | 2,000,432 | 2,002,933 | ||||||
| Health Care - Services — 0.8% | ||||||||
| Radiology Partners, Inc., 2024 Extended Term Loan B, 3 mo. USD Term SOFR + 1.500% PIK, Cash 3.500% | ||||||||
| 8.275% - 8.275% VRN 1/31/29 | 2,086,915 | 2,057,697 | ||||||
| Team Health Holdings, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 5.250%, 3 mo. USD Term SOFR + 5.250% | ||||||||
| 0.000% VRN 3/02/27 (d) | 1,206,520 | 1,164,292 | ||||||
| 3,221,989 | ||||||||
| Media — 1.2% | ||||||||
| A-L Parent LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 5.000% | ||||||||
| 9.357% VRN 6/30/28 | 2,068,361 | 2,084,908 | ||||||
| Charter Communications Operating LLC, 2024 Term Loan B5, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 6.781% VRN 12/15/31 | 1,001,160 | 998,236 | ||||||
| Houghton Mifflin Harcourt Publishing Co., 2022 Term Loan, | ||||||||
| 0.000% - —% 4/09/29 (d) | 1,024,380 | 1,006,453 | ||||||
| Sinclair Television Group, Inc., Term Loan B2B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.971% VRN 9/30/26 | 656,210 | 646,203 | ||||||
| 4,735,800 | ||||||||
| Oil & Gas — 0.1% | ||||||||
| CVR Energy, Inc., Term Loan B, | ||||||||
| 0.000% - —% 12/30/27 (d) | 592,660 | 592,660 | ||||||
| Packaging & Containers — 0.6% | ||||||||
| Five Star Intermediate Holding LLC, Term Loan, 3 mo. USD Term SOFR + 4.250% | ||||||||
| 8.677% VRN 5/05/29 (d) | 2,451,316 | 2,429,254 | ||||||
| Software — 2.7% | ||||||||
| Boxer Parent Co., Inc. | ||||||||
| 2024 USD Term Loan B, 3 mo. USD Term SOFR + 3.750% | ||||||||
| 8.335% VRN 7/30/31 | 2,434,381 | 2,452,372 | ||||||
| 2024 2nd Lien Term Loan, 3 mo. USD Term SOFR + 5.750% | ||||||||
| 10.335% VRN 7/30/32 | 2,034,349 | 2,002,145 | ||||||
| Cloud Software Group, Inc. | ||||||||
| 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.500% | ||||||||
| 7.829% VRN 3/30/29 | 1,456,067 | 1,459,212 | ||||||
| 2024 USD Term Loan, 3 mo. USD Term SOFR + 3.750% | ||||||||
| 8.079% VRN 3/21/31 | 364,069 | 364,848 | ||||||
| Clover Holdings SPV III LLC, 2024 USD Term Loan, | ||||||||
| 4.428% 12/18/27 | 1,230 | 1,230 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Cornerstone OnDemand, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 3.750% | ||||||||
| 8.221% VRN 10/16/28 | $ | 1,283,700 | $ | 1,123,879 | ||||
| Ivanti Software, Inc. | ||||||||
| 2021 Add On non Co-op Term Loan B, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 8.898% VRN 12/01/27 | 998,172 | 680,005 | ||||||
| 2021 Non Co-op Term Loan B, 3 mo. USD Term SOFR + 4.250% | ||||||||
| 9.121% VRN 12/01/27 | 428,414 | 293,463 | ||||||
| Renaissance Holding Corp., 2024 1st Lien Term Loan, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 8.329% VRN 4/05/30 | 1,865,113 | 1,859,163 | ||||||
| Veritas US, Inc., 2024 Priority Term Loan, 3 mo. U.S. (Fed) Prime Rate + 11.500% | ||||||||
| 19.000% VRN 12/09/29 | 326,081 | 324,451 | ||||||
| 10,560,768 | ||||||||
| Telecommunications — 0.3% | ||||||||
| Zayo Group Holdings, Inc., USD Term Loan, | ||||||||
| 0.000% - —% 3/09/27 (d) | 1,071,000 | 1,000,935 | ||||||
| TOTAL BANK LOANS (Cost $38,106,347) | 37,942,269 | |||||||
| CORPORATE DEBT — 83.1% | ||||||||
| Advertising — 0.9% | ||||||||
| Clear Channel Outdoor Holdings, Inc. | ||||||||
| 9.000% 9/15/28 (e) | 710,000 | 743,531 | ||||||
| 7.500% 6/01/29 (e) (f) | 500,000 | 437,474 | ||||||
| 7.875% 4/01/30 (e) | 750,000 | 771,895 | ||||||
| CMG Media Corp. | ||||||||
| 8.875% 6/18/29 (e) | 648,000 | 486,149 | ||||||
| Stagwell Global LLC | ||||||||
| 5.625% 8/15/29 (e) | 1,019,000 | 970,184 | ||||||
| 3,409,233 | ||||||||
| Aerospace & Defense — 2.1% | ||||||||
| Boeing Co. | ||||||||
| 6.388% 5/01/31 (f) | 359,000 | 375,342 | ||||||
| 6.528% 5/01/34 | 938,000 | 982,656 | ||||||
| Goat Holdco LLC | ||||||||
| 6.750% 2/01/32 (e) | 804,000 | 796,145 | ||||||
| Spirit AeroSystems, Inc. | ||||||||
| 9.750% 11/15/30 (e) | 2,233,000 | 2,471,056 | ||||||
| TransDigm, Inc. | ||||||||
| 5.500% 11/15/27 | 2,816,000 | 2,767,098 | ||||||
| Triumph Group, Inc. | ||||||||
| 9.000% 3/15/28 (e) | 1,076,000 | 1,120,366 | ||||||
| 8,512,663 | ||||||||
| Airlines — 1.1% | ||||||||
| American Airlines, Inc. | ||||||||
| 8.500% 5/15/29 (e) | 1,488,000 | 1,562,301 | ||||||
| AS Mileage Plan IP Ltd. | ||||||||
| 5.021% 10/20/29 (e) | 946,000 | 921,473 | ||||||
| 5.308% 10/20/31 (e) | 946,000 | 923,627 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| OneSky Flight LLC | ||||||||
| 8.875% 12/15/29 (e) | $ | 966,000 | $ | 966,676 | ||||
| 4,374,077 | ||||||||
| Apparel — 0.3% | ||||||||
| Wolverine World Wide, Inc. | ||||||||
| 4.000% 8/15/29 (e) | 1,137,000 | 998,424 | ||||||
| Auto Manufacturers — 0.5% | ||||||||
| JB Poindexter & Co., Inc. | ||||||||
| 8.750% 12/15/31 (e) | 2,011,000 | 2,116,833 | ||||||
| Auto Parts & Equipment — 0.7% | ||||||||
| Adient Global Holdings Ltd. | ||||||||
| 4.875% 8/15/26 (e) | 1,734,000 | 1,708,445 | ||||||
| Phinia, Inc. | ||||||||
| 6.625% 10/15/32 (e) | 1,266,000 | 1,259,147 | ||||||
| 2,967,592 | ||||||||
| Building Materials — 2.0% | ||||||||
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. | ||||||||
| 6.625% 12/15/30 (e) | 2,191,000 | 2,193,922 | ||||||
| Knife River Corp. | ||||||||
| 7.750% 5/01/31 (e) | 1,082,000 | 1,127,139 | ||||||
| New Enterprise Stone & Lime Co., Inc. | ||||||||
| 9.750% 7/15/28 (e) | 686,000 | 701,529 | ||||||
| Smyrna Ready Mix Concrete LLC | ||||||||
| 6.000% 11/01/28 (e) | 1,627,000 | 1,586,920 | ||||||
| 8.875% 11/15/31 (e) | 1,301,000 | 1,364,040 | ||||||
| Wilsonart LLC | ||||||||
| 11.000% 8/15/32 (e) | 1,178,000 | 1,154,648 | ||||||
| 8,128,198 | ||||||||
| Chemicals — 3.9% | ||||||||
| Celanese US Holdings LLC | ||||||||
| 6.379% STEP 7/15/32 | 968,000 | 983,264 | ||||||
| 6.950% STEP 11/15/33 (f) | 917,000 | 951,641 | ||||||
| Consolidated Energy Finance SA | ||||||||
| 5.625% 10/15/28 (e) | 4,296,000 | 3,503,775 | ||||||
| 12.000% 2/15/31 (e) (f) | 254,000 | 243,813 | ||||||
| Methanex Corp. | ||||||||
| 5.125% 10/15/27 | 2,056,000 | 2,012,208 | ||||||
| Olympus Water US Holding Corp. | ||||||||
| 4.250% 10/01/28 (e) (f) | 2,043,000 | 1,909,141 | ||||||
| 6.250% 10/01/29 (e) (f) | 1,772,000 | 1,683,300 | ||||||
| 7.250% 6/15/31 (e) | 361,000 | 366,682 | ||||||
| Vibrantz Technologies, Inc. | ||||||||
| 9.000% 2/15/30 (e) (f) | 4,083,000 | 3,748,525 | ||||||
| 15,402,349 | ||||||||
| Commercial Services — 1.4% | ||||||||
| Alta Equipment Group, Inc. | ||||||||
| 9.000% 6/01/29 (e) (f) | 1,618,000 | 1,543,323 | ||||||
| Cimpress PLC | ||||||||
| 7.375% 9/15/32 (e) | 854,000 | 848,405 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| PROG Holdings, Inc. | ||||||||
| 6.000% 11/15/29 (e) | $ | 3,185,100 | $ | 3,058,730 | ||||
| Upbound Group, Inc. | ||||||||
| 6.375% 2/15/29 (e) | 127,000 | 123,458 | ||||||
| 5,573,916 | ||||||||
| Computers — 0.1% | ||||||||
| McAfee Corp. | ||||||||
| 7.375% 2/15/30 (e) | 453,000 | 439,966 | ||||||
| Cosmetics & Personal Care — 0.5% | ||||||||
| Perrigo Finance Unlimited Co. | ||||||||
| 4.900% STEP 6/15/30 | 2,089,000 | 1,957,912 | ||||||
| Distribution & Wholesale — 1.0% | ||||||||
| Resideo Funding, Inc. | ||||||||
| 4.000% 9/01/29 (e) | 1,882,000 | 1,704,753 | ||||||
| 6.500% 7/15/32 (e) | 2,129,000 | 2,131,655 | ||||||
| 3,836,408 | ||||||||
| Diversified Financial Services — 4.6% | ||||||||
| Aretec Group, Inc. | ||||||||
| 10.000% 8/15/30 (e) | 1,099,000 | 1,200,264 | ||||||
| Coinbase Global, Inc. | ||||||||
| 3.375% 10/01/28 (e) | 305,000 | 274,469 | ||||||
| 3.625% 10/01/31 (e) | 373,000 | 315,206 | ||||||
| GGAM Finance Ltd. | ||||||||
| 6.875% 4/15/29 (e) | 557,000 | 564,015 | ||||||
| 8.000% 2/15/27 (e) | 2,005,000 | 2,068,070 | ||||||
| Jefferson Capital Holdings LLC | ||||||||
| 6.000% 8/15/26 (e) | 2,664,000 | 2,659,055 | ||||||
| 9.500% 2/15/29 (e) | 2,630,000 | 2,785,946 | ||||||
| Midcap Financial Issuer Trust | ||||||||
| 5.625% 1/15/30 (e) | 857,000 | 785,508 | ||||||
| 6.500% 5/01/28 (e) | 1,492,000 | 1,459,115 | ||||||
| PRA Group, Inc. | ||||||||
| 5.000% 10/01/29 (e) (f) | 4,955,000 | 4,532,508 | ||||||
| 8.375% 2/01/28 (e) | 445,000 | 457,459 | ||||||
| 8.875% 1/31/30 (e) | 1,053,000 | 1,090,623 | ||||||
| 18,192,238 | ||||||||
| Electric — 3.6% | ||||||||
| Alpha Generation LLC | ||||||||
| 6.750% 10/15/32 (e) | 984,000 | 973,545 | ||||||
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC | ||||||||
| 6.375% 2/15/32 (e) | 2,416,000 | 2,409,588 | ||||||
| Lightning Power LLC | ||||||||
| 7.250% 8/15/32 (e) | 2,845,000 | 2,925,038 | ||||||
| Pike Corp. | ||||||||
| 5.500% 9/01/28 (e) | 2,213,000 | 2,127,714 | ||||||
| 8.625% 1/31/31 (e) | 1,071,000 | 1,129,857 | ||||||
| Talen Energy Supply LLC | ||||||||
| 8.625% 6/01/30 (e) | 4,435,000 | 4,726,382 | ||||||
| 14,292,124 | ||||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Electrical Components & Equipment — 0.3% | ||||||||
| Energizer Holdings, Inc. | ||||||||
| 4.375% 3/31/29 (e) | $ | 1,145,000 | $ | 1,063,537 | ||||
| Electronics — 0.6% | ||||||||
| Atkore, Inc. | ||||||||
| 4.250% 6/01/31 (e) | 2,549,000 | 2,250,618 | ||||||
| Engineering & Construction — 1.9% | ||||||||
| Arcosa, Inc. | ||||||||
| 4.375% 4/15/29 (e) | 2,166,000 | 2,018,232 | ||||||
| 6.875% 8/15/32 (e) | 1,912,000 | 1,942,773 | ||||||
| Global Infrastructure Solutions, Inc. | ||||||||
| 5.625% 6/01/29 (e) | 1,332,000 | 1,281,453 | ||||||
| 7.500% 4/15/32 (e) | 1,457,000 | 1,441,482 | ||||||
| Railworks Holdings LP/Railworks Rally, Inc. | ||||||||
| 8.250% 11/15/28 (e) | 879,000 | 879,390 | ||||||
| 7,563,330 | ||||||||
| Entertainment — 0.9% | ||||||||
| Jacobs Entertainment, Inc. | ||||||||
| 6.750% 2/15/29 (e) | 1,017,000 | 981,455 | ||||||
| Live Nation Entertainment, Inc. | ||||||||
| 3.750% 1/15/28 (e) | 19,000 | 17,918 | ||||||
| 4.750% 10/15/27 (e) (f) | 930,000 | 899,110 | ||||||
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. | ||||||||
| 4.875% 5/01/29 (e) | 987,000 | 930,549 | ||||||
| Ontario Gaming GTA LP/OTG Co-Issuer, Inc. | ||||||||
| 8.000% 8/01/30 (e) | 684,000 | 703,145 | ||||||
| 3,532,177 | ||||||||
| Environmental Controls — 0.3% | ||||||||
| Enviri Corp. | ||||||||
| 5.750% 7/31/27 (e) | 1,314,000 | 1,250,058 | ||||||
| Food — 1.0% | ||||||||
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | ||||||||
| 4.875% 2/15/30 (e) | 952,500 | 907,571 | ||||||
| B&G Foods, Inc. | ||||||||
| 8.000% 9/15/28 (e) | 637,000 | 654,817 | ||||||
| Chobani Holdco II LLC | ||||||||
| 8.750% 10/01/29 (e) | 604,467 | 639,235 | ||||||
| Viking Baked Goods Acquisition Corp. | ||||||||
| 8.625% 11/01/31 (e) | 1,852,000 | 1,819,323 | ||||||
| 4,020,946 | ||||||||
| Hand & Machine Tools — 1.1% | ||||||||
| Regal Rexnord Corp. | ||||||||
| 6.400% 4/15/33 | 4,379,000 | 4,518,216 | ||||||
| Health Care - Services — 5.6% | ||||||||
| CHS/Community Health Systems, Inc. | ||||||||
| 4.750% 2/15/31 (e) | 1,415,000 | 1,097,978 | ||||||
| 5.250% 5/15/30 (e) | 50,000 | 41,066 | ||||||
| 5.625% 3/15/27 (e) | 556,000 | 533,603 | ||||||
| 6.000% 1/15/29 (e) | 1,141,000 | 1,021,659 | ||||||
| 6.125% 4/01/30 (e) | 452,000 | 310,167 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 6.875% 4/15/29 (e) (f) | $ | 472,000 | $ | 356,522 | ||||
| 10.875% 1/15/32 (e) | 653,000 | 673,718 | ||||||
| LifePoint Health, Inc. | ||||||||
| 9.875% 8/15/30 (e) | 2,140,000 | 2,308,968 | ||||||
| 10.000% 6/01/32 (e) | 1,287,000 | 1,308,553 | ||||||
| 11.000% 10/15/30 (e) | 1,964,000 | 2,155,810 | ||||||
| Molina Healthcare, Inc. | ||||||||
| 4.375% 6/15/28 (e) | 1,237,000 | 1,172,310 | ||||||
| 6.250% 1/15/33 (e) | 942,000 | 931,018 | ||||||
| Radiology Partners, Inc. | ||||||||
| 7.775% 1/31/29 (e) | 1,065,049 | 1,051,736 | ||||||
| 9.781% 2/15/30 (e) | 3,779,104 | 3,526,433 | ||||||
| Team Health Holdings, Inc. | ||||||||
| 13.500% 6/30/28 (e) | 2,479,000 | 2,739,295 | ||||||
| Tenet Healthcare Corp. | ||||||||
| 4.375% 1/15/30 | 1,178,000 | 1,094,134 | ||||||
| 6.125% 6/15/30 | 2,081,000 | 2,064,598 | ||||||
| 22,387,568 | ||||||||
| Home Builders — 1.8% | ||||||||
| Ashton Woods USA LLC/Ashton Woods Finance Co. | ||||||||
| 4.625% 8/01/29 (e) | 1,241,000 | 1,141,736 | ||||||
| Mattamy Group Corp. | ||||||||
| 4.625% 3/01/30 (e) | 5,293,000 | 4,924,064 | ||||||
| 5.250% 12/15/27 (e) | 25,000 | 24,444 | ||||||
| New Home Co., Inc. | ||||||||
| 9.250% 10/01/29 (e) | 1,014,000 | 1,067,168 | ||||||
| 7,157,412 | ||||||||
| Housewares — 0.5% | ||||||||
| Newell Brands, Inc. | ||||||||
| 5.700% STEP 4/01/26 | 262,000 | 261,888 | ||||||
| 6.375% 9/15/27 (f) | 291,000 | 292,004 | ||||||
| 6.375% 5/15/30 | 463,000 | 463,763 | ||||||
| 6.625% 5/15/32 | 389,000 | 391,173 | ||||||
| 6.875% STEP 4/01/36 (f) | 417,000 | 422,045 | ||||||
| 1,830,873 | ||||||||
| Insurance — 0.7% | ||||||||
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | ||||||||
| 6.750% 4/15/28 (e) | 2,125,000 | 2,129,996 | ||||||
| Ryan Specialty LLC | ||||||||
| 5.875% 8/01/32 (e) | 495,000 | 489,774 | ||||||
| 2,619,770 | ||||||||
| Internet — 0.8% | ||||||||
| GrubHub Holdings, Inc. | ||||||||
| 5.500% 7/01/27 (e) | 1,244,000 | 1,092,238 | ||||||
| Wayfair LLC | ||||||||
| 7.250% 10/31/29 (e) | 2,003,000 | 2,001,998 | ||||||
| 3,094,236 | ||||||||
| Investment Companies — 1.5% | ||||||||
| HA Sustainable Infrastructure Capital, Inc. | ||||||||
| 6.375% 7/01/34 (e) | 1,945,000 | 1,894,117 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | ||||||||
| 6.250% 5/15/26 | $ | 3,162,000 | $ | 3,135,076 | ||||
| 9.000% 6/15/30 (f) | 965,000 | 926,119 | ||||||
| 5,955,312 | ||||||||
| Leisure Time — 1.4% | ||||||||
| Life Time, Inc. | ||||||||
| 8.000% 4/15/26 (e) | 398,000 | 398,434 | ||||||
| Sabre GLBL, Inc. | ||||||||
| Convertible, 7.320% 8/01/26 | 500,000 | 574,277 | ||||||
| 8.625% 6/01/27 (e) (f) | 2,700,000 | 2,662,840 | ||||||
| 10.750% 11/15/29 (e) (f) | 1,764,000 | 1,819,816 | ||||||
| 5,455,367 | ||||||||
| Lodging — 1.0% | ||||||||
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. | ||||||||
| 6.625% 1/15/32 (e) | 1,937,000 | 1,943,293 | ||||||
| Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. | ||||||||
| 5.875% 5/15/25 (e) (f) | 1,046,000 | 1,043,738 | ||||||
| Wyndham Hotels & Resorts, Inc. | ||||||||
| 4.375% 8/15/28 (e) | 1,071,000 | 1,018,054 | ||||||
| 4,005,085 | ||||||||
| Media — 5.5% | ||||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||
| 4.250% 2/01/31 (e) | 2,361,000 | 2,057,672 | ||||||
| 4.250% 1/15/34 (e) | 1,588,000 | 1,288,329 | ||||||
| 4.500% 5/01/32 | 853,000 | 733,719 | ||||||
| CSC Holdings LLC | ||||||||
| 4.500% 11/15/31 (e) (f) | 427,000 | 307,453 | ||||||
| 5.750% 1/15/30 (e) | 939,000 | 534,162 | ||||||
| 7.500% 4/01/28 (e) | 800,000 | 548,134 | ||||||
| 11.750% 1/31/29 (e) | 2,506,000 | 2,474,866 | ||||||
| Cumulus Media New Holdings, Inc. | ||||||||
| 8.000% 7/01/29 (e) | 847,000 | 313,690 | ||||||
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. | ||||||||
| 5.875% 8/15/27 (e) | 3,333,000 | 3,247,338 | ||||||
| DISH DBS Corp. | ||||||||
| 5.125% 6/01/29 | 380,000 | 243,325 | ||||||
| 5.250% 12/01/26 (e) | 845,000 | 768,064 | ||||||
| 7.375% 7/01/28 (f) | 1,266,000 | 906,131 | ||||||
| DISH Network Corp. | ||||||||
| 11.750% 11/15/27 (e) | 1,026,000 | 1,086,731 | ||||||
| Gray Television, Inc. | ||||||||
| 5.375% 11/15/31 (e) | 747,000 | 398,273 | ||||||
| 7.000% 5/15/27 (e) (f) | 195,000 | 188,603 | ||||||
| LCPR Senior Secured Financing DAC | ||||||||
| 6.750% 10/15/27 (e) | 1,385,000 | 1,253,147 | ||||||
| McGraw-Hill Education, Inc. | ||||||||
| 5.750% 8/01/28 (e) | 1,360,000 | 1,327,854 | ||||||
| 8.000% 8/01/29 (e) | 1,010,000 | 1,010,077 | ||||||
| Time Warner Cable Enterprises LLC | ||||||||
| 8.375% 7/15/33 | 836,000 | 940,420 | ||||||
| Virgin Media Secured Finance PLC | ||||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 4.500% 8/15/30 (e) | $ | 236,000 | $ | 203,829 | ||||
| 5.500% 5/15/29 (e) | 1,317,000 | 1,235,274 | ||||||
| Virgin Media Vendor Financing Notes IV DAC | ||||||||
| 5.000% 7/15/28 (e) | 588,000 | 554,327 | ||||||
| 21,621,418 | ||||||||
| Mining — 1.4% | ||||||||
| Constellium SE | ||||||||
| 3.750% 4/15/29 (e) | 2,250,000 | 2,036,587 | ||||||
| 6.375% 8/15/32 (e) (f) | 585,000 | 566,216 | ||||||
| First Quantum Minerals Ltd. | ||||||||
| 9.375% 3/01/29 (e) | 1,397,000 | 1,485,639 | ||||||
| Novelis Corp. | ||||||||
| 3.250% 11/15/26 (e) | 304,000 | 289,562 | ||||||
| 3.875% 8/15/31 (e) | 313,000 | 269,491 | ||||||
| 4.750% 1/30/30 (e) | 1,000,000 | 923,026 | ||||||
| 5,570,521 | ||||||||
| Miscellaneous - Manufacturing — 0.6% | ||||||||
| Amsted Industries, Inc. | ||||||||
| 5.625% 7/01/27 (e) | 2,435,000 | 2,411,547 | ||||||
| Oil & Gas — 3.3% | ||||||||
| CVR Energy, Inc. | ||||||||
| 5.750% 2/15/28 (e) | 2,353,000 | 2,168,225 | ||||||
| Hilcorp Energy I LP/Hilcorp Finance Co. | ||||||||
| 6.000% 4/15/30 (e) | 443,000 | 416,331 | ||||||
| 6.000% 2/01/31 (e) | 1,792,000 | 1,657,237 | ||||||
| 6.875% 5/15/34 (e) | 1,600,000 | 1,491,342 | ||||||
| 7.250% 2/15/35 (e) | 1,112,000 | 1,045,419 | ||||||
| Parkland Corp. | ||||||||
| 4.625% 5/01/30 (e) | 1,127,000 | 1,034,480 | ||||||
| 6.625% 8/15/32 (e) | 3,903,000 | 3,862,413 | ||||||
| Transocean Poseidon Ltd. | ||||||||
| 6.875% 2/01/27 (e) | 117,600 | 117,394 | ||||||
| Transocean, Inc. | ||||||||
| 8.250% 5/15/29 (e) | 978,000 | 958,020 | ||||||
| 8.500% 5/15/31 (e) (f) | 470,000 | 460,777 | ||||||
| 13,211,638 | ||||||||
| Oil & Gas Services — 0.7% | ||||||||
| Weatherford International Ltd. | ||||||||
| 8.625% 4/30/30 (e) | 2,835,000 | 2,926,684 | ||||||
| Packaging & Containers — 1.9% | ||||||||
| Clydesdale Acquisition Holdings, Inc. | ||||||||
| 8.750% 4/15/30 (e) | 2,181,000 | 2,204,705 | ||||||
| Graphic Packaging International LLC | ||||||||
| 3.750% 2/01/30 (e) | 667,000 | 602,461 | ||||||
| Mauser Packaging Solutions Holding Co. | ||||||||
| 7.875% 4/15/27 (e) | 2,895,000 | 2,953,508 | ||||||
| 9.250% 4/15/27 (e) | 1,077,000 | 1,089,602 | ||||||
| Trident TPI Holdings, Inc. | ||||||||
| 12.750% 12/31/28 (e) | 527,000 | 581,329 | ||||||
| 7,431,605 | ||||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Pharmaceuticals — 4.4% | ||||||||
| 1375209 BC Ltd. | ||||||||
| 9.000% 1/30/28 (e) (f) | $ | 4,852,000 | $ | 4,848,129 | ||||
| AdaptHealth LLC | ||||||||
| 4.625% 8/01/29 (e) | 1,000,000 | 899,302 | ||||||
| 5.125% 3/01/30 (e) (f) | 2,000,000 | 1,812,318 | ||||||
| Bausch Health Cos., Inc. | ||||||||
| 4.875% 6/01/28 (e) | 1,347,000 | 1,077,600 | ||||||
| 5.250% 1/30/30 (e) | 1,102,000 | 600,590 | ||||||
| 5.500% 11/01/25 (e) | 870,000 | 848,417 | ||||||
| 9.000% 12/15/25 (e) | 401,000 | 389,451 | ||||||
| 11.000% 9/30/28 (e) | 525,000 | 498,750 | ||||||
| Grifols SA | ||||||||
| 4.750% 10/15/28 (e) (f) | 3,098,000 | 2,846,841 | ||||||
| Herbalife Ltd., Convertible, | ||||||||
| 4.250% 6/15/28 | 399,000 | 305,754 | ||||||
| Herbalife Nutrition Ltd./HLF Financing, Inc. | ||||||||
| 7.875% 9/01/25 (e) | 1,064,000 | 1,062,496 | ||||||
| HLF Financing SARL LLC/Herbalife International, Inc. | ||||||||
| 4.875% 6/01/29 (e) | 194,000 | 135,800 | ||||||
| 12.250% 4/15/29 (e) | 875,000 | 914,221 | ||||||
| Organon & Co./Organon Foreign Debt Co-Issuer BV | ||||||||
| 6.750% 5/15/34 (e) (f) | 680,000 | 674,883 | ||||||
| 7.875% 5/15/34 (e) (f) | 516,000 | 527,538 | ||||||
| 17,442,090 | ||||||||
| Pipelines — 6.5% | ||||||||
| CQP Holdco LP/BIP-V Chinook Holdco LLC | ||||||||
| 5.500% 6/15/31 (e) | 4,705,000 | 4,493,876 | ||||||
| Energy Transfer LP | ||||||||
| 5 yr. CMT + 5.694% 6.500% VRN (g) | 2,852,000 | 2,853,175 | ||||||
| 5 yr. CMT + 5.306% 7.125% VRN (g) | 700,000 | 702,521 | ||||||
| Genesis Energy LP/Genesis Energy Finance Corp. | ||||||||
| 8.000% 5/15/33 | 662,000 | 647,854 | ||||||
| Global Partners LP/GLP Finance Corp. | ||||||||
| 6.875% 1/15/29 | 413,000 | 409,838 | ||||||
| 8.250% 1/15/32 (e) | 1,880,000 | 1,932,891 | ||||||
| Harvest Midstream I LP | ||||||||
| 7.500% 9/01/28 (e) | 1,911,000 | 1,927,876 | ||||||
| ITT Holdings LLC | ||||||||
| 6.500% 8/01/29 (e) | 6,379,000 | 5,839,582 | ||||||
| NGL Energy Operating LLC/NGL Energy Finance Corp. | ||||||||
| 8.125% 2/15/29 (e) | 624,000 | 632,203 | ||||||
| 8.375% 2/15/32 (e) | 1,455,000 | 1,466,141 | ||||||
| Northriver Midstream Finance LP | ||||||||
| 6.750% 7/15/32 (e) | 1,549,000 | 1,558,187 | ||||||
| Venture Global Calcasieu Pass LLC | ||||||||
| 3.875% 8/15/29 (e) | 869,000 | 798,366 | ||||||
| 4.125% 8/15/31 (e) | 994,000 | 890,156 | ||||||
| Venture Global LNG, Inc. | ||||||||
| 7.000% 1/15/30 (e) | 384,000 | 389,752 | ||||||
| 8.375% 6/01/31 (e) | 665,000 | 693,546 | ||||||
| 9.875% 2/01/32 (e) | 396,000 | 434,522 | ||||||
| 25,670,486 | ||||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Private Equity — 1.0% | ||||||||
| HAT Holdings I LLC/HAT Holdings II LLC | ||||||||
| 3.375% 6/15/26 (e) | $ | 1,726,000 | $ | 1,672,450 | ||||
| 8.000% 6/15/27 (e) | 2,143,000 | 2,232,835 | ||||||
| 3,905,285 | ||||||||
| Real Estate Investment Trusts (REITS) — 1.9% | ||||||||
| Global Net Lease, Inc./Global Net Lease Operating Partnership LP | ||||||||
| 3.750% 12/15/27 (e) | 993,000 | 906,239 | ||||||
| Necessity Retail REIT, Inc./American Finance Operating Partner LP | ||||||||
| 4.500% 9/30/28 (e) | 535,000 | 489,808 | ||||||
| RLJ Lodging Trust LP | ||||||||
| 4.000% 9/15/29 (e) | 2,345,000 | 2,125,072 | ||||||
| Service Properties Trust | ||||||||
| 4.950% 2/15/27 | 284,000 | 265,396 | ||||||
| 5.500% 12/15/27 | 505,000 | 472,239 | ||||||
| 8.375% 6/15/29 | 390,000 | 377,034 | ||||||
| 8.875% 6/15/32 | 907,000 | 839,436 | ||||||
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC | ||||||||
| 6.500% 2/15/29 (e) | 2,219,000 | 2,013,440 | ||||||
| Uniti Group, Inc., Convertible, | ||||||||
| 7.500% 12/01/27 (e) | 218,000 | 247,916 | ||||||
| 7,736,580 | ||||||||
| Retail — 4.9% | ||||||||
| 1011778 BC ULC/New Red Finance, Inc. | ||||||||
| 5.625% 9/15/29 (e) | 415,000 | 408,784 | ||||||
| 6.125% 6/15/29 (e) | 1,577,000 | 1,582,793 | ||||||
| Bath & Body Works, Inc. | ||||||||
| 6.750% 7/01/36 | 658,000 | 668,690 | ||||||
| 6.875% 11/01/35 | 1,611,000 | 1,648,399 | ||||||
| Carvana Co. | ||||||||
| 13.000% 6/01/30 (e) | 324,731 | 356,539 | ||||||
| 14.000% 6/01/31 (e) | 1,371,740 | 1,644,665 | ||||||
| CEC Entertainment LLC | ||||||||
| 6.750% 5/01/26 (e) | 1,826,000 | 1,811,443 | ||||||
| Michaels Cos., Inc. | ||||||||
| 5.250% 5/01/28 (e) (f) | 250,000 | 188,752 | ||||||
| 7.875% 5/01/29 (e) | 813,000 | 493,171 | ||||||
| Raising Cane's Restaurants LLC | ||||||||
| 9.375% 5/01/29 (e) | 218,000 | 233,535 | ||||||
| Specialty Building Products Holdings LLC/SBP Finance Corp. | ||||||||
| 7.750% 10/15/29 (e) | 993,000 | 1,007,767 | ||||||
| Staples, Inc. | ||||||||
| 10.750% 9/01/29 (e) | 832,000 | 818,510 | ||||||
| 12.750% 1/15/30 (e) | 602,744 | 471,298 | ||||||
| Suburban Propane Partners LP/Suburban Energy Finance Corp. | ||||||||
| 5.000% 6/01/31 (e) | 1,271,000 | 1,133,059 | ||||||
| Superior Plus LP/Superior General Partner, Inc. | ||||||||
| 4.500% 3/15/29 (e) | 3,299,000 | 2,999,474 | ||||||
| Walgreen Co. | ||||||||
| 4.400% 9/15/42 | 125,000 | 79,480 | ||||||
| Walgreens Boots Alliance, Inc. | ||||||||
| 3.450% 6/01/26 | 1,752,000 | 1,695,834 | ||||||
| 4.650% 6/01/46 | 52,000 | 33,119 | ||||||
| 4.800% 11/18/44 | 354,000 | 252,859 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 8.125% 8/15/29 (f) | $ | 1,730,000 | $ | 1,712,494 | ||||
| 19,240,665 | ||||||||
| Software — 2.0% | ||||||||
| Cloud Software Group, Inc. | ||||||||
| 6.500% 3/31/29 (e) | 3,597,000 | 3,530,610 | ||||||
| 8.250% 6/30/32 (e) | 445,000 | 458,595 | ||||||
| 9.000% 9/30/29 (e) | 3,953,000 | 4,013,456 | ||||||
| 8,002,661 | ||||||||
| Telecommunications — 5.0% | ||||||||
| Altice Financing SA | ||||||||
| 5.000% 1/15/28 (e) (f) | 1,612,000 | 1,261,758 | ||||||
| 5.750% 8/15/29 (e) | 699,000 | 511,697 | ||||||
| C&W Senior Finance Ltd. | ||||||||
| 6.875% 9/15/27 (e) | 1,286,000 | 1,271,053 | ||||||
| Connect Finco SARL/Connect US Finco LLC | ||||||||
| 9.000% 9/15/29 (e) | 1,020,000 | 929,020 | ||||||
| Consolidated Communications, Inc. | ||||||||
| 5.000% 10/01/28 (e) | 1,858,000 | 1,728,601 | ||||||
| 6.500% 10/01/28 (e) | 1,618,000 | 1,556,707 | ||||||
| EchoStar Corp. | ||||||||
| 6.750% 11/30/30 | 1,239,000 | 1,123,710 | ||||||
| 10.750% 11/30/29 | 2,207,000 | 2,373,155 | ||||||
| Frontier Communications Holdings LLC | ||||||||
| 8.625% 3/15/31 (e) | 1,485,000 | 1,579,374 | ||||||
| Level 3 Financing, Inc. | ||||||||
| 4.500% 4/01/30 (e) | 647,000 | 536,462 | ||||||
| 11.000% 11/15/29 (e) | 3,793,000 | 4,266,819 | ||||||
| Sable International Finance Ltd. | ||||||||
| 7.125% 10/15/32 (e) | 1,159,000 | 1,135,635 | ||||||
| Windstream Services LLC/Windstream Escrow Finance Corp. | ||||||||
| 8.250% 10/01/31 (e) | 368,000 | 380,079 | ||||||
| Zayo Group Holdings, Inc. | ||||||||
| 4.000% 3/01/27 (e) (f) | 283,000 | 260,999 | ||||||
| 6.125% 3/01/28 (e) (f) | 1,157,000 | 983,440 | ||||||
| 19,898,509 | ||||||||
| Transportation — 1.9% | ||||||||
| Carriage Purchaser, Inc. | ||||||||
| 7.875% 10/15/29 (e) | 1,473,000 | 1,393,007 | ||||||
| Seaspan Corp. | ||||||||
| 5.500% 8/01/29 (e) | 5,716,320 | 5,337,770 | ||||||
| Watco Cos. LLC/Watco Finance Corp. | ||||||||
| 7.125% 8/01/32 (e) | 702,000 | 723,586 | ||||||
| 7,454,363 | ||||||||
| TOTAL CORPORATE DEBT (Cost $332,654,883) | 329,430,490 | |||||||
| TOTAL BONDS & NOTES (Cost $370,761,230) | 367,372,759 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $370,874,378) | 367,485,986 | |||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| SHORT-TERM INVESTMENTS — 11.9% | ||||||||
| Commercial Paper — 4.3% | ||||||||
| Eversource Energy | ||||||||
| 4.734% 1/27/25 (e) | $ | 3,000,000 | $ | 2,989,915 | ||||
| 4.887% 1/09/25 (e) | 3,000,000 | 2,996,673 | ||||||
| Penske Truck Leasing Co. LP | ||||||||
| 5.641% 1/23/25 | 2,000,000 | 1,994,039 | ||||||
| Societe Generale SA | ||||||||
| 4.351% 1/02/25 (e) | 1,000,000 | 999,759 | ||||||
| Tampa Electric Co. | ||||||||
| 4.834% 1/13/25 (e) | 2,000,000 | 1,996,860 | ||||||
| TransCanada PipeLines Ltd. | ||||||||
| 4.684% 1/22/25 (e) | 6,000,000 | 5,983,334 | ||||||
| 16,960,580 | ||||||||
| Number of Shares | ||||||||
| Investment of Cash Collateral from Securities Loaned — 7.0% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.482% (h) | 27,768,538 | 27,768,538 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 0.6% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/24, 2.750%, due 1/02/25 (i) | $ | 2,477,111 | 2,477,111 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $47,206,376) | 47,206,229 | |||||||
| TOTAL INVESTMENTS — 104.6% (Cost $418,080,754) (j) | 414,692,215 | |||||||
| Other Assets/(Liabilities) — (4.6)% | (18,273,227) | |||||||
| NET ASSETS — 100.0% | $ | 396,418,988 | ||||||
Abbreviation Legend
| CMT | Constant Maturity Treasury Index |
| PIK | Payment in kind^^ |
| SOFR | Secured Overnight Financing Rate |
| STEP | Step Coupon Bond |
| VRN | Variable Rate Note^ |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2024, these securities amounted to a value of $113,227 or 0.03% of net assets. |
| (c) | Investment is valued using significant unobservable inputs. |
| (d) | All or a portion of the security represents unsettled bank loan commitments at December 31, 2024, 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 December 31, 2024, the aggregate market value of these securities amounted to $300,939,035 or 75.91% of net assets. |
| (f) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2024, was $27,927,349 or 7.04% of net assets. The Fund received $739,318 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (g) | Security is perpetual and has no stated maturity date. |
| (h) | Represents investment of security lending cash collateral and 7-day effective yield as of December 31, 2024. (Note 2). |
| (i) | Maturity value of $2,477,489. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $2,526,842. |
| (j) | See Note 3 for aggregate cost for federal tax purposes. |
| ^ | Floating rate or variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| ^^ | Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
| MassMutual Balanced Fund — Portfolio of Investments |
December 31, 2024 (Unaudited)
| Number of Shares | Value | |||||||
| EQUITIES — 64.4% | ||||||||
| COMMON STOCK — 64.4% | ||||||||
| Communication Services — 1.8% | ||||||||
| Electronic Arts, Inc. | 1,051 | $ | 153,761 | |||||
| Netflix, Inc. (a) | 522 | 465,269 | ||||||
| Omnicom Group, Inc. | 1,281 | 110,217 | ||||||
| Verizon Communications, Inc. | 21,338 | 853,307 | ||||||
| Walt Disney Co. | 2,198 | 244,748 | ||||||
| 1,827,302 | ||||||||
| Consumer Discretionary — 6.5% | ||||||||
| Aptiv PLC (a) | 2,075 | 125,496 | ||||||
| AutoZone, Inc. (a) | 126 | 403,452 | ||||||
| Booking Holdings, Inc. | 176 | 874,442 | ||||||
| Chipotle Mexican Grill, Inc. (a) | 2,824 | 170,287 | ||||||
| DR Horton, Inc. | 1,011 | 141,358 | ||||||
| eBay, Inc. | 3,303 | 204,621 | ||||||
| Ford Motor Co. | 21,436 | 212,216 | ||||||
| Garmin Ltd. | 570 | 117,568 | ||||||
| Genuine Parts Co. | 475 | 55,461 | ||||||
| Hilton Worldwide Holdings, Inc. | 1,009 | 249,385 | ||||||
| Home Depot, Inc. | 2,941 | 1,144,020 | ||||||
| Las Vegas Sands Corp. | 2,082 | 106,932 | ||||||
| Lowe's Cos., Inc. | 3,184 | 785,811 | ||||||
| Lululemon Athletica, Inc. (a) | 230 | 87,954 | ||||||
| Marriott International, Inc. Class A | 781 | 217,852 | ||||||
| NIKE, Inc. Class B | 3,596 | 272,109 | ||||||
| Ross Stores, Inc. | 995 | 150,514 | ||||||
| Royal Caribbean Cruises Ltd. | 377 | 86,970 | ||||||
| TJX Cos., Inc. | 6,587 | 795,776 | ||||||
| Ulta Beauty, Inc. (a) | 152 | 66,109 | ||||||
| Yum! Brands, Inc. | 1,517 | 203,521 | ||||||
| 6,471,854 | ||||||||
| Consumer Staples — 4.6% | ||||||||
| Brown-Forman Corp. Class B | 313 | 11,888 | ||||||
| Church & Dwight Co., Inc. | 485 | 50,784 | ||||||
| Coca-Cola Co. | 7,307 | 454,934 | ||||||
| Colgate-Palmolive Co. | 4,865 | 442,277 | ||||||
| Constellation Brands, Inc. Class A | 394 | 87,074 | ||||||
| Dollar General Corp. | 565 | 42,838 | ||||||
| Dollar Tree, Inc. (a) | 325 | 24,356 | ||||||
| Estee Lauder Cos., Inc. Class A | 279 | 20,920 | ||||||
| General Mills, Inc. | 7,556 | 481,846 | ||||||
| Hershey Co. | 538 | 91,110 | ||||||
| Hormel Foods Corp. | 993 | 31,151 | ||||||
| Kellanova | 425 | 34,412 | ||||||
| Kenvue, Inc. | 2,100 | 44,835 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Keurig Dr. Pepper, Inc. | 3,621 | $ | 116,307 | |||||
| Kimberly-Clark Corp. | 1,760 | 230,630 | ||||||
| Kroger Co. | 1,960 | 119,854 | ||||||
| McCormick & Co., Inc. | 430 | 32,783 | ||||||
| Mondelez International, Inc. Class A | 3,399 | 203,022 | ||||||
| PepsiCo, Inc. | 4,586 | 697,347 | ||||||
| Procter & Gamble Co. | 6,769 | 1,134,823 | ||||||
| Sysco Corp. | 930 | 71,108 | ||||||
| Target Corp. | 1,535 | 207,501 | ||||||
| 4,631,800 | ||||||||
| Energy — 1.7% | ||||||||
| Baker Hughes Co. | 999 | 40,979 | ||||||
| Cheniere Energy, Inc. | 1,368 | 293,942 | ||||||
| Halliburton Co. | 5,215 | 141,796 | ||||||
| Kinder Morgan, Inc. | 22,273 | 610,280 | ||||||
| ONEOK, Inc. | 1,423 | 142,869 | ||||||
| Schlumberger NV | 2,466 | 94,547 | ||||||
| Williams Cos., Inc. | 6,478 | 350,589 | ||||||
| 1,675,002 | ||||||||
| Financials — 8.9% | ||||||||
| Aflac, Inc. | 2,577 | 266,565 | ||||||
| Allstate Corp. | 1,095 | 211,105 | ||||||
| American Express Co. | 1,838 | 545,500 | ||||||
| Ameriprise Financial, Inc. | 285 | 151,743 | ||||||
| Aon PLC Class A | 262 | 94,100 | ||||||
| Apollo Global Management, Inc. | 242 | 39,969 | ||||||
| Arch Capital Group Ltd. | 1,549 | 143,050 | ||||||
| Arthur J Gallagher & Co. | 553 | 156,969 | ||||||
| Bank of New York Mellon Corp. | 1,143 | 87,817 | ||||||
| Blackstone, Inc. | 601 | 103,624 | ||||||
| Block, Inc. (a) | 138 | 11,729 | ||||||
| Charles Schwab Corp. | 1,466 | 108,499 | ||||||
| Chubb Ltd. | 1,861 | 514,194 | ||||||
| CME Group, Inc. | 892 | 207,149 | ||||||
| Discover Financial Services | 584 | 101,166 | ||||||
| Fidelity National Information Services, Inc. | 2,606 | 210,487 | ||||||
| Fifth Third Bancorp | 1,483 | 62,701 | ||||||
| Fiserv, Inc. (a) | 2,314 | 475,342 | ||||||
| Global Payments, Inc. | 584 | 65,443 | ||||||
| Hartford Financial Services Group, Inc. | 2,370 | 259,278 | ||||||
| Intercontinental Exchange, Inc. | 1,089 | 162,272 | ||||||
| KKR & Co., Inc. | 672 | 99,395 | ||||||
| M&T Bank Corp. | 371 | 69,752 | ||||||
| Marsh & McLennan Cos., Inc. | 1,430 | 303,746 | ||||||
| MetLife, Inc. | 4,002 | 327,684 | ||||||
| Moody's Corp. | 314 | 148,638 | ||||||
| Morgan Stanley | 3,606 | 453,346 | ||||||
| MSCI, Inc. | 94 | 56,401 | ||||||
| Nasdaq, Inc. | 661 | 51,102 | ||||||
| NU Holdings Ltd. Class A (a) | 2,869 | 29,723 | ||||||
| PayPal Holdings, Inc. (a) | 4,696 | 400,804 | ||||||
| Principal Financial Group, Inc. | 592 | 45,827 | ||||||
| Progressive Corp. | 2,414 | 578,419 | ||||||
| Prudential Financial, Inc. | 1,150 | 136,309 | ||||||
| Regions Financial Corp. | 2,595 | 61,034 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| S&P Global, Inc. | 516 | $ | 256,983 | |||||
| State Street Corp. | 667 | 65,466 | ||||||
| T. Rowe Price Group, Inc. | 513 | 58,015 | ||||||
| Travelers Cos., Inc. | 981 | 236,313 | ||||||
| Truist Financial Corp. | 1,669 | 72,401 | ||||||
| Visa, Inc. Class A | 4,439 | 1,402,902 | ||||||
| Willis Towers Watson PLC | 245 | 76,744 | ||||||
| 8,909,706 | ||||||||
| Health Care — 6.8% | ||||||||
| Abbott Laboratories | 3,567 | 403,463 | ||||||
| Agilent Technologies, Inc. | 486 | 65,289 | ||||||
| Align Technology, Inc. (a) | 31 | 6,464 | ||||||
| Amgen, Inc. | 907 | 236,401 | ||||||
| Baxter International, Inc. | 407 | 11,868 | ||||||
| Becton Dickinson & Co. | 669 | 151,776 | ||||||
| Biogen, Inc. (a) | 199 | 30,431 | ||||||
| BioNTech SE ADR (a) | 272 | 30,994 | ||||||
| Boston Scientific Corp. (a) | 3,456 | 308,690 | ||||||
| Bristol-Myers Squibb Co. | 6,836 | 386,644 | ||||||
| Cardinal Health, Inc. | 345 | 40,803 | ||||||
| Cencora, Inc. | 354 | 79,537 | ||||||
| Centene Corp. (a) | 449 | 27,200 | ||||||
| Cigna Group | 593 | 163,751 | ||||||
| CVS Health Corp. | 1,743 | 78,243 | ||||||
| Danaher Corp. | 1,033 | 237,125 | ||||||
| Dexcom, Inc. (a) | 130 | 10,110 | ||||||
| Edwards Lifesciences Corp. (a) | 516 | 38,200 | ||||||
| Elevance Health, Inc. | 220 | 81,158 | ||||||
| Eli Lilly & Co. | 829 | 639,988 | ||||||
| Gilead Sciences, Inc. | 6,100 | 563,457 | ||||||
| Humana, Inc. | 50 | 12,686 | ||||||
| IDEXX Laboratories, Inc. (a) | 44 | 18,191 | ||||||
| Illumina, Inc. (a) | 93 | 12,428 | ||||||
| Intuitive Surgical, Inc. (a) | 219 | 114,309 | ||||||
| IQVIA Holdings, Inc. (a) | 228 | 44,804 | ||||||
| McKesson Corp. | 377 | 214,856 | ||||||
| Medtronic PLC | 3,791 | 302,825 | ||||||
| Merck & Co., Inc. | 4,578 | 455,420 | ||||||
| Mettler-Toledo International, Inc. (a) | 32 | 39,158 | ||||||
| Moderna, Inc. (a) | 80 | 3,326 | ||||||
| Pfizer, Inc. | 11,199 | 297,110 | ||||||
| Regeneron Pharmaceuticals, Inc. (a) | 160 | 113,973 | ||||||
| Stryker Corp. | 348 | 125,297 | ||||||
| Thermo Fisher Scientific, Inc. | 734 | 381,849 | ||||||
| UnitedHealth Group, Inc. | 1,612 | 815,446 | ||||||
| Veeva Systems, Inc. Class A (a) | 82 | 17,241 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 352 | 141,750 | ||||||
| Waters Corp. (a) | 60 | 22,259 | ||||||
| West Pharmaceutical Services, Inc. | 46 | 15,068 | ||||||
| Zoetis, Inc. | 611 | 99,550 | ||||||
| 6,839,138 | ||||||||
| Industrials — 4.4% | ||||||||
| AMETEK, Inc. | 415 | 74,808 | ||||||
| Automatic Data Processing, Inc. | 1,340 | 392,258 | ||||||
| Carrier Global Corp. | 708 | 48,328 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Cintas Corp. | 1,682 | $ | 307,302 | |||||
| Copart, Inc. (a) | 1,628 | 93,431 | ||||||
| CSX Corp. | 4,130 | 133,275 | ||||||
| Cummins, Inc. | 419 | 146,063 | ||||||
| Deere & Co. | 736 | 311,843 | ||||||
| Eaton Corp. PLC | 568 | 188,502 | ||||||
| Emerson Electric Co. | 1,246 | 154,417 | ||||||
| FedEx Corp. | 499 | 140,384 | ||||||
| Honeywell International, Inc. | 1,347 | 304,274 | ||||||
| Illinois Tool Works, Inc. | 576 | 146,051 | ||||||
| Ingersoll Rand, Inc. | 519 | 46,949 | ||||||
| Johnson Controls International PLC | 1,368 | 107,976 | ||||||
| Norfolk Southern Corp. | 206 | 48,348 | ||||||
| Otis Worldwide Corp. | 814 | 75,385 | ||||||
| Paychex, Inc. | 573 | 80,346 | ||||||
| Republic Services, Inc. | 753 | 151,489 | ||||||
| Rockwell Automation, Inc. | 92 | 26,293 | ||||||
| Trane Technologies PLC | 629 | 232,321 | ||||||
| Union Pacific Corp. | 1,059 | 241,494 | ||||||
| United Parcel Service, Inc. Class B | 1,223 | 154,220 | ||||||
| United Rentals, Inc. | 153 | 107,779 | ||||||
| Verisk Analytics, Inc. | 398 | 109,621 | ||||||
| Vertiv Holdings Co. Class A | 315 | 35,787 | ||||||
| W.W. Grainger, Inc. | 138 | 145,459 | ||||||
| Waste Connections, Inc. | 911 | 156,309 | ||||||
| Waste Management, Inc. | 1,285 | 259,300 | ||||||
| Xylem, Inc. | 202 | 23,436 | ||||||
| 4,443,448 | ||||||||
| Information Technology — 24.9% | ||||||||
| Accenture PLC Class A | 1,740 | 612,115 | ||||||
| Adobe, Inc. (a) | 761 | 338,401 | ||||||
| Advanced Micro Devices, Inc. (a) | 747 | 90,230 | ||||||
| Amphenol Corp. Class A | 4,122 | 286,273 | ||||||
| Analog Devices, Inc. | 1,375 | 292,133 | ||||||
| ANSYS, Inc. (a) | 155 | 52,286 | ||||||
| Apple, Inc. | 20,466 | 5,125,096 | ||||||
| Applied Materials, Inc. | 2,200 | 357,786 | ||||||
| Arista Networks, Inc. (a) | 2,863 | 316,447 | ||||||
| Autodesk, Inc. (a) | 315 | 93,105 | ||||||
| Broadcom, Inc. | 6,330 | 1,467,547 | ||||||
| Cadence Design Systems, Inc. (a) | 388 | 116,578 | ||||||
| CDW Corp. | 324 | 56,389 | ||||||
| Cisco Systems, Inc. | 16,723 | 990,002 | ||||||
| Cognizant Technology Solutions Corp. Class A | 1,391 | 106,968 | ||||||
| Corning, Inc. | 3,718 | 176,679 | ||||||
| Crowdstrike Holdings, Inc. Class A (a) | 162 | 55,430 | ||||||
| Dell Technologies, Inc. Class C | 778 | 89,657 | ||||||
| Fortinet, Inc. (a) | 1,013 | 95,708 | ||||||
| Gartner, Inc. (a) | 180 | 87,205 | ||||||
| GLOBALFOUNDRIES, Inc. (a) | 117 | 5,020 | ||||||
| Hewlett Packard Enterprise Co. | 6,671 | 142,426 | ||||||
| HP, Inc. | 3,691 | 120,437 | ||||||
| HubSpot, Inc. (a) | 54 | 37,626 | ||||||
| Intel Corp. | 2,347 | 47,057 | ||||||
| International Business Machines Corp. | 4,429 | 973,627 | ||||||
| Intuit, Inc. | 467 | 293,509 | ||||||
| Keysight Technologies, Inc. (a) | 488 | 78,387 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| KLA Corp. | 367 | $ | 231,254 | |||||
| Lam Research Corp. | 3,680 | 265,806 | ||||||
| Marvell Technology, Inc. | 857 | 94,656 | ||||||
| Micron Technology, Inc. | 1,666 | 140,211 | ||||||
| Microsoft Corp. | 9,928 | 4,184,652 | ||||||
| Monolithic Power Systems, Inc. | 77 | 45,561 | ||||||
| Motorola Solutions, Inc. | 1,077 | 497,822 | ||||||
| NetApp, Inc. | 1,087 | 126,179 | ||||||
| NVIDIA Corp. | 31,918 | 4,286,268 | ||||||
| Oracle Corp. | 3,325 | 554,078 | ||||||
| Palo Alto Networks, Inc. (a) | 609 | 110,814 | ||||||
| Roper Technologies, Inc. | 385 | 200,142 | ||||||
| Salesforce, Inc. | 1,757 | 587,418 | ||||||
| ServiceNow, Inc. (a) | 374 | 396,485 | ||||||
| Snowflake, Inc. Class A (a) | 109 | 16,831 | ||||||
| Super Micro Computer, Inc. (a) | 208 | 6,340 | ||||||
| Synopsys, Inc. (a) | 181 | 87,850 | ||||||
| Texas Instruments, Inc. | 2,569 | 481,713 | ||||||
| Workday, Inc. Class A (a) | 249 | 64,249 | ||||||
| 24,882,453 | ||||||||
| Materials — 1.6% | ||||||||
| Air Products & Chemicals, Inc. | 260 | 75,410 | ||||||
| Ball Corp. | 240 | 13,231 | ||||||
| Dow, Inc. | 897 | 35,997 | ||||||
| DuPont de Nemours, Inc. | 2,187 | 166,759 | ||||||
| Ecolab, Inc. | 640 | 149,965 | ||||||
| International Flavors & Fragrances, Inc. | 250 | 21,138 | ||||||
| Linde PLC (LIN US) | 1,630 | 682,432 | ||||||
| LyondellBasell Industries NV Class A | 1,004 | 74,567 | ||||||
| Martin Marietta Materials, Inc. | 75 | 38,737 | ||||||
| Newmont Corp. (NEM US) | 1,364 | 50,768 | ||||||
| PPG Industries, Inc. | 389 | 46,466 | ||||||
| Sherwin-Williams Co. | 451 | 153,308 | ||||||
| Vulcan Materials Co. | 172 | 44,244 | ||||||
| 1,553,022 | ||||||||
| Real Estate — 1.3% | ||||||||
| Alexandria Real Estate Equities, Inc. | 446 | 43,507 | ||||||
| American Tower Corp. | 635 | 116,465 | ||||||
| AvalonBay Communities, Inc. | 501 | 110,205 | ||||||
| CBRE Group, Inc. Class A (a) | 967 | 126,957 | ||||||
| Crown Castle, Inc. | 677 | 61,445 | ||||||
| Digital Realty Trust, Inc. | 289 | 51,248 | ||||||
| Equinix, Inc. | 124 | 116,918 | ||||||
| Equity Residential | 1,994 | 143,090 | ||||||
| Extra Space Storage, Inc. | 230 | 34,408 | ||||||
| Prologis, Inc. | 914 | 96,610 | ||||||
| Public Storage | 420 | 125,765 | ||||||
| SBA Communications Corp. | 180 | 36,684 | ||||||
| Simon Property Group, Inc. | 629 | 108,320 | ||||||
| Ventas, Inc. | 1,162 | 68,430 | ||||||
| VICI Properties, Inc. | 3,794 | 110,823 | ||||||
| 1,350,875 | ||||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Utilities — 1.9% | ||||||||
| Ameren Corp. | 379 | $ | 33,784 | |||||
| American Electric Power Co., Inc. | 1,145 | 105,603 | ||||||
| American Water Works Co., Inc. | 146 | 18,176 | ||||||
| CMS Energy Corp. | 697 | 46,455 | ||||||
| Consolidated Edison, Inc. | 1,154 | 102,971 | ||||||
| Dominion Energy, Inc. | 763 | 41,095 | ||||||
| Duke Energy Corp. | 4,151 | 447,229 | ||||||
| Edison International | 809 | 64,591 | ||||||
| Entergy Corp. | 828 | 62,779 | ||||||
| Eversource Energy | 361 | 20,732 | ||||||
| Exelon Corp. | 3,685 | 138,703 | ||||||
| FirstEnergy Corp. | 1,346 | 53,544 | ||||||
| NextEra Energy, Inc. | 2,516 | 180,372 | ||||||
| PPL Corp. | 2,826 | 91,732 | ||||||
| Public Service Enterprise Group, Inc. | 1,144 | 96,657 | ||||||
| Sempra | 546 | 47,895 | ||||||
| Southern Co. | 3,076 | 253,216 | ||||||
| WEC Energy Group, Inc. | 969 | 91,125 | ||||||
| Xcel Energy, Inc. | 484 | 32,680 | ||||||
| 1,929,339 | ||||||||
| TOTAL COMMON STOCK (Cost $51,949,306) | 64,513,939 | |||||||
| TOTAL EQUITIES (Cost $51,949,306) | 64,513,939 | |||||||
| Principal Amount | ||||||||
| BONDS & NOTES — 35.9% | ||||||||
| CORPORATE DEBT — 11.0% | ||||||||
| Agriculture — 0.1% | ||||||||
| Archer-Daniels-Midland Co. | ||||||||
| 2.700% 9/15/51 | $ | 49,000 | 29,359 | |||||
| Bunge Ltd. Finance Corp. | ||||||||
| 3.250% 8/15/26 | 47,000 | 45,907 | ||||||
| 75,266 | ||||||||
| Airlines — 0.1% | ||||||||
| American Airlines Pass-Through Trust, Series 2021-1A, Class EETC, | ||||||||
| 2.875% 1/11/36 | 61,600 | 53,779 | ||||||
| Delta Air Lines, Inc./SkyMiles IP Ltd. | ||||||||
| 4.500% 10/20/25 (b) | 27,665 | 27,491 | ||||||
| 81,270 | ||||||||
| Auto Manufacturers — 0.2% | ||||||||
| General Motors Financial Co., Inc. | ||||||||
| 5.800% 6/23/28 | 72,000 | 73,440 | ||||||
| PACCAR Financial Corp. | ||||||||
| 4.600% 1/10/28 | 91,000 | 90,828 | ||||||
| 164,268 | ||||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Banks — 3.2% | ||||||||
| Australia & New Zealand Banking Group Ltd. 5 yr. CMT + 1.700% | ||||||||
| 2.570% VRN 11/25/35 (b) | $ | 225,000 | $ | 190,749 | ||||
| Bank of America Corp. | ||||||||
| 5 yr. CMT + 1.200% 2.482% VRN 9/21/36 | 162,000 | 131,988 | ||||||
| 4.183% 11/25/27 | 41,000 | 40,245 | ||||||
| 3 mo. USD Term SOFR + 2.076% 4.244% VRN 4/24/38 | 23,000 | 20,456 | ||||||
| 3 mo. USD Term SOFR + 1.572% 4.271% VRN 7/23/29 | 18,000 | 17,537 | ||||||
| 4.750% 4/21/45 | 63,000 | 55,633 | ||||||
| 1 day USD SOFR + 1.910% 5.288% VRN 4/25/34 | 69,000 | 68,420 | ||||||
| 5 yr. CMT + 3.231% 6.125% VRN (c) | 162,000 | 163,066 | ||||||
| 7.750% 5/14/38 | 20,000 | 23,363 | ||||||
| Bank of New York Mellon Corp. | ||||||||
| 5 yr. CMT + 2.630% 3.750% VRN (c) | 156,000 | 147,432 | ||||||
| 1 day USD SOFR + 1.230% 5.060% VRN 7/22/32 | 41,000 | 40,896 | ||||||
| Bank of Nova Scotia | ||||||||
| 4.500% 12/16/25 | 36,000 | 35,812 | ||||||
| Citigroup, Inc. | ||||||||
| 4.450% 9/29/27 | 27,000 | 26,634 | ||||||
| 1 day USD SOFR + 2.086% 4.910% VRN 5/24/33 | 71,000 | 68,621 | ||||||
| 5.500% 9/13/25 | 54,000 | 54,238 | ||||||
| 5.875% 1/30/42 | 18,000 | 18,397 | ||||||
| 6.000% 10/31/33 | 16,000 | 16,465 | ||||||
| 6.625% 6/15/32 | 14,000 | 14,957 | ||||||
| 8.125% 7/15/39 | 14,000 | 17,278 | ||||||
| Comerica, Inc. 1 day USD SOFR + 2.155% | ||||||||
| 5.982% VRN 1/30/30 | 27,000 | 27,303 | ||||||
| Cooperatieve Rabobank UA 1 yr. CMT + 0.550% | ||||||||
| 1.106% VRN 2/24/27 (b) | 250,000 | 239,353 | ||||||
| Fifth Third Bancorp | ||||||||
| 1 day USD SOFR + 1.840% 5.631% VRN 1/29/32 | 28,000 | 28,312 | ||||||
| 1 day USD SOFR + 2.340% 6.339% VRN 7/27/29 | 14,000 | 14,525 | ||||||
| Goldman Sachs Group, Inc. | ||||||||
| 1 day USD SOFR + 0.798% 1.431% VRN 3/09/27 | 227,000 | 217,926 | ||||||
| 4.250% 10/21/25 | 32,000 | 31,823 | ||||||
| 1 day USD SOFR + 1.420% 5.016% VRN 10/23/35 | 51,000 | 48,808 | ||||||
| 1 day USD SOFR + 1.552% 5.851% VRN 4/25/35 | 63,000 | 64,191 | ||||||
| 5.950% 1/15/27 | 72,000 | 73,783 | ||||||
| 6.750% 10/01/37 | 32,000 | 34,258 | ||||||
| Huntington Bancshares, Inc. 1 day USD SOFR + 2.020% | ||||||||
| 6.208% VRN 8/21/29 | 29,000 | 29,939 | ||||||
| JP Morgan Chase & Co. | ||||||||
| 3 mo. USD Term SOFR + 1.422% 3.702% VRN 5/06/30 | 160,000 | 151,512 | ||||||
| 1 day USD SOFR + 1.340% 4.946% VRN 10/22/35 | 56,000 | 53,957 | ||||||
| 5.600% 7/15/41 | 41,000 | 41,392 | ||||||
| JPMorgan Chase & Co. 1 day USD SOFR + 0.860% | ||||||||
| 4.505% VRN 10/22/28 | 47,000 | 46,584 | ||||||
| Mizuho Financial Group, Inc. | ||||||||
| 2.564% 9/13/31 | 200,000 | 167,318 | ||||||
| Morgan Stanley | ||||||||
| 1 day USD SOFR + 1.485% 3.217% VRN 4/22/42 | 44,000 | 32,530 | ||||||
| 3 mo. USD Term SOFR + 1.890% 4.431% VRN 1/23/30 | 79,000 | 76,887 | ||||||
| 1 day USD SOFR + 1.870% 5.250% VRN 4/21/34 | 73,000 | 71,883 | ||||||
| 1 day USD SOFR + 1.555% 5.320% VRN 7/19/35 | 69,000 | 67,869 | ||||||
| PNC Financial Services Group, Inc. | ||||||||
| 1 day USD SOFR + 1.259% 4.812% VRN 10/21/32 | 51,000 | 49,637 | ||||||
| 1 day USD SOFR + 1.933% 5.068% VRN 1/24/34 | 54,000 | 52,607 | ||||||
| 1 day USD SOFR + 1.841% 5.582% VRN 6/12/29 | 85,000 | 86,484 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Truist Financial Corp. 1 day USD SOFR + 1.620% | ||||||||
| 5.435% VRN 1/24/30 | $ | 40,000 | $ | 40,353 | ||||
| US Bancorp | ||||||||
| 1 day USD SOFR + 1.600% 4.839% VRN 2/01/34 | 79,000 | 75,621 | ||||||
| 1 day USD SOFR + 2.020% 5.775% VRN 6/12/29 | 66,000 | 67,491 | ||||||
| Wells Fargo & Co. | ||||||||
| 1 day USD SOFR + 2.020% 5.389% VRN 4/24/34 | 67,000 | 66,255 | ||||||
| 1 day USD SOFR + 1.990% 5.557% VRN 7/25/34 | 54,000 | 53,928 | ||||||
| 5 yr. CMT + 3.606% 7.625% VRN (c) | 30,000 | 31,834 | ||||||
| 3,196,550 | ||||||||
| Biotechnology — 0.4% | ||||||||
| Amgen, Inc. | ||||||||
| 2.200% 2/21/27 | 347,000 | 329,020 | ||||||
| 5.250% 3/02/33 | 54,000 | 53,601 | ||||||
| 5.650% 3/02/53 | 36,000 | 34,660 | ||||||
| 417,281 | ||||||||
| Commercial Services — 0.4% | ||||||||
| ERAC USA Finance LLC | ||||||||
| 5.000% 2/15/29 (b) | 42,000 | 42,152 | ||||||
| Moody's Corp. | ||||||||
| 4.250% 2/01/29 | 209,000 | 204,577 | ||||||
| PayPal Holdings, Inc. | ||||||||
| 3.250% 6/01/50 | 27,000 | 18,294 | ||||||
| Triton Container International Ltd. | ||||||||
| 3.150% 6/15/31 (b) | 100,000 | 84,893 | ||||||
| 349,916 | ||||||||
| Computers — 0.3% | ||||||||
| Apple, Inc. | ||||||||
| 2.650% 5/11/50 | 27,000 | 16,774 | ||||||
| 3.000% 6/20/27 | 177,000 | 171,651 | ||||||
| Hewlett Packard Enterprise Co. | ||||||||
| 5.000% 10/15/34 | 70,000 | 67,282 | ||||||
| 5.600% 10/15/54 | 54,000 | 50,830 | ||||||
| 306,537 | ||||||||
| Diversified Financial Services — 0.1% | ||||||||
| Mastercard, Inc. | ||||||||
| 4.350% 1/15/32 | 103,000 | 99,542 | ||||||
| Electric — 0.2% | ||||||||
| MidAmerican Energy Co. | ||||||||
| 5.300% 2/01/55 | 20,000 | 18,893 | ||||||
| Nevada Power Co. | ||||||||
| 6.650% 4/01/36 | 20,000 | 21,449 | ||||||
| Xcel Energy, Inc. | ||||||||
| 6.500% 7/01/36 | 99,000 | 105,888 | ||||||
| 146,230 | ||||||||
| Environmental Controls — 0.0% | ||||||||
| Republic Services, Inc. | ||||||||
| 5.000% 4/01/34 | 28,000 | 27,311 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Food — 0.4% | ||||||||
| Campbell's Co. | ||||||||
| 5.250% 10/13/54 | $ | 12,000 | $ | 10,841 | ||||
| Conagra Brands, Inc. | ||||||||
| 4.850% 11/01/28 | 170,000 | 169,117 | ||||||
| General Mills, Inc. | ||||||||
| 3.000% 2/01/51 | 112,000 | 70,864 | ||||||
| Ingredion, Inc. | ||||||||
| 3.200% 10/01/26 | 25,000 | 24,303 | ||||||
| Kroger Co. | ||||||||
| 5.000% 9/15/34 | 43,000 | 41,646 | ||||||
| 5.500% 9/15/54 | 26,000 | 24,489 | ||||||
| Mars, Inc. | ||||||||
| 3.950% 4/01/49 (b) | 67,000 | 51,397 | ||||||
| 392,657 | ||||||||
| Gas — 0.0% | ||||||||
| Atmos Energy Corp. | ||||||||
| 5.000% 12/15/54 | 13,000 | 11,709 | ||||||
| Health Care - Services — 0.4% | ||||||||
| Cigna Group | ||||||||
| 4.800% 7/15/46 | 27,000 | 23,070 | ||||||
| Kaiser Foundation Hospitals | ||||||||
| 2.810% 6/01/41 | 110,000 | 77,814 | ||||||
| 3.002% 6/01/51 | 80,000 | 51,970 | ||||||
| Mayo Clinic | ||||||||
| 3.196% 11/15/61 | 106,000 | 68,324 | ||||||
| Providence St. Joseph Health Obligated Group | ||||||||
| 2.700% 10/01/51 | 93,000 | 53,613 | ||||||
| Quest Diagnostics, Inc. | ||||||||
| 6.400% 11/30/33 | 47,000 | 50,326 | ||||||
| UnitedHealth Group, Inc. | ||||||||
| 3.125% 5/15/60 | 36,000 | 21,420 | ||||||
| 5.050% 4/15/53 | 20,000 | 18,010 | ||||||
| 5.875% 2/15/53 | 25,000 | 25,067 | ||||||
| 389,614 | ||||||||
| Insurance — 0.7% | ||||||||
| Arch Capital Finance LLC | ||||||||
| 5.031% 12/15/46 | 27,000 | 24,187 | ||||||
| Arch Capital Group Ltd. | ||||||||
| 3.635% 6/30/50 | 49,000 | 34,914 | ||||||
| Arthur J Gallagher & Co. | ||||||||
| 4.850% 12/15/29 | 17,000 | 16,922 | ||||||
| 5.550% 2/15/55 | 18,000 | 17,282 | ||||||
| Athene Holding Ltd. | ||||||||
| 3.950% 5/25/51 | 16,000 | 11,495 | ||||||
| 6.250% 4/01/54 | 37,000 | 37,064 | ||||||
| Brighthouse Financial, Inc. | ||||||||
| 3.850% 12/22/51 | 68,000 | 44,208 | ||||||
| GA Global Funding Trust | ||||||||
| 1.625% 1/15/26 (b) | 37,000 | 35,728 | ||||||
| Jackson Financial, Inc. | ||||||||
| 5.170% 6/08/27 | 78,000 | 78,336 | ||||||
| Marsh & McLennan Cos., Inc. | ||||||||
| 5.450% 3/15/53 | 16,000 | 15,448 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 5.700% 9/15/53 | $ | 42,000 | $ | 42,093 | ||||
| New York Life Global Funding | ||||||||
| 4.550% 1/28/33 (b) | 47,000 | 44,927 | ||||||
| New York Life Insurance Co. | ||||||||
| 3.750% 5/15/50 (b) | 23,000 | 16,747 | ||||||
| Pacific Life Global Funding II | ||||||||
| 5.500% 8/28/26 (b) | 64,000 | 64,870 | ||||||
| Prudential Financial, Inc. | ||||||||
| 5 yr. CMT + 3.035% 3.700% VRN 10/01/50 | 18,000 | 16,013 | ||||||
| 3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48 | 99,000 | 98,269 | ||||||
| Reinsurance Group of America, Inc. | ||||||||
| 3.150% 6/15/30 | 49,000 | 44,233 | ||||||
| 3.900% 5/15/29 | 54,000 | 51,566 | ||||||
| USF&G Capital I | ||||||||
| 8.500% 12/15/45 (b) | 35,000 | 36,877 | ||||||
| 731,179 | ||||||||
| Internet — 0.0% | ||||||||
| Alphabet, Inc. | ||||||||
| 2.250% 8/15/60 | 32,000 | 17,333 | ||||||
| Uber Technologies, Inc. | ||||||||
| 4.800% 9/15/34 | 22,000 | 21,055 | ||||||
| 38,388 | ||||||||
| Investment Companies — 0.2% | ||||||||
| Blackstone Secured Lending Fund | ||||||||
| 2.750% 9/16/26 | 158,000 | 151,649 | ||||||
| Machinery - Diversified — 0.0% | ||||||||
| AGCO Corp. | ||||||||
| 5.450% 3/21/27 | 18,000 | 18,171 | ||||||
| 5.800% 3/21/34 | 23,000 | 23,117 | ||||||
| 41,288 | ||||||||
| Media — 0.2% | ||||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
| 3.850% 4/01/61 | 46,000 | 27,719 | ||||||
| 6.484% 10/23/45 | 32,000 | 30,237 | ||||||
| Comcast Corp. | ||||||||
| 2.937% 11/01/56 | 43,000 | 25,045 | ||||||
| 3.400% 7/15/46 | 41,000 | 28,790 | ||||||
| 3.969% 11/01/47 | 23,000 | 17,429 | ||||||
| Discovery Communications LLC | ||||||||
| 3.950% 3/20/28 | 56,000 | 53,020 | ||||||
| Time Warner Cable LLC | ||||||||
| 6.750% 6/15/39 | 27,000 | 26,462 | ||||||
| 208,702 | ||||||||
| Oil & Gas — 0.1% | ||||||||
| BP Capital Markets America, Inc. | ||||||||
| 3.379% 2/08/61 | 95,000 | 60,093 | ||||||
| BP Capital Markets PLC 5 yr. CMT + 4.036% | ||||||||
| 4.375% VRN (c) | 12,000 | 11,889 | ||||||
| Occidental Petroleum Corp. | ||||||||
| 5.200% 8/01/29 | 18,000 | 17,859 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 5.550% 10/01/34 | $ | 12,000 | $ | 11,672 | ||||
| 101,513 | ||||||||
| Packaging & Containers — 0.1% | ||||||||
| Berry Global, Inc. | ||||||||
| 1.570% 1/15/26 | 48,000 | 46,322 | ||||||
| Silgan Holdings, Inc. | ||||||||
| 1.400% 4/01/26 (b) | 49,000 | 46,674 | ||||||
| WRKCo, Inc. | ||||||||
| 3.000% 6/15/33 | 27,000 | 22,663 | ||||||
| 115,659 | ||||||||
| Pharmaceuticals — 0.4% | ||||||||
| AbbVie, Inc. | ||||||||
| 4.700% 5/14/45 | 67,000 | 59,117 | ||||||
| 5.050% 3/15/34 | 68,000 | 67,183 | ||||||
| 5.400% 3/15/54 | 45,000 | 43,315 | ||||||
| Bristol-Myers Squibb Co. | ||||||||
| 4.350% 11/15/47 | 27,000 | 22,294 | ||||||
| 6.250% 11/15/53 | 14,000 | 14,831 | ||||||
| CVS Health Corp. | ||||||||
| 5.875% 6/01/53 | 17,000 | 15,595 | ||||||
| 6.125% 9/15/39 | 8,000 | 7,814 | ||||||
| Eli Lilly & Co. | ||||||||
| 4.950% 2/27/63 | 33,000 | 29,605 | ||||||
| Pfizer Investment Enterprises Pte. Ltd. | ||||||||
| 4.450% 5/19/28 | 93,000 | 92,183 | ||||||
| 4.750% 5/19/33 | 61,000 | 59,273 | ||||||
| 411,210 | ||||||||
| Pipelines — 0.9% | ||||||||
| Enterprise Products Operating LLC | ||||||||
| 3 mo. USD Term SOFR + 3.295% 5.250% VRN 8/16/77 | 41,000 | 40,062 | ||||||
| 3 mo. USD Term SOFR + 2.832% 5.375% VRN 2/15/78 | 27,000 | 25,787 | ||||||
| Kinder Morgan, Inc. | ||||||||
| 3.250% 8/01/50 | 50,000 | 31,665 | ||||||
| MPLX LP | ||||||||
| 1.750% 3/01/26 | 365,000 | 352,400 | ||||||
| 4.500% 4/15/38 | 27,000 | 23,532 | ||||||
| 5.650% 3/01/53 | 7,000 | 6,523 | ||||||
| ONEOK, Inc. | ||||||||
| 6.350% 1/15/31 | 200,000 | 210,261 | ||||||
| 6.625% 9/01/53 | 46,000 | 48,365 | ||||||
| Sabine Pass Liquefaction LLC | ||||||||
| 4.500% 5/15/30 | 100,000 | 96,867 | ||||||
| Western Midstream Operating LP | ||||||||
| 5.450% 11/15/34 | 36,000 | 34,773 | ||||||
| Williams Cos., Inc. | ||||||||
| 3.500% 10/15/51 | 45,000 | 30,660 | ||||||
| 5.800% 11/15/54 | 11,000 | 10,765 | ||||||
| 911,660 | ||||||||
| Private Equity — 0.1% | ||||||||
| Brookfield Finance, Inc. | ||||||||
| 3.900% 1/25/28 | 99,000 | 96,312 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Real Estate — 0.1% | ||||||||
| CBRE Services, Inc. | ||||||||
| 2.500% 4/01/31 | $ | 121,000 | $ | 102,986 | ||||
| Real Estate Investment Trusts (REITS) — 1.1% | ||||||||
| Alexandria Real Estate Equities, Inc. | ||||||||
| 2.950% 3/15/34 | 78,000 | 64,214 | ||||||
| 5.150% 4/15/53 | 20,000 | 17,814 | ||||||
| American Tower Corp. | ||||||||
| 1.600% 4/15/26 | 96,000 | 92,192 | ||||||
| Brixmor Operating Partnership LP | ||||||||
| 2.250% 4/01/28 | 24,000 | 21,930 | ||||||
| Crown Castle, Inc. | ||||||||
| 2.500% 7/15/31 | 88,000 | 74,111 | ||||||
| 3.700% 6/15/26 | 243,000 | 239,032 | ||||||
| 5.200% 2/15/49 | 11,000 | 9,818 | ||||||
| Extra Space Storage LP | ||||||||
| 2.350% 3/15/32 | 65,000 | 53,102 | ||||||
| Host Hotels & Resorts LP | ||||||||
| 3.500% 9/15/30 | 84,000 | 76,074 | ||||||
| Kimco Realty OP LLC | ||||||||
| 2.250% 12/01/31 | 58,000 | 48,127 | ||||||
| Kite Realty Group LP | ||||||||
| 4.000% 10/01/26 | 110,000 | 108,301 | ||||||
| 4.950% 12/15/31 | 26,000 | 25,296 | ||||||
| Mid-America Apartments LP | ||||||||
| 5.300% 2/15/32 | 68,000 | 68,281 | ||||||
| NNN REIT, Inc. | ||||||||
| 5.600% 10/15/33 | 40,000 | 40,339 | ||||||
| Prologis LP | ||||||||
| 4.875% 6/15/28 | 75,000 | 75,183 | ||||||
| Public Storage Operating Co. | ||||||||
| 5.350% 8/01/53 | 14,000 | 13,308 | ||||||
| Realty Income Corp. | ||||||||
| 4.850% 3/15/30 | 30,000 | 29,811 | ||||||
| Regency Centers LP | ||||||||
| 5.250% 1/15/34 | 25,000 | 24,637 | ||||||
| 1,081,570 | ||||||||
| Retail — 0.3% | ||||||||
| Home Depot, Inc. | ||||||||
| 2.375% 3/15/51 | 48,000 | 27,159 | ||||||
| McDonald's Corp. | ||||||||
| 3.300% 7/01/25 | 100,000 | 99,286 | ||||||
| 5.450% 8/14/53 | 51,000 | 48,860 | ||||||
| Starbucks Corp. | ||||||||
| 4.450% 8/15/49 | 86,000 | 70,443 | ||||||
| Walmart, Inc. | ||||||||
| 4.500% 4/15/53 | 67,000 | 58,296 | ||||||
| 304,044 | ||||||||
| Semiconductors — 0.2% | ||||||||
| Micron Technology, Inc. | ||||||||
| 4.185% 2/15/27 | 200,000 | 197,169 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 5.300% 1/15/31 | $ | 33,000 | $ | 32,967 | ||||
| 230,136 | ||||||||
| Software — 0.4% | ||||||||
| Fiserv, Inc. | ||||||||
| 5.450% 3/15/34 | 86,000 | 86,052 | ||||||
| Intuit, Inc. | ||||||||
| 5.500% 9/15/53 | 48,000 | 47,001 | ||||||
| Microsoft Corp. | ||||||||
| 2.921% 3/17/52 | 80,000 | 52,851 | ||||||
| Oracle Corp. | ||||||||
| 3.600% 4/01/40 | 197,000 | 154,025 | ||||||
| 5.550% 2/06/53 | 15,000 | 14,172 | ||||||
| 6.900% 11/09/52 | 53,000 | 59,345 | ||||||
| 413,446 | ||||||||
| Telecommunications — 0.4% | ||||||||
| Cisco Systems, Inc. | ||||||||
| 5.050% 2/26/34 | 36,000 | 35,870 | ||||||
| T-Mobile USA, Inc. | ||||||||
| 5.050% 7/15/33 | 80,000 | 78,335 | ||||||
| 5.500% 1/15/55 | 36,000 | 33,879 | ||||||
| 6.000% 6/15/54 | 16,000 | 16,217 | ||||||
| Verizon Communications, Inc. | ||||||||
| 3.700% 3/22/61 | 47,000 | 31,869 | ||||||
| 3.875% 2/08/29 | 180,000 | 173,612 | ||||||
| 369,782 | ||||||||
| Transportation — 0.0% | ||||||||
| CSX Corp. | ||||||||
| 4.750% 11/15/48 | 18,000 | 15,845 | ||||||
| TOTAL CORPORATE DEBT (Cost $12,201,564) | 10,983,520 | |||||||
| NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 3.8% | ||||||||
| Automobile Asset-Backed Securities — 0.9% | ||||||||
| Avis Budget Rental Car Funding AESOP LLC, Series 2021-2A, Class A | ||||||||
| 1.660% 2/20/28 (b) | 150,000 | 141,370 | ||||||
| Enterprise Fleet Financing LLC | ||||||||
| Series 2021-3, Class A3, 1.220% 8/20/27 (b) | 234,000 | 229,341 | ||||||
| Series 2024-4, Class A3, 4.560% 11/20/28 (b) | 50,000 | 49,801 | ||||||
| Fifth Third Auto Trust, Series 2023-1, Class A3 | ||||||||
| 5.530% 8/15/28 | 131,000 | 132,483 | ||||||
| GMF Floorplan Owner Revolving Trust, Series 2024-3A, Class A1 | ||||||||
| 4.680% 11/15/28 (b) | 100,000 | 100,102 | ||||||
| Hyundai Auto Receivables Trust | ||||||||
| Series 2021-C, Class A4, 1.030% 12/15/27 | 140,000 | 137,287 | ||||||
| Series 2024-C, Class A3, 4.410% 5/15/29 | 62,000 | 61,814 | ||||||
| Toyota Auto Receivables Owner Trust, Series 2021-D, Class A4 | ||||||||
| 1.020% 3/15/27 | 70,000 | 68,152 | ||||||
| 920,350 | ||||||||
| Commercial Mortgage-Backed Securities — 0.9% | ||||||||
| Bank | ||||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2019-BN17, Class B, 4.128% VRN 4/15/52 (d) | $ | 29,000 | $ | 25,765 | ||||
| Series 2019-BN16, Class AS, 4.267% 2/15/52 | 31,333 | 28,987 | ||||||
| Series 2019-BN16, Class B, 4.438% VRN 2/15/52 (d) | 24,330 | 22,801 | ||||||
| BBCMS Mortgage Trust, Series 2020-C7, Class AS | ||||||||
| 2.444% 4/15/53 | 57,000 | 48,907 | ||||||
| Benchmark Mortgage Trust, Series 2019-B9, Class AAB | ||||||||
| 3.933% 3/15/52 | 220,389 | 214,740 | ||||||
| BX Commercial Mortgage Trust | ||||||||
| Series 2021-VOLT, Class A, 1 mo. USD Term SOFR + 0.814% 5.212% FRN 9/15/36 (b) | 115,000 | 114,784 | ||||||
| Series 2021-VOLT, Class C, 1 mo. USD Term SOFR + 1.214% 5.612% FRN 9/15/36 (b) | 100,000 | 99,438 | ||||||
| GS Mortgage Securities Trust, Series 2020-GC45, Class A5 | ||||||||
| 2.911% 2/13/53 | 140,000 | 126,209 | ||||||
| Life Mortgage Trust | ||||||||
| Series 2021-BMR, Class A, 1 mo. USD Term SOFR + 0.814% 5.212% FRN 3/15/38 (b) | 79,313 | 78,322 | ||||||
| Series 2021-BMR, Class B, 1 mo. USD Term SOFR + 0.994% 5.392% FRN 3/15/38 (b) | 79,313 | 78,273 | ||||||
| Morgan Stanley Capital I Trust, Series 2018-H3, Class B, | ||||||||
| 4.620% VRN 7/15/51 (d) | 20,000 | 19,018 | ||||||
| Wells Fargo Commercial Mortgage Trust | ||||||||
| Series 2018-C45, Class AS, 4.405% VRN 6/15/51 (d) | 30,000 | 28,153 | ||||||
| Series 2018-C45, Class B, 4.556% 6/16/51 | 10,000 | 9,254 | ||||||
| 894,651 | ||||||||
| Other Asset-Backed Securities — 0.5% | ||||||||
| AMSR Trust, Series 2021-SFR3, Class B | ||||||||
| 1.726% 10/17/38 (b) | 130,000 | 122,610 | ||||||
| Dllmt LLC, Series 2021-1A, Class A4 | ||||||||
| 1.240% 6/20/29 (b) | 142,150 | 140,877 | ||||||
| MVW LLC, Series 2021-2A, Class A | ||||||||
| 1.430% 5/20/39 (b) | 100,808 | 94,397 | ||||||
| Progress Residential Trust, Series 2021-SFR10, Class A | ||||||||
| 2.393% 12/17/40 (b) | 90,508 | 82,302 | ||||||
| 440,186 | ||||||||
| Whole Loan Collateral Collateralized Mortgage Obligations — 1.5% | ||||||||
| Angel Oak Mortgage Trust | ||||||||
| Series 2021-8, Class A1, 1.820% VRN 11/25/66 (b) (d) | 180,792 | 158,316 | ||||||
| Series 2022-1, Class A1, 2.881% STEP 12/25/66 (b) | 203,980 | 186,228 | ||||||
| Bayview MSR Opportunity Master Fund Trust | ||||||||
| Series 2021-5, Class A2, 2.500% VRN 11/25/51 (b) (d) | 116,120 | 93,087 | ||||||
| Series 2021-5, Class A1, 3.000% VRN 11/25/51 (b) (d) | 95,231 | 79,617 | ||||||
| Ellington Financial Mortgage Trust, Series 2022-3, Class A1, | ||||||||
| 5.000% STEP 8/25/67 (b) | 184,527 | 182,274 | ||||||
| Flagstar Mortgage Trust, Series 2021-11IN, Class A6, | ||||||||
| 2.500% VRN 11/25/51 (b) (d) | 192,851 | 167,981 | ||||||
| JP Morgan Mortgage Trust, Series 2022-8, Class A4A, | ||||||||
| 4.000% VRN 1/25/53 (b) (d) | 127,988 | 119,937 | ||||||
| OBX Trust, Series 2022-NQM1, Class A1, | ||||||||
| 2.305% VRN 11/25/61 (b) (d) | 186,664 | 163,199 | ||||||
| Starwood Mortgage Residential Trust | ||||||||
| Series 2021-6, Class A1, 1.920% VRN 11/25/66 (b) (d) | 202,371 | 171,316 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2022-1, Class A1, 2.447% VRN 12/25/66 (b) (d) | $ | 221,631 | $ | 192,954 | ||||
| 1,514,909 | ||||||||
| TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $4,089,296) | 3,770,096 | |||||||
| U.S. Government Agency Obligations and Instrumentalities (e) — 10.7% | ||||||||
| Pass-Through Securities — 10.7% | ||||||||
| Federal Home Loan Mortgage Corp. | ||||||||
| Pool #SD8212 2.500% 5/01/52 | 687,985 | 560,818 | ||||||
| Pool #SD8174 3.000% 10/01/51 | 355,350 | 302,952 | ||||||
| Pool #SD8242 3.000% 9/01/52 | 412,589 | 350,333 | ||||||
| Pool #RA7484 4.000% 6/01/52 | 400,648 | 366,756 | ||||||
| Pool #SD1351 4.500% 7/01/52 | 339,147 | 320,350 | ||||||
| Pool #SD1628 5.000% 9/01/52 | 355,718 | 344,180 | ||||||
| Pool #SD3386 5.500% 7/01/53 | 279,663 | 276,518 | ||||||
| Pool #SD5060 5.500% 3/01/54 | 273,729 | 271,505 | ||||||
| Federal National Mortgage Association | ||||||||
| Pool #CB1787 2.000% 10/01/51 | 448,034 | 349,166 | ||||||
| Pool #CB1782 2.000% 10/01/51 | 684,000 | 534,985 | ||||||
| Pool #MA4437 2.000% 10/01/51 | 451,208 | 351,640 | ||||||
| Pool #MA4562 2.000% 3/01/52 | 431,043 | 335,386 | ||||||
| Pool #MA4361 2.500% 6/01/36 | 234,933 | 213,931 | ||||||
| Pool #CB2074 2.500% 11/01/51 | 344,670 | 282,685 | ||||||
| Pool #FS2635 2.500% 5/01/52 | 413,951 | 340,412 | ||||||
| Pool #BO7245 3.000% 1/01/50 | 249,204 | 214,171 | ||||||
| Pool #FS2600 3.000% 5/01/52 | 428,751 | 367,272 | ||||||
| Pool #BU8819 3.500% 5/01/52 | 414,788 | 368,365 | ||||||
| Pool #CB4891 4.500% 10/01/52 | 93,327 | 87,950 | ||||||
| Pool #CB4404 5.000% 8/01/52 | 339,381 | 328,372 | ||||||
| Pool #CB7100 5.000% 9/01/53 | 191,192 | 184,812 | ||||||
| Pool #CB7859 5.500% 1/01/54 | 559,944 | 553,295 | ||||||
| Government National Mortgage Association II, TBA | ||||||||
| 5.500% 1/20/55 (f) | 400,000 | 396,420 | ||||||
| 6.000% 1/20/55 (f) | 375,000 | 377,314 | ||||||
| Uniform Mortgage-Backed Security, TBA | ||||||||
| 2.000% 1/01/40 (f) | 1,500,000 | 1,324,687 | ||||||
| 3.000% 1/01/55 (f) | 200,000 | 169,656 | ||||||
| 3.500% 1/01/55 (f) | 500,000 | 441,797 | ||||||
| 6.000% 1/01/55 (f) | 750,000 | 753,340 | ||||||
| 10,769,068 | ||||||||
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $11,492,527) | 10,769,068 | |||||||
| U.S. TREASURY OBLIGATIONS — 10.4% | ||||||||
| U.S. Treasury Bonds & Notes — 10.4% | ||||||||
| U.S. Treasury Bonds | ||||||||
| 2.250% 8/15/49 | 839,900 | 520,401 | ||||||
| 4.250% 8/15/54 | 772,600 | 706,875 | ||||||
| 4.625% 11/15/44 | 1,119,200 | 1,085,835 | ||||||
| 4.750% 11/15/43 | 100,000 | 98,798 | ||||||
| U.S. Treasury Notes | ||||||||
| 2.750% 4/30/27 | 963,000 | 931,141 | ||||||
| 2.875% 4/30/29 | 622,000 | 585,467 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 3.500% 2/15/33 | $ | 285,000 | $ | 265,271 | ||||
| 4.000% 12/15/27 | 1,193,400 | 1,184,354 | ||||||
| 4.250% 12/31/26 | 329,600 | 329,652 | ||||||
| 4.250% 2/28/31 | 127,000 | 125,590 | ||||||
| 4.250% 11/15/34 | 1,493,100 | 1,455,073 | ||||||
| 4.375% 12/31/29 | 770,500 | 770,255 | ||||||
| 4.500% 12/31/31 | 750,600 | 751,405 | ||||||
| 4.500% 11/15/33 | 431,000 | 429,306 | ||||||
| 4.625% 9/30/30 | 1,175,000 | 1,186,272 | ||||||
| 10,425,695 | ||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $10,994,505) | 10,425,695 | |||||||
| TOTAL BONDS & NOTES (Cost $38,777,892) | 35,948,379 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $90,727,198) | 100,462,318 | |||||||
| SHORT-TERM INVESTMENTS — 2.9% | ||||||||
| Repurchase Agreement — 2.9% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/24, 2.750%, due 1/02/25 (g) | 2,864,202 | 2,864,202 | ||||||
| U.S. Treasury Bill — 0.0% | ||||||||
| U.S. Treasury Bills | ||||||||
| 4.845% 1/30/25 (h) (i) | 37,000 | 36,878 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,901,062) | 2,901,080 | |||||||
| TOTAL INVESTMENTS — 103.2% (Cost $93,628,260) (j) | 103,363,398 | |||||||
| Other Assets/(Liabilities) — (3.2)% | (3,249,955) | |||||||
| NET ASSETS — 100.0% | $ | 100,113,443 | ||||||
Abbreviation Legend
| ADR | American Depositary Receipt |
| CMT | Constant Maturity Treasury Index |
| FRN | Floating Rate Note^ |
| LIBOR | London InterBank Offered Rate |
| SOFR | Secured Overnight Financing Rate |
| STEP | Step Coupon Bond |
| TBA | To Be Announced |
| VRN | Variable Rate Note^ |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2024, the aggregate market value of these securities amounted to $3,728,384 or 3.72% of net assets. |
| (c) | Security is perpetual and has no stated maturity date. |
| (d) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2024. |
| (e) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
| (f) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (g) | Maturity value of $2,864,639. Collateralized by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 10/15/26, and an aggregate market value, including accrued interest, of $2,921,573. |
| (h) | All or a portion of this security is pledged/held as collateral for open derivatives. |
| (i) | The rate shown represents yield-to-maturity. |
| (j) | See Note 3 for aggregate cost for federal tax purposes. |
| ^ | Floating rate or variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| Futures contracts | ||||||||||||||
| Expiration Date | Number of Contracts | Notional Amount | Value/Net Unrealized Appreciation (Depreciation) | |||||||||||
| Long | ||||||||||||||
| U.S. Treasury Note 2 Year | 3/31/25 | 6 | $ | 1,236,332 | $ | (2,676) | ||||||||
| U.S. Treasury Note 5 Year | 3/31/25 | 5 | 534,267 | (2,744) | ||||||||||
| $ | (5,420) | |||||||||||||
| Short | ||||||||||||||
| U.S. Treasury Note 10 Year | 3/20/25 | 3 | $ | (329,408) | $ | 3,158 | ||||||||
| U.S. Treasury Ultra 10 Year | 3/20/25 | 9 | (1,014,731) | 12,918 | ||||||||||
| $ | 16,076 | |||||||||||||
| MassMutual Disciplined Value Fund — Portfolio of Investments |
December 31, 2024 (Unaudited)
| Number of Shares | Value | |||||||
| EQUITIES — 100.0% | ||||||||
| COMMON STOCK — 100.0% | ||||||||
| Communication Services — 4.9% | ||||||||
| Comcast Corp. Class A | 13,955 | $ | 523,731 | |||||
| Fox Corp. Class A | 4,655 | 226,140 | ||||||
| IAC, Inc. (a) | 705 | 30,414 | ||||||
| Omnicom Group, Inc. | 2,286 | 196,688 | ||||||
| Paramount Global Class B | 12,981 | 135,781 | ||||||
| Roku, Inc. (a) | 443 | 32,933 | ||||||
| Walt Disney Co. | 3,966 | 441,614 | ||||||
| Warner Bros Discovery, Inc. (a) | 3,190 | 33,718 | ||||||
| 1,621,019 | ||||||||
| Consumer Discretionary — 5.2% | ||||||||
| Aptiv PLC (a) | 1,718 | 103,905 | ||||||
| BorgWarner, Inc. | 1,717 | 54,583 | ||||||
| Ford Motor Co. | 4,257 | 42,144 | ||||||
| General Motors Co. | 4,920 | 262,088 | ||||||
| Gentex Corp. | 1,131 | 32,494 | ||||||
| Genuine Parts Co. | 1,276 | 148,986 | ||||||
| Macy's, Inc. | 3,917 | 66,315 | ||||||
| McDonald's Corp. | 1,387 | 402,077 | ||||||
| NVR, Inc. (a) | 28 | 229,009 | ||||||
| PulteGroup, Inc. | 1,244 | 135,472 | ||||||
| SharkNinja, Inc. (a) | 405 | 39,431 | ||||||
| TopBuild Corp. (a) | 353 | 109,903 | ||||||
| YETI Holdings, Inc. (a) | 2,076 | 79,947 | ||||||
| 1,706,354 | ||||||||
| Consumer Staples — 10.6% | ||||||||
| Albertsons Cos., Inc. Class A | 10,194 | 200,210 | ||||||
| Altria Group, Inc. | 2,039 | 106,619 | ||||||
| BellRing Brands, Inc. (a) | 3,660 | 275,744 | ||||||
| Campbell's Co. | 2,431 | 101,810 | ||||||
| Church & Dwight Co., Inc. | 470 | 49,214 | ||||||
| Colgate-Palmolive Co. | 1,086 | 98,728 | ||||||
| Flowers Foods, Inc. | 3,141 | 64,893 | ||||||
| General Mills, Inc. | 1,006 | 64,153 | ||||||
| Hormel Foods Corp. | 1,291 | 40,499 | ||||||
| Kimberly-Clark Corp. | 1,384 | 181,359 | ||||||
| Kraft Heinz Co. | 8,995 | 276,237 | ||||||
| PepsiCo, Inc. | 2,355 | 358,101 | ||||||
| Philip Morris International, Inc. | 1,695 | 203,993 | ||||||
| Pilgrim's Pride Corp. (a) | 4,283 | 194,405 | ||||||
| Procter & Gamble Co. | 2,553 | 428,011 | ||||||
| Walmart, Inc. | 9,433 | 852,272 | ||||||
| 3,496,248 | ||||||||
| MassMutual Disciplined Value Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Energy — 4.8% | ||||||||
| APA Corp. | 3,599 | $ | 83,101 | |||||
| Chevron Corp. | 349 | 50,549 | ||||||
| Expand Energy Corp. | 819 | 81,531 | ||||||
| Exxon Mobil Corp. | 6,417 | 690,277 | ||||||
| Halliburton Co. | 3,969 | 107,917 | ||||||
| Matador Resources Co. | 3,438 | 193,422 | ||||||
| ONEOK, Inc. | 569 | 57,128 | ||||||
| Ovintiv, Inc. | 7,309 | 296,014 | ||||||
| 1,559,939 | ||||||||
| Financials — 26.5% | ||||||||
| Affiliated Managers Group, Inc. | 528 | 97,638 | ||||||
| Aflac, Inc. | 755 | 78,097 | ||||||
| American Express Co. | 692 | 205,379 | ||||||
| Arthur J Gallagher & Co. | 117 | 33,211 | ||||||
| Assurant, Inc. | 320 | 68,230 | ||||||
| Bank of America Corp. | 6,675 | 293,366 | ||||||
| Bank of New York Mellon Corp. | 5,228 | 401,667 | ||||||
| Berkshire Hathaway, Inc. Class B (a) | 3,184 | 1,443,244 | ||||||
| Blackrock, Inc. | 524 | 537,158 | ||||||
| Block, Inc. (a) | 834 | 70,882 | ||||||
| Brighthouse Financial, Inc. (a) | 2,442 | 117,314 | ||||||
| Brown & Brown, Inc. | 3,430 | 349,929 | ||||||
| Citigroup, Inc. | 537 | 37,799 | ||||||
| CME Group, Inc. | 1,943 | 451,223 | ||||||
| Coinbase Global, Inc. Class A (a) | 108 | 26,816 | ||||||
| East West Bancorp, Inc. | 472 | 45,199 | ||||||
| Fidelity National Financial, Inc. | 1,907 | 107,059 | ||||||
| Global Payments, Inc. | 406 | 45,496 | ||||||
| Globe Life, Inc. | 3,172 | 353,741 | ||||||
| Interactive Brokers Group, Inc. Class A | 285 | 50,351 | ||||||
| Janus Henderson Group PLC | 7,976 | 339,219 | ||||||
| JP Morgan Chase & Co. | 4,939 | 1,183,928 | ||||||
| MGIC Investment Corp. | 11,352 | 269,156 | ||||||
| Northern Trust Corp. | 1,128 | 115,620 | ||||||
| Progressive Corp. | 1,490 | 357,019 | ||||||
| S&P Global, Inc. | 1,014 | 505,002 | ||||||
| State Street Corp. | 2,965 | 291,015 | ||||||
| Synchrony Financial | 2,940 | 191,100 | ||||||
| T. Rowe Price Group, Inc. | 3,070 | 347,186 | ||||||
| Tradeweb Markets, Inc. Class A | 507 | 66,376 | ||||||
| Virtu Financial, Inc. Class A | 1,853 | 66,115 | ||||||
| Wells Fargo & Co. | 1,083 | 76,070 | ||||||
| Western Union Co. | 7,712 | 81,747 | ||||||
| 8,703,352 | ||||||||
| Health Care — 13.9% | ||||||||
| Amgen, Inc. | 1,060 | 276,278 | ||||||
| Cardinal Health, Inc. | 651 | 76,994 | ||||||
| Elevance Health, Inc. | 470 | 173,383 | ||||||
| Exelixis, Inc. (a) | 6,920 | 230,436 | ||||||
| Gilead Sciences, Inc. | 3,489 | 322,279 | ||||||
| Globus Medical, Inc. Class A (a) | 1,323 | 109,425 | ||||||
| GRAIL, Inc. (a) (b) | 1,583 | 28,257 | ||||||
| Hologic, Inc. (a) | 547 | 39,433 | ||||||
| MassMutual Disciplined Value Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Illumina, Inc. (a) | 1,311 | $ | 175,189 | |||||
| Incyte Corp. (a) | 3,883 | 268,199 | ||||||
| Jazz Pharmaceuticals PLC (a) | 2,895 | 356,519 | ||||||
| Johnson & Johnson | 5,507 | 796,422 | ||||||
| McKesson Corp. | 143 | 81,497 | ||||||
| Medtronic PLC | 1,709 | 136,515 | ||||||
| Moderna, Inc. (a) | 1,076 | 44,740 | ||||||
| Molina Healthcare, Inc. (a) | 249 | 72,471 | ||||||
| Organon & Co. | 2,283 | 34,062 | ||||||
| Stryker Corp. | 1,251 | 450,423 | ||||||
| United Therapeutics Corp. (a) | 803 | 283,331 | ||||||
| UnitedHealth Group, Inc. | 961 | 486,132 | ||||||
| Universal Health Services, Inc. Class B | 648 | 116,264 | ||||||
| 4,558,249 | ||||||||
| Industrials — 12.1% | ||||||||
| Acuity Brands, Inc. | 646 | 188,716 | ||||||
| Allison Transmission Holdings, Inc. | 1,278 | 138,101 | ||||||
| C.H. Robinson Worldwide, Inc. | 868 | 89,682 | ||||||
| Cummins, Inc. | 179 | 62,399 | ||||||
| Curtiss-Wright Corp. | 927 | 328,964 | ||||||
| Eaton Corp. PLC | 1,478 | 490,504 | ||||||
| EMCOR Group, Inc. | 756 | 343,148 | ||||||
| Emerson Electric Co. | 1,789 | 221,711 | ||||||
| General Dynamics Corp. | 1,496 | 394,181 | ||||||
| Honeywell International, Inc. | 839 | 189,522 | ||||||
| Howmet Aerospace, Inc. | 469 | 51,295 | ||||||
| Hubbell, Inc. | 134 | 56,131 | ||||||
| Leidos Holdings, Inc. | 2,000 | 288,120 | ||||||
| MSA Safety, Inc. | 301 | 49,897 | ||||||
| RTX Corp. | 1,971 | 228,084 | ||||||
| Snap-on, Inc. | 1,046 | 355,096 | ||||||
| Trane Technologies PLC | 521 | 192,431 | ||||||
| TransDigm Group, Inc. | 138 | 174,885 | ||||||
| Westinghouse Air Brake Technologies Corp. | 642 | 121,717 | ||||||
| 3,964,584 | ||||||||
| Information Technology — 10.5% | ||||||||
| Accenture PLC Class A | 625 | 219,869 | ||||||
| Amdocs Ltd. | 1,746 | 148,654 | ||||||
| Amphenol Corp. Class A | 5,330 | 370,168 | ||||||
| Applied Materials, Inc. | 1,441 | 234,350 | ||||||
| Arrow Electronics, Inc. (a) | 280 | 31,674 | ||||||
| Cognizant Technology Solutions Corp. Class A | 3,325 | 255,693 | ||||||
| Crane NXT Co. | 2,371 | 138,040 | ||||||
| Dell Technologies, Inc. Class C | 1,884 | 217,112 | ||||||
| F5, Inc. (a) | 419 | 105,366 | ||||||
| Hewlett Packard Enterprise Co. | 1,772 | 37,832 | ||||||
| HP, Inc. | 6,183 | 201,751 | ||||||
| International Business Machines Corp. | 1,627 | 357,663 | ||||||
| Micron Technology, Inc. | 3,153 | 265,356 | ||||||
| Roper Technologies, Inc. | 690 | 358,696 | ||||||
| TD SYNNEX Corp. | 1,988 | 233,153 | ||||||
| Western Digital Corp. (a) | 3,482 | 207,632 | ||||||
| Zoom Communications, Inc. (a) | 657 | 53,618 | ||||||
| 3,436,627 | ||||||||
| MassMutual Disciplined Value Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Materials — 4.4% | ||||||||
| AptarGroup, Inc. | 1,101 | $ | 172,967 | |||||
| LyondellBasell Industries NV Class A | 834 | 61,941 | ||||||
| Newmont Corp. (NEM US) | 6,140 | 228,531 | ||||||
| Packaging Corp. of America | 1,562 | 351,653 | ||||||
| PPG Industries, Inc. | 2,902 | 346,644 | ||||||
| RPM International, Inc. | 1,559 | 191,851 | ||||||
| Steel Dynamics, Inc. | 931 | 106,199 | ||||||
| 1,459,786 | ||||||||
| Real Estate — 5.5% | ||||||||
| Agree Realty Corp. | 4,678 | 329,565 | ||||||
| Brixmor Property Group, Inc. | 7,493 | 208,605 | ||||||
| Kimco Realty Corp. | 9,949 | 233,105 | ||||||
| Mid-America Apartment Communities, Inc. | 2,332 | 360,457 | ||||||
| Omega Healthcare Investors, Inc. | 1,007 | 38,115 | ||||||
| Realty Income Corp. | 6,565 | 350,637 | ||||||
| STAG Industrial, Inc. | 8,919 | 301,641 | ||||||
| 1,822,125 | ||||||||
| Utilities — 1.6% | ||||||||
| Constellation Energy Corp. | 371 | 82,996 | ||||||
| National Fuel Gas Co. | 5,712 | 346,604 | ||||||
| NRG Energy, Inc. | 962 | 86,792 | ||||||
| 516,392 | ||||||||
| TOTAL COMMON STOCK (Cost $29,217,863) | 32,844,675 | |||||||
| TOTAL EQUITIES (Cost $29,217,863) | 32,844,675 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $29,217,863) | 32,844,675 | |||||||
| SHORT-TERM INVESTMENTS — 0.1% | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.1% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.482% (c) | 28,598 | 28,598 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $28,598) | 28,598 | |||||||
| TOTAL INVESTMENTS — 100.1% (Cost $29,246,461) (d) | 32,873,273 | |||||||
| Other Assets/(Liabilities) — (0.1)% | (23,979) | |||||||
| NET ASSETS — 100.0% | $ | 32,849,294 | ||||||
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2024, was $27,971 or 0.09% of net assets. (Note 2). |
| (c) | Represents investment of security lending cash collateral and 7-day effective yield as of December 31, 2024. (Note 2). |
| (d) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Disciplined Growth Fund — Portfolio of Investments |
December 31, 2024 (Unaudited)
| Number of Shares | Value | |||||||
| EQUITIES — 100.5% | ||||||||
| COMMON STOCK — 100.5% | ||||||||
| Communication Services — 14.7% | ||||||||
| Alphabet, Inc. Class A | 45,970 | $ | 8,702,121 | |||||
| Alphabet, Inc. Class C | 38,503 | 7,332,511 | ||||||
| Meta Platforms, Inc. Class A | 16,773 | 9,820,759 | ||||||
| Netflix, Inc. (a) | 2,737 | 2,439,543 | ||||||
| Spotify Technology SA (a) | 2,410 | 1,078,186 | ||||||
| 29,373,120 | ||||||||
| Consumer Discretionary — 14.8% | ||||||||
| Amazon.com, Inc. (a) | 70,937 | 15,562,868 | ||||||
| AutoZone, Inc. (a) | 112 | 358,624 | ||||||
| Deckers Outdoor Corp. (a) | 5,944 | 1,207,167 | ||||||
| DoorDash, Inc., Class A (a) | 908 | 152,317 | ||||||
| Grand Canyon Education, Inc. (a) | 1,199 | 196,396 | ||||||
| Home Depot, Inc. | 2,156 | 838,662 | ||||||
| Lululemon Athletica, Inc. (a) | 2,572 | 983,559 | ||||||
| SharkNinja, Inc. (a) | 7,920 | 771,091 | ||||||
| Tesla, Inc. (a) | 16,084 | 6,495,363 | ||||||
| TopBuild Corp. (a) | 3,152 | 981,344 | ||||||
| Wingstop, Inc. | 4,809 | 1,366,718 | ||||||
| YETI Holdings, Inc. (a) | 17,115 | 659,099 | ||||||
| 29,573,208 | ||||||||
| Consumer Staples — 2.6% | ||||||||
| Colgate-Palmolive Co. | 15,297 | 1,390,650 | ||||||
| Costco Wholesale Corp. | 1,807 | 1,655,700 | ||||||
| elf Beauty, Inc. (a) | 1,932 | 242,562 | ||||||
| PepsiCo, Inc. | 12,316 | 1,872,771 | ||||||
| Procter & Gamble Co. | 38 | 6,371 | ||||||
| 5,168,054 | ||||||||
| Financials — 9.7% | ||||||||
| Arthur J Gallagher & Co. | 1,828 | 518,878 | ||||||
| Brown & Brown, Inc. | 20,570 | 2,098,551 | ||||||
| Coinbase Global, Inc. Class A (a) | 702 | 174,307 | ||||||
| Corpay, Inc. (a) | 1,995 | 675,148 | ||||||
| Fiserv, Inc. (a) | 4,656 | 956,435 | ||||||
| Marsh & McLennan Cos., Inc. | 61 | 12,957 | ||||||
| Mastercard, Inc. Class A | 5,084 | 2,677,082 | ||||||
| Moody's Corp. | 4,143 | 1,961,172 | ||||||
| Morningstar, Inc. | 3,672 | 1,236,583 | ||||||
| Progressive Corp. | 10,054 | 2,409,039 | ||||||
| Toast, Inc., Class A (a) | 2,146 | 78,222 | ||||||
| Tradeweb Markets, Inc. Class A | 7,430 | 972,735 | ||||||
| MassMutual Disciplined Growth Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Visa, Inc. Class A | 17,308 | $ | 5,470,020 | |||||
| 19,241,129 | ||||||||
| Health Care — 8.0% | ||||||||
| Cencora, Inc. | 10,039 | 2,255,563 | ||||||
| Chemed Corp. | 611 | 323,708 | ||||||
| Doximity, Inc. Class A (a) | 1,813 | 96,796 | ||||||
| Eli Lilly & Co. | 5,541 | 4,277,652 | ||||||
| Exelixis, Inc. (a) | 9,695 | 322,844 | ||||||
| Incyte Corp. (a) | 8,318 | 574,524 | ||||||
| Inspire Medical Systems, Inc. (a) | 552 | 102,330 | ||||||
| Merck & Co., Inc. | 37,559 | 3,736,369 | ||||||
| Molina Healthcare, Inc. (a) | 2,580 | 750,909 | ||||||
| Neurocrine Biosciences, Inc. (a) | 4,835 | 659,977 | ||||||
| Regeneron Pharmaceuticals, Inc. (a) | 999 | 711,618 | ||||||
| ResMed, Inc. | 270 | 61,746 | ||||||
| Sarepta Therapeutics, Inc. (a) | 4,700 | 571,473 | ||||||
| Stryker Corp. | 2,038 | 733,782 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 1,979 | 796,943 | ||||||
| 15,976,234 | ||||||||
| Industrials — 2.7% | ||||||||
| Booz Allen Hamilton Holding Corp. | 2,983 | 383,912 | ||||||
| Comfort Systems USA, Inc. | 4,714 | 1,999,019 | ||||||
| EMCOR Group, Inc. | 4,441 | 2,015,770 | ||||||
| Paychex, Inc. | 2,919 | 409,302 | ||||||
| Paycom Software, Inc. | 356 | 72,969 | ||||||
| Vertiv Holdings Co. Class A | 4,391 | 498,862 | ||||||
| 5,379,834 | ||||||||
| Information Technology — 47.9% | ||||||||
| Adobe, Inc. (a) | 3,439 | 1,529,254 | ||||||
| Advanced Micro Devices, Inc. (a) | 3,808 | 459,968 | ||||||
| Amphenol Corp. Class A | 28,095 | 1,951,198 | ||||||
| Appfolio, Inc. Class A (a) | 2,568 | 633,577 | ||||||
| Apple, Inc. | 97,002 | 24,291,241 | ||||||
| Applied Materials, Inc. | 2,569 | 417,796 | ||||||
| AppLovin Corp. Class A (a) | 2,369 | 767,153 | ||||||
| Arista Networks, Inc. (a) | 12,445 | 1,375,546 | ||||||
| Astera Labs, Inc. (a) | 178 | 23,576 | ||||||
| Broadcom, Inc. | 36,122 | 8,374,524 | ||||||
| Cadence Design Systems, Inc. (a) | 862 | 258,997 | ||||||
| Dell Technologies, Inc. Class C | 2,428 | 279,803 | ||||||
| DoubleVerify Holdings, Inc. (a) | 12,817 | 246,215 | ||||||
| Dynatrace, Inc. (a) | 16,871 | 916,939 | ||||||
| Fortinet, Inc. (a) | 12,906 | 1,219,359 | ||||||
| GoDaddy, Inc. Class A (a) | 4,498 | 887,770 | ||||||
| Intuit, Inc. | 2,378 | 1,494,573 | ||||||
| KLA Corp. | 3,816 | 2,404,538 | ||||||
| Manhattan Associates, Inc. (a) | 2,974 | 803,694 | ||||||
| Microsoft Corp. | 50,595 | 21,325,792 | ||||||
| NVIDIA Corp. | 170,772 | 22,932,972 | ||||||
| Oracle Corp. | 4,622 | 770,210 | ||||||
| Palantir Technologies, Inc. Class A (a) | 7,847 | 593,469 | ||||||
| Salesforce, Inc. | 2,420 | 809,079 | ||||||
| MassMutual Disciplined Growth Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Synopsys, Inc. (a) | 1,493 | $ | 724,642 | |||||
| 95,491,885 | ||||||||
| Materials — 0.1% | ||||||||
| Ecolab, Inc. | 934 | 218,855 | ||||||
| TOTAL COMMON STOCK (Cost $144,738,979) | 200,422,319 | |||||||
| TOTAL EQUITIES (Cost $144,738,979) | 200,422,319 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $144,738,979) | 200,422,319 | |||||||
| SHORT-TERM INVESTMENTS — 0.5% | ||||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 0.5% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/24, 2.750%, due 1/02/25 (b) | $ | 1,073,616 | 1,073,616 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,073,616) | 1,073,616 | |||||||
| TOTAL INVESTMENTS — 101.0% (Cost $145,812,595) (c) | 201,495,935 | |||||||
| Other Assets/(Liabilities) — (1.0)% | (2,021,262) | |||||||
| NET ASSETS — 100.0% | $ | 199,474,673 | ||||||
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | Maturity value of $1,073,780. Collateralized by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 10/15/26, and an aggregate market value, including accrued interest, of $1,095,094. |
| (c) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Small Cap Opportunities Fund — Portfolio of Investments |
December 31, 2024 (Unaudited)
| Number of Shares | Value | |||||||
| EQUITIES — 98.8% | ||||||||
| COMMON STOCK — 98.8% | ||||||||
| Consumer Discretionary — 9.5% | ||||||||
| AutoNation, Inc. (a) | 45,016 | $ | 7,645,517 | |||||
| Dorman Products, Inc. (a) | 48,047 | 6,224,489 | ||||||
| Dutch Bros, Inc. Class A (a) | 60,004 | 3,143,010 | ||||||
| KB Home | 100,066 | 6,576,337 | ||||||
| Steven Madden Ltd. | 110,303 | 4,690,084 | ||||||
| Stride, Inc. (a) (b) | 46,679 | 4,851,348 | ||||||
| Texas Roadhouse, Inc. | 18,804 | 3,392,806 | ||||||
| Visteon Corp. (a) | 51,876 | 4,602,439 | ||||||
| 41,126,030 | ||||||||
| Consumer Staples — 1.3% | ||||||||
| BellRing Brands, Inc. (a) | 76,286 | 5,747,387 | ||||||
| Energy — 4.8% | ||||||||
| Civitas Resources, Inc. | 120,558 | 5,529,995 | ||||||
| CNX Resources Corp. (a) (b) | 115,615 | 4,239,602 | ||||||
| Helmerich & Payne, Inc. (b) | 167,313 | 5,357,362 | ||||||
| Northern Oil & Gas, Inc. | 158,598 | 5,893,502 | ||||||
| 21,020,461 | ||||||||
| Financials — 16.9% | ||||||||
| Bank of NT Butterfield & Son Ltd. | 71,038 | 2,596,439 | ||||||
| Berkshire Hills Bancorp, Inc. | 93,433 | 2,656,300 | ||||||
| BGC Group, Inc. Class A | 213,510 | 1,934,401 | ||||||
| Cathay General Bancorp (b) | 121,691 | 5,793,708 | ||||||
| Columbia Banking System, Inc. | 188,594 | 5,093,924 | ||||||
| Definity Financial Corp. (b) | 129,699 | 5,273,858 | ||||||
| DigitalBridge Group, Inc. | 297,521 | 3,356,037 | ||||||
| Federated Hermes, Inc. | 119,206 | 4,900,559 | ||||||
| Marqeta, Inc. Class A (a) | 471,360 | 1,786,454 | ||||||
| OceanFirst Financial Corp. | 142,109 | 2,572,173 | ||||||
| Pacific Premier Bancorp, Inc. | 180,944 | 4,509,124 | ||||||
| PennyMac Financial Services, Inc. | 67,347 | 6,878,823 | ||||||
| Skyward Specialty Insurance Group, Inc. (a) | 49,502 | 2,501,831 | ||||||
| Stifel Financial Corp. | 37,866 | 4,016,825 | ||||||
| United Community Banks, Inc. | 101,398 | 3,276,169 | ||||||
| Webster Financial Corp. | 87,120 | 4,810,766 | ||||||
| Wintrust Financial Corp. | 63,294 | 7,893,395 | ||||||
| WSFS Financial Corp. (b) | 63,721 | 3,385,497 | ||||||
| 73,236,283 | ||||||||
| Health Care — 15.1% | ||||||||
| Addus HomeCare Corp. (a) | 24,147 | 3,026,826 | ||||||
| ADMA Biologics, Inc. (a) | 410,289 | 7,036,456 | ||||||
| Ascendis Pharma AS ADR (a) | 32,643 | 4,493,962 | ||||||
| MassMutual Small Cap Opportunities Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| BioLife Solutions, Inc. (a) (b) | 131,265 | $ | 3,407,639 | |||||
| Bridgebio Pharma, Inc. (a) | 79,152 | 2,171,931 | ||||||
| BrightSpring Health Services, Inc. (a) (b) | 147,506 | 2,512,027 | ||||||
| Collegium Pharmaceutical, Inc. (a) | 88,364 | 2,531,629 | ||||||
| Encompass Health Corp. | 36,655 | 3,385,089 | ||||||
| Guardant Health, Inc. (a) | 123,284 | 3,766,326 | ||||||
| Immunovant, Inc. (a) (b) | 45,218 | 1,120,050 | ||||||
| Inspire Medical Systems, Inc. (a) (b) | 21,591 | 4,002,540 | ||||||
| Integer Holdings Corp. (a) | 35,612 | 4,719,302 | ||||||
| Intra-Cellular Therapies, Inc. (a) | 70,282 | 5,869,953 | ||||||
| Merus NV (a) | 26,020 | 1,094,141 | ||||||
| Repligen Corp. (a) | 25,185 | 3,625,129 | ||||||
| Structure Therapeutics, Inc. ADR (a) (b) | 36,364 | 986,192 | ||||||
| Surgery Partners, Inc. (a) | 131,854 | 2,791,349 | ||||||
| TransMedics Group, Inc. (a) (b) | 23,515 | 1,466,160 | ||||||
| Twist Bioscience Corp. (a) | 115,381 | 5,361,755 | ||||||
| Ultragenyx Pharmaceutical, Inc. (a) | 50,194 | 2,111,662 | ||||||
| 65,480,118 | ||||||||
| Industrials — 22.0% | ||||||||
| AAR Corp. (a) | 66,167 | 4,054,714 | ||||||
| ABM Industries, Inc. | 95,982 | 4,912,359 | ||||||
| Air Lease Corp. (b) | 84,473 | 4,072,443 | ||||||
| Allison Transmission Holdings, Inc. | 62,522 | 6,756,127 | ||||||
| Atkore, Inc. | 47,189 | 3,937,922 | ||||||
| Atmus Filtration Technologies, Inc. | 100,904 | 3,953,419 | ||||||
| CACI International, Inc. Class A (a) | 8,200 | 3,313,292 | ||||||
| Casella Waste Systems, Inc. Class A (a) | 62,329 | 6,595,031 | ||||||
| Enpro, Inc. | 36,199 | 6,242,518 | ||||||
| Esab Corp. | 59,727 | 7,163,656 | ||||||
| Federal Signal Corp. | 35,966 | 3,322,899 | ||||||
| Gates Industrial Corp. PLC (a) | 207,591 | 4,270,147 | ||||||
| Hayward Holdings, Inc. (a) | 211,994 | 3,241,388 | ||||||
| Hub Group, Inc. Class A | 139,480 | 6,215,229 | ||||||
| Korn Ferry | 95,131 | 6,416,586 | ||||||
| Paycor HCM, Inc. (a) | 265,288 | 4,926,398 | ||||||
| Regal Rexnord Corp. | 18,221 | 2,826,624 | ||||||
| Upwork, Inc. (a) | 161,786 | 2,645,201 | ||||||
| WillScot Holdings Corp. (a) | 97,571 | 3,263,750 | ||||||
| Zurn Elkay Water Solutions Corp. | 205,776 | 7,675,445 | ||||||
| 95,805,148 | ||||||||
| Information Technology — 14.7% | ||||||||
| Allegro MicroSystems, Inc. (a) (b) | 186,041 | 4,066,856 | ||||||
| ASGN, Inc. (a) | 54,327 | 4,527,612 | ||||||
| Belden, Inc. | 57,499 | 6,474,962 | ||||||
| Gitlab, Inc. Class A (a) | 78,944 | 4,448,494 | ||||||
| Informatica, Inc. Class A (a) | 136,347 | 3,535,478 | ||||||
| Itron, Inc. (a) | 64,106 | 6,960,630 | ||||||
| Lattice Semiconductor Corp. (a) | 66,261 | 3,753,686 | ||||||
| MACOM Technology Solutions Holdings, Inc. (a) | 53,246 | 6,917,188 | ||||||
| MARA Holdings, Inc. (a) (b) | 183,673 | 3,080,196 | ||||||
| MKS Instruments, Inc. | 41,348 | 4,316,318 | ||||||
| Progress Software Corp. | 58,669 | 3,822,285 | ||||||
| ServiceTitan, Inc. Class A (a) | 6,535 | 672,256 | ||||||
| Silicon Laboratories, Inc. (a) (b) | 35,296 | 4,384,469 | ||||||
| Unity Software, Inc. (a) (b) | 195,762 | 4,398,772 | ||||||
| MassMutual Small Cap Opportunities Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Vishay Intertechnology, Inc. | 136,083 | $ | 2,305,246 | |||||
| 63,664,448 | ||||||||
| Materials — 6.2% | ||||||||
| ATI, Inc. (a) | 113,388 | 6,240,875 | ||||||
| Century Aluminum Co. (a) | 86,482 | 1,575,702 | ||||||
| Commercial Metals Co. | 77,783 | 3,858,037 | ||||||
| Kaiser Aluminum Corp. | 27,878 | 1,958,987 | ||||||
| Silgan Holdings, Inc. | 103,833 | 5,404,508 | ||||||
| Summit Materials, Inc. Class A (a) | 152,036 | 7,693,022 | ||||||
| 26,731,131 | ||||||||
| Real Estate — 6.3% | ||||||||
| DiamondRock Hospitality Co. | 741,133 | 6,692,431 | ||||||
| Essential Properties Realty Trust, Inc. | 98,236 | 3,072,822 | ||||||
| Four Corners Property Trust, Inc. | 242,971 | 6,594,233 | ||||||
| Outfront Media, Inc. | 319,164 | 5,661,969 | ||||||
| Terreno Realty Corp. (b) | 93,686 | 5,540,590 | ||||||
| 27,562,045 | ||||||||
| Utilities — 2.0% | ||||||||
| Chesapeake Utilities Corp. | 37,047 | 4,495,653 | ||||||
| Portland General Electric Co. | 100,654 | 4,390,528 | ||||||
| 8,886,181 | ||||||||
| TOTAL COMMON STOCK (Cost $360,245,459) | 429,259,232 | |||||||
| TOTAL EQUITIES (Cost $360,245,459) | 429,259,232 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $360,245,459) | 429,259,232 | |||||||
| SHORT-TERM INVESTMENTS — 1.6% | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.2% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.482% (c) | 713,876 | 713,876 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 1.4% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/24, 2.750%, due 1/02/25 (d) | $ | 6,339,293 | 6,339,293 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $7,053,169) | 7,053,169 | |||||||
| TOTAL INVESTMENTS — 100.4% (Cost $367,298,628) (e) | 436,312,401 | |||||||
| Other Assets/(Liabilities) — (0.4)% | (1,748,138) | |||||||
| NET ASSETS — 100.0% | $ | 434,564,263 | ||||||
Abbreviation Legend
| ADR | American Depositary Receipt |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2024, was $52,097,088 or 11.99% of net assets. The Fund received $52,722,173 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (c) | Represents investment of security lending cash collateral and 7-day effective yield as of December 31, 2024. (Note 2). |
| (d) | Maturity value of $6,340,261. Collateralized by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 10/15/26, and an aggregate market value, including accrued interest, of $6,466,174. |
| (e) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Global Fund — Portfolio of Investments |
December 31, 2024 (Unaudited)
| Number of Shares | Value | |||||||
| EQUITIES — 100.0% | ||||||||
| COMMON STOCK — 100.0% | ||||||||
| Canada — 0.5% | ||||||||
| Canadian Pacific Kansas City Ltd. | 11,651 | $ | 843,183 | |||||
| China — 3.1% | ||||||||
| JD.com, Inc. ADR | 123,281 | 4,274,152 | ||||||
| Tencent Holdings Ltd. | 22,000 | 1,175,708 | ||||||
| 5,449,860 | ||||||||
| Denmark — 1.5% | ||||||||
| Novo Nordisk AS Class B | 30,808 | 2,651,559 | ||||||
| France — 6.4% | ||||||||
| Airbus SE | 30,338 | 4,835,319 | ||||||
| Dassault Systemes SE | 16,866 | 582,959 | ||||||
| EssilorLuxottica SA | 6,658 | 1,617,887 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 6,163 | 4,029,919 | ||||||
| 11,066,084 | ||||||||
| Germany — 4.6% | ||||||||
| Allianz SE Registered | 3,449 | 1,056,923 | ||||||
| SAP SE | 28,238 | 6,910,773 | ||||||
| 7,967,696 | ||||||||
| India — 6.7% | ||||||||
| DLF Ltd. | 827,532 | 7,941,102 | ||||||
| HDFC Bank Ltd. | 41,050 | 848,703 | ||||||
| ICICI Bank Ltd. Sponsored ADR | 95,456 | 2,850,316 | ||||||
| 11,640,121 | ||||||||
| Israel — 1.0% | ||||||||
| Nice Ltd. Sponsored ADR (a) (b) | 9,899 | 1,681,246 | ||||||
| Italy — 1.3% | ||||||||
| Brunello Cucinelli SpA | 14,807 | 1,624,811 | ||||||
| Ferrari NV | 769 | 329,933 | ||||||
| Moncler SpA | 5,999 | 318,633 | ||||||
| 2,273,377 | ||||||||
| Japan — 4.2% | ||||||||
| Capcom Co. Ltd. | 39,500 | 861,048 | ||||||
| Hoya Corp. | 6,600 | 820,116 | ||||||
| Keyence Corp. | 8,500 | 3,458,672 | ||||||
| MassMutual Global Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| TDK Corp. | 173,700 | $ | 2,235,701 | |||||
| 7,375,537 | ||||||||
| Netherlands — 1.6% | ||||||||
| Adyen NV (b) (c) | 803 | 1,184,654 | ||||||
| ASML Holding NV | 909 | 639,283 | ||||||
| BE Semiconductor Industries NV | 4,222 | 570,995 | ||||||
| Universal Music Group NV | 15,922 | 406,320 | ||||||
| 2,801,252 | ||||||||
| Spain — 1.3% | ||||||||
| Amadeus IT Group SA | 32,690 | 2,299,652 | ||||||
| Sweden — 4.3% | ||||||||
| Assa Abloy AB Class B | 112,274 | 3,300,686 | ||||||
| Atlas Copco AB Class A | 268,189 | 4,102,480 | ||||||
| 7,403,166 | ||||||||
| Switzerland — 0.9% | ||||||||
| Lonza Group AG Registered | 2,490 | 1,467,409 | ||||||
| Taiwan — 0.4% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 3,628 | 716,494 | ||||||
| United States — 62.2% | ||||||||
| Adobe, Inc. (b) | 6,302 | 2,802,373 | ||||||
| Alphabet, Inc. Class A | 109,032 | 20,639,758 | ||||||
| Amazon.com, Inc. (b) | 13,881 | 3,045,353 | ||||||
| Analog Devices, Inc. | 32,184 | 6,837,813 | ||||||
| Boston Scientific Corp. (b) | 13,604 | 1,215,109 | ||||||
| Broadcom, Inc. | 12,466 | 2,890,117 | ||||||
| Danaher Corp. | 3,341 | 766,927 | ||||||
| Ecolab, Inc. | 3,212 | 752,636 | ||||||
| Eli Lilly & Co. | 6,132 | 4,733,904 | ||||||
| Equifax, Inc. | 11,022 | 2,808,957 | ||||||
| IDEXX Laboratories, Inc. (b) | 1,363 | 563,519 | ||||||
| Intuit, Inc. | 7,903 | 4,967,035 | ||||||
| Intuitive Surgical, Inc. (b) | 4,972 | 2,595,185 | ||||||
| IQVIA Holdings, Inc. (b) | 7,613 | 1,496,031 | ||||||
| Lam Research Corp. | 11,765 | 849,786 | ||||||
| Linde PLC (LIN US) | 1,212 | 507,428 | ||||||
| Marriott International, Inc. Class A | 6,441 | 1,796,653 | ||||||
| Marvell Technology, Inc. | 56,448 | 6,234,682 | ||||||
| Meta Platforms, Inc. Class A | 26,126 | 15,297,034 | ||||||
| Microsoft Corp. | 10,055 | 4,238,182 | ||||||
| Netflix, Inc. (b) | 1,623 | 1,446,612 | ||||||
| NVIDIA Corp. | 48,257 | 6,480,433 | ||||||
| Phathom Pharmaceuticals, Inc. (a) (b) | 37,593 | 305,255 | ||||||
| QUALCOMM, Inc. | 2,063 | 316,918 | ||||||
| S&P Global, Inc. | 14,835 | 7,388,275 | ||||||
| Synopsys, Inc. (b) | 1,431 | 694,550 | ||||||
| Thermo Fisher Scientific, Inc. | 1,221 | 635,201 | ||||||
| TJX Cos., Inc. | 4,050 | 489,280 | ||||||
| Visa, Inc. Class A | 15,985 | 5,051,899 | ||||||
| MassMutual Global Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Zoetis, Inc. | 1,813 | $ | 295,392 | |||||
| 108,142,297 | ||||||||
| TOTAL COMMON STOCK (Cost $97,075,042) | 173,778,933 | |||||||
| TOTAL EQUITIES (Cost $97,075,042) | 173,778,933 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $97,075,042) | 173,778,933 | |||||||
| SHORT-TERM INVESTMENTS — 0.8% | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.5% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.482% (d) | 893,299 | 893,299 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 0.3% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/24, 2.750%, due 1/02/25 (e) | $ | 548,049 | 548,049 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,441,348) | 1,441,348 | |||||||
| TOTAL INVESTMENTS — 100.8% (Cost $98,516,390) (f) | 175,220,281 | |||||||
| Other Assets/(Liabilities) — (0.8)% | (1,399,884) | |||||||
| NET ASSETS — 100.0% | $ | 173,820,397 | ||||||
Abbreviation Legend
| ADR | American Depositary Receipt |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2024, was $1,956,427 or 1.13% of net assets. The Fund received $1,102,328 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (b) | Non-income producing security. |
| (c) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2024, the aggregate market value of these securities amounted to $1,184,654 or 0.68% of net assets. |
| (d) | Represents investment of security lending cash collateral and 7-day effective yield as of December 31, 2024. (Note 2). |
| (e) | Maturity value of $548,132. Collateralized by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 10/15/26, and an aggregate market value, including accrued interest, of $559,139. |
| (f) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual International Equity Fund — Portfolio of Investments |
December 31, 2024 (Unaudited)
| Number of Shares | Value | |||||||
| EQUITIES — 97.0% | ||||||||
| COMMON STOCK — 96.9% | ||||||||
| Australia — 1.1% | ||||||||
| BHP Group Ltd. | 2,000 | $ | 48,811 | |||||
| Glencore PLC | 55,700 | 244,906 | ||||||
| Macquarie Group Ltd. | 2,100 | 288,339 | ||||||
| Santos Ltd. | 54,900 | 228,157 | ||||||
| Sonic Healthcare Ltd. | 11,600 | 193,555 | ||||||
| Whitehaven Coal Ltd. | 31,960 | 122,344 | ||||||
| 1,126,112 | ||||||||
| Belgium — 0.9% | ||||||||
| Anheuser-Busch InBev SA | 7,400 | 370,267 | ||||||
| Groupe Bruxelles Lambert NV | 1,500 | 102,541 | ||||||
| KBC Group NV | 3,500 | 269,451 | ||||||
| Liberty Global Ltd. Class C (a) (b) | 9,200 | 120,888 | ||||||
| 863,147 | ||||||||
| Brazil — 0.1% | ||||||||
| Pluxee NV | 5,134 | 98,839 | ||||||
| Canada — 5.3% | ||||||||
| Canadian National Railway Co. | 23,553 | 2,391,757 | ||||||
| CCL Industries, Inc. Class B | 1,300 | 66,879 | ||||||
| Intact Financial Corp. | 15,364 | 2,797,468 | ||||||
| 5,256,104 | ||||||||
| China — 0.3% | ||||||||
| Prosus NV (PRX NA) | 6,200 | 245,880 | ||||||
| Denmark — 0.1% | ||||||||
| Novo Nordisk AS Class B | 900 | 77,461 | ||||||
| Finland — 1.8% | ||||||||
| Kone OYJ Class B | 37,567 | 1,826,858 | ||||||
| France — 8.9% | ||||||||
| Accor SA | 7,226 | 349,949 | ||||||
| Amundi SA (c) | 2,792 | 184,122 | ||||||
| AXA SA | 46,890 | 1,667,185 | ||||||
| Capgemini SE | 16,377 | 2,671,520 | ||||||
| Cie de Saint-Gobain SA | 2,800 | 246,472 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 1,169 | 764,396 | ||||||
| Rexel SA | 3,300 | 83,304 | ||||||
| Societe Generale SA | 12,300 | 344,387 | ||||||
| Sodexo SA | 2,334 | 192,309 | ||||||
| Teleperformance SE | 1,400 | 120,077 | ||||||
| TotalEnergies SE | 6,100 | 338,970 | ||||||
| MassMutual International Equity Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Veolia Environnement SA | 14,492 | $ | 405,556 | |||||
| Vinci SA | 13,983 | 1,435,080 | ||||||
| 8,803,327 | ||||||||
| Germany — 8.0% | ||||||||
| Allianz SE Registered | 760 | 232,897 | ||||||
| BASF SE | 3,000 | 131,920 | ||||||
| CTS Eventim AG & Co. KGaA | 600 | 50,725 | ||||||
| Deutsche Boerse AG | 1,136 | 261,765 | ||||||
| Deutsche Post AG | 6,800 | 239,381 | ||||||
| Heidelberg Materials AG | 2,900 | 358,276 | ||||||
| Infineon Technologies AG | 8,800 | 285,833 | ||||||
| K&S AG Registered | 4,811 | 51,958 | ||||||
| Merck KGaA | 18,158 | 2,631,000 | ||||||
| SAP SE | 2,200 | 538,413 | ||||||
| Siemens AG Registered | 1,960 | 382,753 | ||||||
| Symrise AG | 24,071 | 2,559,223 | ||||||
| Zalando SE (b) (c) | 6,999 | 234,750 | ||||||
| 7,958,894 | ||||||||
| Hong Kong — 2.8% | ||||||||
| AIA Group Ltd. | 264,361 | 1,912,369 | ||||||
| CK Asset Holdings Ltd. | 48,000 | 197,161 | ||||||
| Prudential PLC | 80,291 | 640,111 | ||||||
| 2,749,641 | ||||||||
| Ireland — 0.7% | ||||||||
| AerCap Holdings NV (a) | 3,881 | 371,412 | ||||||
| AIB Group PLC | 48,900 | 269,874 | ||||||
| 641,286 | ||||||||
| Israel — 0.3% | ||||||||
| Check Point Software Technologies Ltd. (b) | 1,590 | 296,853 | ||||||
| Italy — 0.2% | ||||||||
| Prysmian SpA | 1,100 | 70,571 | ||||||
| Ryanair Holdings PLC Sponsored ADR (a) | 2,750 | 119,872 | ||||||
| 190,443 | ||||||||
| Japan — 16.7% | ||||||||
| Astellas Pharma, Inc. | 103,870 | 1,007,707 | ||||||
| Canon, Inc. (a) | 6,600 | 214,212 | ||||||
| Chugai Pharmaceutical Co. Ltd. | 49,931 | 2,196,737 | ||||||
| FANUC Corp. | 7,200 | 188,086 | ||||||
| Fujitsu Ltd. | 25,200 | 442,635 | ||||||
| Hitachi Ltd. | 23,000 | 565,308 | ||||||
| Hoya Corp. | 17,477 | 2,171,691 | ||||||
| Kao Corp. (a) | 50,136 | 2,026,430 | ||||||
| KDDI Corp. | 49,124 | 1,565,763 | ||||||
| Keyence Corp. | 5,506 | 2,240,406 | ||||||
| Kyocera Corp. | 19,100 | 189,328 | ||||||
| Nintendo Co. Ltd. | 3,400 | 198,046 | ||||||
| Olympus Corp. | 18,500 | 275,549 | ||||||
| ORIX Corp. | 18,200 | 389,093 | ||||||
| Rakuten Group, Inc. (b) | 42,600 | 229,513 | ||||||
| MassMutual International Equity Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Renesas Electronics Corp. | 16,900 | $ | 214,847 | |||||
| SBI Holdings, Inc. | 13,800 | 344,778 | ||||||
| Seven & i Holdings Co. Ltd. | 30,700 | 481,248 | ||||||
| Sony Group Corp. | 31,500 | 665,464 | ||||||
| Square Enix Holdings Co. Ltd. | 2,300 | 89,354 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 24,300 | 585,170 | ||||||
| Toyota Industries Corp. | 4,300 | 345,964 | ||||||
| 16,627,329 | ||||||||
| Luxembourg — 0.4% | ||||||||
| ArcelorMittal SA | 8,200 | 189,862 | ||||||
| Eurofins Scientific SE | 4,600 | 234,647 | ||||||
| 424,509 | ||||||||
| Netherlands — 4.1% | ||||||||
| ASML Holding NV | 1,940 | 1,364,368 | ||||||
| EXOR NV | 800 | 73,069 | ||||||
| Heineken Holding NV | 3,400 | 203,279 | ||||||
| Heineken NV | 30,488 | 2,164,784 | ||||||
| ING Groep NV | 12,500 | 195,459 | ||||||
| Koninklijke Philips NV (b) | 2,836 | 71,965 | ||||||
| 4,072,924 | ||||||||
| Norway — 0.5% | ||||||||
| Aker BP ASA | 10,113 | 198,695 | ||||||
| DNB Bank ASA | 15,600 | 311,020 | ||||||
| 509,715 | ||||||||
| Republic of Korea — 0.3% | ||||||||
| Samsung Electronics Co. Ltd. | 6,900 | 249,011 | ||||||
| Singapore — 0.4% | ||||||||
| DBS Group Holdings Ltd. | 13,610 | 435,332 | ||||||
| Spain — 3.6% | ||||||||
| Iberdrola SA | 132,317 | 1,821,999 | ||||||
| Industria de Diseno Textil SA | 34,766 | 1,779,898 | ||||||
| 3,601,897 | ||||||||
| Sweden — 2.7% | ||||||||
| Assa Abloy AB Class B | 65,434 | 1,923,661 | ||||||
| Boliden AB | 5,000 | 140,002 | ||||||
| Essity AB Class B | 11,500 | 307,469 | ||||||
| Husqvarna AB Class B | 4,700 | 24,525 | ||||||
| Skandinaviska Enskilda Banken AB Class A | 18,459 | 252,935 | ||||||
| Volvo AB Class B | 2,700 | 65,514 | ||||||
| 2,714,106 | ||||||||
| Switzerland — 6.7% | ||||||||
| Chocoladefabriken Lindt & Spruengli AG | 191 | 2,116,832 | ||||||
| Cie Financiere Richemont SA Registered Class A | 1,900 | 288,807 | ||||||
| Julius Baer Group Ltd. | 3,200 | 206,429 | ||||||
| Novartis AG Registered | 20,484 | 1,993,549 | ||||||
| MassMutual International Equity Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Sika AG Registered | 8,704 | $ | 2,068,401 | |||||
| 6,674,018 | ||||||||
| United Kingdom — 16.5% | ||||||||
| Ashtead Group PLC | 3,600 | 222,667 | ||||||
| AstraZeneca PLC | 14,038 | 1,827,390 | ||||||
| Aviva PLC | 30,058 | 176,384 | ||||||
| BAE Systems PLC | 103,898 | 1,490,520 | ||||||
| Barratt Redrow PLC | 22,000 | 120,701 | ||||||
| Bunzl PLC | 2,500 | 102,921 | ||||||
| Burberry Group PLC | 3,300 | 40,208 | ||||||
| CK Hutchison Holdings Ltd. | 66,500 | 356,455 | ||||||
| Compass Group PLC | 64,354 | 2,139,201 | ||||||
| DCC PLC | 4,441 | 285,264 | ||||||
| Diageo PLC | 70,692 | 2,246,368 | ||||||
| Dowlais Group PLC | 33,169 | 27,849 | ||||||
| Inchcape PLC | 20,256 | 194,051 | ||||||
| Informa PLC | 10,500 | 104,580 | ||||||
| Kingfisher PLC | 50,500 | 156,668 | ||||||
| Legal & General Group PLC | 92,900 | 266,143 | ||||||
| Lloyds Banking Group PLC | 600,700 | 409,782 | ||||||
| Pearson PLC | 10,961 | 175,698 | ||||||
| Persimmon PLC | 7,900 | 118,105 | ||||||
| Reckitt Benckiser Group PLC | 29,858 | 1,803,676 | ||||||
| Smith & Nephew PLC | 94,197 | 1,157,665 | ||||||
| Tesco PLC | 65,800 | 302,882 | ||||||
| Unilever PLC (ULVR LN) | 7,100 | 402,090 | ||||||
| Unilever PLC (UNA NA) | 38,922 | 2,205,750 | ||||||
| Wise PLC Class A (b) | 3,400 | 45,305 | ||||||
| 16,378,323 | ||||||||
| United States — 14.5% | ||||||||
| BP PLC | 70,000 | 344,936 | ||||||
| CNH Industrial NV | 20,800 | 235,664 | ||||||
| Experian PLC | 52,651 | 2,252,407 | ||||||
| GSK PLC | 14,120 | 236,505 | ||||||
| Linde PLC (LIN US) | 5,643 | 2,362,555 | ||||||
| Nestle SA Registered | 28,367 | 2,326,082 | ||||||
| Roche Holding AG | 9,374 | 2,623,859 | ||||||
| Sanofi SA | 3,900 | 377,145 | ||||||
| Schneider Electric SE | 7,812 | 1,931,101 | ||||||
| Shell PLC | 39,167 | 1,215,875 | ||||||
| Smurfit WestRock PLC | 5,700 | 307,002 | ||||||
| Tenaris SA | 8,800 | 165,908 | ||||||
| 14,379,039 | ||||||||
| TOTAL COMMON STOCK (Cost $95,705,027) | 96,201,048 | |||||||
| PREFERRED STOCK — 0.1% | ||||||||
| Germany — 0.1% | ||||||||
| Henkel AG & Co. KGaA 2.193% | 1,669 | 146,505 | ||||||
| MassMutual International Equity Fund — Portfolio of Investments (Continued) |
| Value | ||||||||
| TOTAL PREFERRED STOCK (Cost $130,842) | $ | 146,505 | ||||||
| TOTAL EQUITIES (Cost $95,835,869) | 96,347,553 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $95,835,869) | 96,347,553 | |||||||
| SHORT-TERM INVESTMENTS — 2.8% | ||||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 2.8% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/24, 2.750%, due 1/02/25 (d) | $ | 2,787,941 | 2,787,941 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,787,941) | 2,787,941 | |||||||
| TOTAL INVESTMENTS — 99.8% (Cost $98,623,810) (e) | 99,135,494 | |||||||
| Other Assets/(Liabilities) — 0.2% | 166,879 | |||||||
| NET ASSETS — 100.0% | $ | 99,302,373 | ||||||
Abbreviation Legend
| ADR | American Depositary Receipt |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2024, was $2,736,768 or 2.76% of net assets. The Fund received $2,869,495 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (b) | Non-income producing security. |
| (c) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2024, the aggregate market value of these securities amounted to $418,872 or 0.42% of net assets. |
| (d) | Maturity value of $2,788,367. Collateralized by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 10/15/26, and an aggregate market value, including accrued interest, of $2,843,948. |
| (e) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Strategic Emerging Markets Fund — Portfolio of Investments |
December 31, 2024 (Unaudited)
| Number of Shares | Value | |||||||
| EQUITIES — 98.1% | ||||||||
| COMMON STOCK — 97.4% | ||||||||
| Brazil — 4.1% | ||||||||
| B3 SA - Brasil Bolsa Balcao | 57,600 | $ | 98,789 | |||||
| Banco BTG Pactual SA | 138,100 | 608,395 | ||||||
| Localiza Rent a Car SA | 137,686 | 717,438 | ||||||
| NU Holdings Ltd. Class A (a) | 72,992 | 756,197 | ||||||
| Raia Drogasil SA | 138,300 | 490,513 | ||||||
| Vale SA Sponsored ADR | 4,747 | 42,106 | ||||||
| WEG SA | 128,637 | 1,175,397 | ||||||
| 3,888,835 | ||||||||
| Chile — 0.9% | ||||||||
| Antofagasta PLC | 23,287 | 460,894 | ||||||
| Banco de Chile | 3,829,288 | 434,278 | ||||||
| 895,172 | ||||||||
| China — 20.9% | ||||||||
| Airtac International Group | 21,000 | 538,386 | ||||||
| Alibaba Group Holding Ltd. Sponsored ADR | 2,452 | 207,905 | ||||||
| Contemporary Amperex Technology Co. Ltd. Class A | 32,660 | 1,187,677 | ||||||
| H World Group Ltd. | 11,300 | 37,531 | ||||||
| H World Group Ltd. ADR (b) | 143,273 | 4,732,307 | ||||||
| Meituan Class B (a) (c) | 160,600 | 3,115,925 | ||||||
| NetEase, Inc. ADR | 11,736 | 1,046,969 | ||||||
| New Horizon Health, Ltd. (a) (c) (d) (e) | 145,000 | 65,997 | ||||||
| PDD Holdings, Inc. ADR (a) | 2,835 | 274,967 | ||||||
| Tencent Holdings Ltd. | 132,990 | 7,107,156 | ||||||
| WuXi Biologicals Cayman, Inc. (a) (c) | 125,500 | 283,242 | ||||||
| Yum China Holdings, Inc. | 3,020 | 145,473 | ||||||
| ZTO Express Cayman, Inc. ADR (b) | 45,955 | 898,420 | ||||||
| 19,641,955 | ||||||||
| Denmark — 0.2% | ||||||||
| Novo Nordisk AS Class B | 1,676 | 144,249 | ||||||
| France — 1.7% | ||||||||
| Pernod Ricard SA | 7,282 | 814,437 | ||||||
| TotalEnergies SE | 13,429 | 746,234 | ||||||
| 1,560,671 | ||||||||
| Hong Kong — 1.1% | ||||||||
| AIA Group Ltd. | 69,400 | 502,035 | ||||||
| Hong Kong Exchanges & Clearing Ltd. | 13,600 | 516,288 | ||||||
| 1,018,323 | ||||||||
| MassMutual Strategic Emerging Markets Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| India — 17.0% | ||||||||
| Adani Ports & Special Economic Zone Ltd. | 33,717 | $ | 482,439 | |||||
| Bajaj Finance Ltd. | 1,861 | 148,424 | ||||||
| Bajaj Finserv Ltd. | 4,870 | 89,171 | ||||||
| Cholamandalam Investment & Finance Co. Ltd. | 7,940 | 109,986 | ||||||
| Havells India Ltd. | 25,537 | 498,801 | ||||||
| HCL Technologies Ltd. | 33,521 | 752,854 | ||||||
| HDFC Bank Ltd. | 164,398 | 3,398,903 | ||||||
| Infosys Ltd. | 26,267 | 577,191 | ||||||
| Kotak Mahindra Bank Ltd. | 223,959 | 4,659,804 | ||||||
| Macrotech Developers Ltd. (c) | 54,567 | 880,850 | ||||||
| Mahindra & Mahindra Ltd. | 10,856 | 381,293 | ||||||
| Maruti Suzuki India Ltd. | 1,409 | 178,533 | ||||||
| Oberoi Realty Ltd. | 64,812 | 1,747,964 | ||||||
| Tata Consultancy Services Ltd. | 43,577 | 2,084,273 | ||||||
| 15,990,486 | ||||||||
| Indonesia — 1.6% | ||||||||
| Bank Central Asia Tbk. PT | 2,474,100 | 1,482,676 | ||||||
| Italy — 3.6% | ||||||||
| Ermenegildo Zegna NV (b) | 34,562 | 285,482 | ||||||
| Moncler SpA | 17,498 | 929,395 | ||||||
| PRADA SpA | 281,600 | 2,181,003 | ||||||
| 3,395,880 | ||||||||
| Japan — 2.2% | ||||||||
| Chugai Pharmaceutical Co. Ltd. | 24,500 | 1,077,889 | ||||||
| Daiichi Sankyo Co. Ltd. | 36,500 | 1,003,286 | ||||||
| 2,081,175 | ||||||||
| Luxembourg — 0.5% | ||||||||
| Zabka Group SA (a) | 94,355 | 439,558 | ||||||
| Mexico — 7.1% | ||||||||
| America Movil SAB de CV ADR | 65,369 | 935,430 | ||||||
| Fomento Economico Mexicano SAB de CV | 349,926 | 2,985,724 | ||||||
| Grupo Aeroportuario del Sureste SAB de CV Class B | 11,860 | 305,029 | ||||||
| Grupo Mexico SAB de CV Series B | 510,660 | 2,431,458 | ||||||
| 6,657,641 | ||||||||
| Netherlands — 1.1% | ||||||||
| Argenx SE ADR (a) | 1,755 | 1,079,325 | ||||||
| Peru — 1.0% | ||||||||
| Credicorp Ltd. | 5,275 | 967,013 | ||||||
| Philippines — 2.0% | ||||||||
| SM Investments Corp. | 102,230 | 1,585,274 | ||||||
| SM Prime Holdings, Inc. | 755,000 | 325,830 | ||||||
| 1,911,104 | ||||||||
| Poland — 0.7% | ||||||||
| Allegro.eu SA (a) (c) | 96,585 | 632,979 | ||||||
| MassMutual Strategic Emerging Markets Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Portugal — 2.3% | ||||||||
| Galp Energia SGPS SA | 129,014 | $ | 2,138,791 | |||||
| Republic of Korea — 5.7% | ||||||||
| Kakao Corp. | 8,190 | 212,328 | ||||||
| NAVER Corp. | 2,248 | 303,494 | ||||||
| Samsung Biologics Co. Ltd. (a) (c) | 2,581 | 1,662,483 | ||||||
| Samsung Electronics Co. Ltd. | 53,581 | 1,933,663 | ||||||
| SK Hynix, Inc. | 11,226 | 1,273,838 | ||||||
| 5,385,806 | ||||||||
| Russia — 0.0% | ||||||||
| Novatek PJSC GDR (a) (c) (d) (e) | 700 | — | ||||||
| Sberbank of Russia PJSC (a) (d) (e) | 18,062 | — | ||||||
| — | ||||||||
| South Africa — 1.4% | ||||||||
| FirstRand Ltd. | 338,845 | 1,363,557 | ||||||
| Switzerland — 0.5% | ||||||||
| Cie Financiere Richemont SA Registered Class A | 3,000 | 456,011 | ||||||
| Taiwan — 17.8% | ||||||||
| Delta Electronics, Inc. | 8,000 | 104,164 | ||||||
| Global Unichip Corp. | 7,000 | 287,426 | ||||||
| Hon Hai Precision Industry Co. Ltd. | 83,000 | 462,286 | ||||||
| MediaTek, Inc. | 39,000 | 1,674,539 | ||||||
| Quanta Computer, Inc. | 17,000 | 147,596 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 414,000 | 13,518,554 | ||||||
| Voltronic Power Technology Corp. | 10,000 | 565,276 | ||||||
| 16,759,841 | ||||||||
| Turkey — 0.9% | ||||||||
| Akbank TAS | 177,558 | 321,311 | ||||||
| BIM Birlesik Magazalar AS | 20,478 | 305,094 | ||||||
| KOC Holding AS | 49,393 | 247,145 | ||||||
| 873,550 | ||||||||
| United Arab Emirates — 0.3% | ||||||||
| Americana Restaurants International PLC - Foreign Co. | 433,571 | 263,071 | ||||||
| United Kingdom — 2.2% | ||||||||
| AstraZeneca PLC | 16,060 | 2,090,603 | ||||||
| United States — 0.6% | ||||||||
| Legend Biotech Corp. ADR (a) | 17,405 | 566,359 | ||||||
| TOTAL COMMON STOCK (Cost $87,853,642) | 91,684,631 | |||||||
| PREFERRED STOCK — 0.7% | ||||||||
| Brazil — 0.7% | ||||||||
| Itau Unibanco Holding SA 7.853% | 125,882 | 625,848 | ||||||
| MassMutual Strategic Emerging Markets Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| TOTAL PREFERRED STOCK (Cost $744,066) | $ | 625,848 | ||||||
| TOTAL EQUITIES (Cost $88,597,708) | 92,310,479 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $88,597,708) | 92,310,479 | |||||||
| SHORT-TERM INVESTMENTS — 2.2% | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.1% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.482% (f) | 60,095 | 60,095 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 2.1% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/24, 2.750%, due 1/02/25 (g) | $ | 2,010,611 | 2,010,611 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,070,706) | 2,070,706 | |||||||
| TOTAL INVESTMENTS — 100.3% (Cost $90,668,414) (h) | 94,381,185 | |||||||
| Other Assets/(Liabilities) — (0.3)% | (303,808) | |||||||
| NET ASSETS — 100.0% | $ | 94,077,377 | ||||||
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) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2024, was $2,084,939 or 2.22% of net assets. The Fund received $2,053,235 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 December 31, 2024, the aggregate market value of these securities amounted to $6,641,476 or 7.06% of net assets. |
| (d) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2024, these securities amounted to a value of $65,997 or 0.07% of net assets. |
| (e) | Investment is valued using significant unobservable inputs. |
| (f) | Represents investment of security lending cash collateral and 7-day effective yield as of December 31, 2024. (Note 2). |
| (g) | Maturity value of $2,010,918. Collateralized by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 10/15/26, and an aggregate market value, including accrued interest, of $2,051,019. |
| (h) | See Note 3 for aggregate cost for federal tax purposes. |
| Notes to Portfolio of Investments (Unaudited) |
1. The Funds
MassMutual Premier Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated August 1, 1994, as amended and restated as of November 21, 2011, as it may be further amended from time to time. The Trust consists of 13 series, including the following 12 series listed below (each individually referred to as a "Fund" or collectively as the "Funds"):
MassMutual Short-Duration Bond Fund ("Short-Duration Bond Fund")
MassMutual Inflation-Protected and Income Fund ("Inflation-Protected and Income Fund")
MassMutual Core Bond Fund ("Core Bond Fund")
MassMutual Diversified Bond Fund ("Diversified Bond Fund")
MassMutual High Yield Fund ("High Yield Fund")
MassMutual Balanced Fund ("Balanced Fund")
MassMutual Disciplined Value Fund ("Disciplined Value Fund")
MassMutual Disciplined Growth Fund ("Disciplined Growth Fund")
MassMutual Small Cap Opportunities Fund ("Small Cap Opportunities Fund")
MassMutual Global Fund ("Global Fund")
MassMutual International Equity Fund ("International Equity Fund")
MassMutual Strategic Emerging Markets Fund ("Strategic Emerging Markets Fund")
| Notes to Portfolio of Investments (Unaudited) (Continued) |
2. Significant Accounting Policies
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
Investment Valuation
The net asset value of each Fund's shares is determined once daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), on each day the NYSE is open for trading (a "business day"). The NYSE normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE's scheduled close. A Fund will not treat an intraday disruption in NYSE trading or other event that causes an unscheduled closing of the NYSE as a close of business of the NYSE for these purposes; instead, MML Investment Advisers, LLC ("MML Advisers") will determine the fair value of a Fund's securities in accordance with MML Advisers' fair valuation policy and procedures. On holidays and other days when the NYSE is closed, each Fund's net asset value generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund's assets may still be affected on such days to the extent that a Fund holds foreign securities that trade on days that foreign securities markets are open.
Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System ("NASDAQ System"), or in the case of over-the-counter ("OTC") securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day.
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.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
The Board of Trustees ("Trustees") have designated MML Advisers as the Funds' "valuation designee," responsible for determining the fair value, in good faith, of securities and other instruments held by the Funds for which market quotations are not readily available or for which such market quotations or values are considered by MML Advisers or a subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event). It is possible that a significant amount of a Fund's assets will be subject to fair valuation in accordance with MML Advisers' fair valuation policy and procedures. The fair value determined for an investment by MML Advisers may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.
The Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds' portfolio securities may change on days when the prices of the Funds' shares are not calculated. The prices of the Funds' shares will reflect any such changes when the prices of the Funds' shares are next calculated, which is the next business day. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds' investments may be priced based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.
Investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and any other investments fair valued using significant unobservable inputs may be fair valued using alternate valuation approaches including, but not limited to, the following:
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Market approach: considers factors including the price of recent investments in the same or similar security or financial metrics of comparable securities.
Income approach: considers factors including expected future cash flows, security specific risks, and corresponding discount rates.
Cost approach: considers factors including the value of the security's underlying assets and liabilities.
Investments in series of preferred stock issued by Private Companies are typically valued utilizing the Market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as the current value method ("CVM"), an option pricing model ("OPM"), a probability weighted expected return model ("PWERM"), or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The CVM allocates value among the various parts of a company's capital structure assuming that the value of convertible preferred stock is represented by the most favorable claim the preferred stockholders have on the enterprise value as of the valuation date. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
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 fair value factors, quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs, to the extent observable inputs are not available (including the Funds' own assumptions in determining the fair value of investments)
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
Changes in valuation techniques may result in transfers in or out of an investment's assigned Level within the hierarchy. In addition, in periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Levels.
In certain cases, the inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest Level input that is significant to the overall fair value measurement.
The Disciplined Value Fund characterized all investments at Level 1, as of December 31, 2024. The Disciplined Growth Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of December 31, 2024. For each Fund noted in the preceding sentences, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
The following is the aggregate value by input level, as of December 31, 2024, for the remaining Funds' investments:
Short-Duration Bond Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Corporate Debt | $ | — | $ | 66,896,255 | $ | — | $ | 66,896,255 | ||||||||
| Non-U.S. Government Agency Obligations | — | 53,238,762 | — | 53,238,762 | ||||||||||||
| U.S. Government Agency Obligations and Instrumentalities | — | 39,039 | — | 39,039 | ||||||||||||
| Short-Term Investments | 1,361,125 | 30,824,550 | — | 32,185,675 | ||||||||||||
| Total Investments | $ | 1,361,125 | $ | 150,998,606 | $ | — | $ | 152,359,731 | ||||||||
| Asset Derivatives | ||||||||||||||||
| Futures Contracts | $ | 178,253 | $ | — | $ | — | $ | 178,253 | ||||||||
| 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 | $ | — | $ | 127,152,098 | $ | — | $ | 127,152,098 | ||||||||
| U.S. Government Agency Obligations and Instrumentalities | — | 14,162,800 | — | 14,162,800 | ||||||||||||
| U.S. Treasury Obligations | — | 47,711,653 | — | 47,711,653 | ||||||||||||
| Short-Term Investments | — | 39,668,654 | — | 39,668,654 | ||||||||||||
| Total Investments | $ | — | $ | 228,695,205 | $ | — | $ | 228,695,205 | ||||||||
| Asset Derivatives | ||||||||||||||||
| Futures Contracts | $ | 41,792 | $ | — | $ | — | $ | 41,792 | ||||||||
| Swap Agreements | — | 68,324 | — | 68,324 | ||||||||||||
| Total | $ | 41,792 | $ | 68,324 | $ | — | $ | 110,116 | ||||||||
| Liability Derivatives | ||||||||||||||||
| Futures Contracts | $ | (48,598 | ) | $ | — | $ | — | $ | (48,598 | ) | ||||||
| Swap Agreements | — | (1,624,072 | ) | — | (1,624,072 | ) | ||||||||||
| Total | $ | (48,598 | ) | $ | (1,624,072 | ) | $ | — | $ | (1,672,670 | ) | |||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Core Bond Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Corporate Debt | $ | — | $ | 359,892,180 | $ | — | $ | 359,892,180 | ||||||||
| Non-U.S. Government Agency Obligations | — | 232,862,484 | — | 232,862,484 | ||||||||||||
| Sovereign Debt Obligations | — | 1,349,076 | — | 1,349,076 | ||||||||||||
| U.S. Government Agency Obligations and Instrumentalities | — | 300,147,673 | — | 300,147,673 | ||||||||||||
| U.S. Treasury Obligations | — | 75,175,886 | — | 75,175,886 | ||||||||||||
| Short-Term Investments | 6,796,918 | 140,195,974 | — | 146,992,892 | ||||||||||||
| Total Investments | $ | 6,796,918 | $ | 1,109,623,273 | $ | — | $ | 1,116,420,191 | ||||||||
| Asset Derivatives | ||||||||||||||||
| Futures Contracts | $ | 48,761 | $ | — | $ | — | $ | 48,761 | ||||||||
| Liability Derivatives | ||||||||||||||||
| Futures Contracts | $ | (743,539 | ) | $ | — | $ | — | $ | (743,539 | ) | ||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Diversified Bond Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Corporate Debt | $ | — | $ | 34,515,194 | $ | — | $ | 34,515,194 | ||||||||
| Non-U.S. Government Agency Obligations | — | 22,759,434 | — | 22,759,434 | ||||||||||||
| Sovereign Debt Obligations | — | 132,024 | — | 132,024 | ||||||||||||
| U.S. Government Agency Obligations and Instrumentalities | — | 24,451,462 | — | 24,451,462 | ||||||||||||
| U.S. Treasury Obligations | — | 31,644,223 | — | 31,644,223 | ||||||||||||
| Purchased Options | — | 917 | — | 917 | ||||||||||||
| Warrants | — | — | 3,787 | 3,787 | ||||||||||||
| Short-Term Investments | 2,488,480 | 14,715,507 | — | 17,203,987 | ||||||||||||
| Total Investments | $ | 2,488,480 | $ | 128,218,761 | $ | 3,787 | $ | 130,711,028 | ||||||||
| Asset Derivatives | ||||||||||||||||
| Forward Contracts | $ | — | $ | 75,862 | $ | — | $ | 75,862 | ||||||||
| Futures Contracts | 2,834 | — | — | 2,834 | ||||||||||||
| Total | $ | 2,834 | $ | 75,862 | $ | — | $ | 78,696 | ||||||||
| Liability Derivatives | ||||||||||||||||
| Forward Contracts | $ | — | $ | (86,550 | ) | $ | — | $ | (86,550 | ) | ||||||
| Futures Contracts | (251,529 | ) | — | — | (251,529 | ) | ||||||||||
| Written Options | — | (36,334 | ) | — | (36,334 | ) | ||||||||||
| Total | $ | (251,529 | ) | $ | (122,884 | ) | $ | — | $ | (374,413 | ) | |||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
High Yield Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Preferred Stock | $ | — | $ | — | $ | 113,227 | $ | 113,227 | ||||||||
| Bank Loans | — | 37,942,269 | — | 37,942,269 | ||||||||||||
| Corporate Debt | — | 329,430,490 | — | 329,430,490 | ||||||||||||
| Short-Term Investments | 27,768,538 | 19,437,691 | — | 47,206,229 | ||||||||||||
| Total Investments | $ | 27,768,538 | $ | 386,810,450 | $ | 113,227 | $ | 414,692,215 | ||||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Balanced Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 64,513,939 | $ | — | $ | — | $ | 64,513,939 | ||||||||
| Corporate Debt | — | 10,983,520 | — | 10,983,520 | ||||||||||||
| Non-U.S. Government Agency Obligations | — | 3,770,096 | — | 3,770,096 | ||||||||||||
| U.S. Government Agency Obligations and Instrumentalities | — | 10,769,068 | — | 10,769,068 | ||||||||||||
| U.S. Treasury Obligations | — | 10,425,695 | — | 10,425,695 | ||||||||||||
| Short-Term Investments | — | 2,901,080 | — | 2,901,080 | ||||||||||||
| Total Investments | $ | 64,513,939 | $ | 38,849,459 | $ | — | $ | 103,363,398 | ||||||||
| Asset Derivatives | ||||||||||||||||
| Futures Contracts | $ | 16,076 | $ | — | $ | — | $ | 16,076 | ||||||||
| Liability Derivatives | ||||||||||||||||
| Futures Contracts | $ | (5,420 | ) | $ | — | $ | — | $ | (5,420 | ) | ||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Small Cap Opportunities Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 429,259,232 | $ | — | $ | — | $ | 429,259,232 | ||||||||
| Short-Term Investments | 713,876 | 6,339,293 | — | 7,053,169 | ||||||||||||
| Total Investments | $ | 429,973,108 | $ | 6,339,293 | $ | — | $ | 436,312,401 | ||||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Global Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock* | ||||||||||||||||
| Canada | $ | 843,183 | $ | — | $ | — | $ | 843,183 | ||||||||
| China | 4,274,152 | 1,175,708 | — | 5,449,860 | ||||||||||||
| Denmark | — | 2,651,559 | — | 2,651,559 | ||||||||||||
| France | — | 11,066,084 | — | 11,066,084 | ||||||||||||
| Germany | — | 7,967,696 | — | 7,967,696 | ||||||||||||
| India | 2,850,316 | 8,789,805 | — | 11,640,121 | ||||||||||||
| Israel | 1,681,246 | — | — | 1,681,246 | ||||||||||||
| Italy | — | 2,273,377 | — | 2,273,377 | ||||||||||||
| Japan | — | 7,375,537 | — | 7,375,537 | ||||||||||||
| Netherlands | — | 2,801,252 | — | 2,801,252 | ||||||||||||
| Spain | — | 2,299,652 | — | 2,299,652 | ||||||||||||
| Sweden | — | 7,403,166 | — | 7,403,166 | ||||||||||||
| Switzerland | — | 1,467,409 | — | 1,467,409 | ||||||||||||
| Taiwan | 716,494 | — | — | 716,494 | ||||||||||||
| United States | 108,142,297 | — | — | 108,142,297 | ||||||||||||
| Short-Term Investments | 893,299 | 548,049 | — | 1,441,348 | ||||||||||||
| Total Investments | $ | 119,400,987 | $ | 55,819,294 | $ | — | $ | 175,220,281 | ||||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
International Equity Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock* | ||||||||||||||||
| Australia | $ | — | $ | 1,126,112 | $ | — | $ | 1,126,112 | ||||||||
| Belgium | 120,888 | 742,259 | — | 863,147 | ||||||||||||
| Brazil | — | 98,839 | — | 98,839 | ||||||||||||
| Canada | 5,256,104 | — | — | 5,256,104 | ||||||||||||
| China | — | 245,880 | — | 245,880 | ||||||||||||
| Denmark | — | 77,461 | — | 77,461 | ||||||||||||
| Finland | — | 1,826,858 | — | 1,826,858 | ||||||||||||
| France | — | 8,803,327 | — | 8,803,327 | ||||||||||||
| Germany | — | 7,958,894 | — | 7,958,894 | ||||||||||||
| Hong Kong | — | 2,749,641 | — | 2,749,641 | ||||||||||||
| Ireland | 371,412 | 269,874 | — | 641,286 | ||||||||||||
| Israel | 296,853 | — | — | 296,853 | ||||||||||||
| Italy | 119,872 | 70,571 | — | 190,443 | ||||||||||||
| Japan | — | 16,627,329 | — | 16,627,329 | ||||||||||||
| Luxembourg | — | 424,509 | — | 424,509 | ||||||||||||
| Netherlands | — | 4,072,924 | — | 4,072,924 | ||||||||||||
| Norway | — | 509,715 | — | 509,715 | ||||||||||||
| Republic of Korea | — | 249,011 | — | 249,011 | ||||||||||||
| Singapore | — | 435,332 | — | 435,332 | ||||||||||||
| Spain | — | 3,601,897 | — | 3,601,897 | ||||||||||||
| Sweden | — | 2,714,106 | — | 2,714,106 | ||||||||||||
| Switzerland | — | 6,674,018 | — | 6,674,018 | ||||||||||||
| United Kingdom | — | 16,378,323 | — | 16,378,323 | ||||||||||||
| United States | 2,905,221 | 11,473,818 | — | 14,379,039 | ||||||||||||
| Preferred Stock* | ||||||||||||||||
| Germany | — | 146,505 | — | 146,505 | ||||||||||||
| Short-Term Investments | — | 2,787,941 | — | 2,787,941 | ||||||||||||
| Total Investments | $ | 9,070,350 | $ | 90,065,144 | $ | — | $ | 99,135,494 | ||||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Strategic Emerging Markets Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock* | ||||||||||||||||
| Brazil | $ | 798,303 | $ | 3,090,532 | $ | — | $ | 3,888,835 | ||||||||
| Chile | — | 895,172 | — | 895,172 | ||||||||||||
| China | 7,306,041 | 12,269,917 | 65,997 | 19,641,955 | ||||||||||||
| Denmark | — | 144,249 | — | 144,249 | ||||||||||||
| France | — | 1,560,671 | — | 1,560,671 | ||||||||||||
| Hong Kong | — | 1,018,323 | — | 1,018,323 | ||||||||||||
| India | — | 15,990,486 | — | 15,990,486 | ||||||||||||
| Indonesia | — | 1,482,676 | — | 1,482,676 | ||||||||||||
| Italy | 285,482 | 3,110,398 | — | 3,395,880 | ||||||||||||
| Japan | — | 2,081,175 | — | 2,081,175 | ||||||||||||
| Luxembourg | — | 439,558 | — | 439,558 | ||||||||||||
| Mexico | 6,657,641 | — | — | 6,657,641 | ||||||||||||
| Netherlands | 1,079,325 | — | — | 1,079,325 | ||||||||||||
| Peru | 967,013 | — | — | 967,013 | ||||||||||||
| Philippines | — | 1,911,104 | — | 1,911,104 | ||||||||||||
| Poland | — | 632,979 | — | 632,979 | ||||||||||||
| Portugal | — | 2,138,791 | — | 2,138,791 | ||||||||||||
| Republic of Korea | — | 5,385,806 | — | 5,385,806 | ||||||||||||
| Russia | — | — | — | + | — | |||||||||||
| South Africa | — | 1,363,557 | — | 1,363,557 | ||||||||||||
| Switzerland | — | 456,011 | — | 456,011 | ||||||||||||
| Taiwan | — | 16,759,841 | — | 16,759,841 | ||||||||||||
| Turkey | — | 873,550 | — | 873,550 | ||||||||||||
| United Arab Emirates | — | 263,071 | — | 263,071 | ||||||||||||
| United Kingdom | — | 2,090,603 | — | 2,090,603 | ||||||||||||
| United States | 566,359 | — | — | 566,359 | ||||||||||||
| Preferred Stock* | ||||||||||||||||
| Brazil | — | 625,848 | — | 625,848 | ||||||||||||
| Short-Term Investments | 60,095 | 2,010,611 | — | 2,070,706 | ||||||||||||
| Total Investments | $ | 17,720,259 | $ | 76,594,929 | $ | 65,997 | $ | 94,381,185 | ||||||||
| * | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their respective foreign markets, as applicable. |
| + | Represents a security at $0 value as of December 31, 2024. |
Derivative Instruments
Derivatives are financial instruments whose values are based on the values of one or more underlying indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price.
Please refer to the Funds' most recent Annual/Semiannual reports and Prospectus(es) and Statement(s) of Additional Information which can be found on the Securities and Exchange Commission's EDGAR database on its website at http://www.sec.gov for more information regarding the derivatives and other investments held by the Fund(s).
Securities Lending
Each Fund may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds' securities lending activities are governed by a Securities Lending Agency Agreement ("Lending Agreement") between each Fund and the lending agent ("Agent"). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a "Borrower").
Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At December 31, 2024, the Funds' collateral was equal to or greater than 100% of the market value of securities on loan, other than those disclosed below and all of the Funds' cash collateral was invested in the State Street Navigator Securities Lending Government Money Market Portfolio.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower ("Borrowing Agreement"), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement.
Accounting for Investment Transactions
Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country's tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.
Foreign Currency Translation
The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Foreign Securities
The Global Fund invests a significant amount of its assets in foreign securities and each of the International Equity Fund and Strategic Emerging Markets Fund invests substantially all of its assets in foreign securities. The other Funds may also invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, public health, and diplomatic risks. In addition, fluctuations in currency exchange rates may favorably or unfavorably affect the values of foreign securities and the price of a Fund's shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, less stringent investor protection and disclosure standards, less reliable settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems.
Market Risk
The value of a Fund's portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable market-induced changes affecting particular industries, sectors, or issuers. Stock and bond markets can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, public health, and other conditions, as well as investor perceptions of these conditions. A Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.
Federal Income Tax
It is each Fund's intent to continue to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to a regulated investment company. Under such provisions, the Funds would not be subject to U.S. federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for U.S. federal income tax.
Dividends and Distributions to Shareholders
Dividends from net investment income are either declared daily and paid monthly or declared and paid annually depending on the requirements of each Fund. Dividends from net investment income may also be distributed at other times throughout the year as required to satisfy tax or regulatory requirements. Distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. As a result, net investment income and net realized capital gains on investment transactions for a reporting period may differ significantly from distributions during such period.
3. Federal Income Tax Information
At December 31, 2024, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a U.S. federal income tax basis, were as follows:
| Federal Income Tax Cost | Tax Basis Unrealized Appreciation | Tax Basis Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |||||||||||||
| Short-Duration Bond Fund | $ | 156,262,485 | $ | 818,415 | $ | (4,721,169 | ) | $ | (3,902,754 | ) | ||||||
| Inflation-Protected and Income Fund | 233,491,849 | 1,341,535 | (6,138,179 | ) | (4,796,644 | ) | ||||||||||
| Core Bond Fund | 1,172,541,711 | 3,425,060 | (59,546,580 | ) | (56,121,520 | ) | ||||||||||
| Diversified Bond Fund | 137,284,789 | 685,272 | (7,259,033 | ) | (6,573,761 | ) | ||||||||||
| High Yield Fund | 418,080,754 | 6,007,788 | (9,396,327 | ) | (3,388,539 | ) | ||||||||||
| Balanced Fund | 93,628,260 | 14,402,527 | (4,667,389 | ) | 9,735,138 | |||||||||||
| Disciplined Value Fund | 29,246,461 | 4,566,018 | (939,206 | ) | 3,626,812 | |||||||||||
| Disciplined Growth Fund | 145,812,595 | 58,416,251 | (2,732,911 | ) | 55,683,340 | |||||||||||
| Small Cap Opportunities Fund | 367,298,628 | 84,470,228 | (15,456,455 | ) | 69,013,773 | |||||||||||
| Global Fund | 98,516,390 | 79,446,789 | (2,742,898 | ) | 76,703,891 | |||||||||||
| International Equity Fund | 98,623,810 | 10,693,771 | (10,182,087 | ) | 511,684 | |||||||||||
| Strategic Emerging Markets Fund | 90,668,414 | 10,825,291 | (7,112,520 | ) | 3,712,771 | |||||||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
4. New Accounting Pronouncements
In December 2022, FASB issued Accounting Standards Update 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848" ("ASU 2022-06"). ASU 2022-06 is an update of ASU 2020-04, which responded to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2022-06 defers the sunset date provision included in Topic 848. The amendments in this update are effective immediately through December 31, 2024, for all entities. Management has evaluated ASU 2022-06 and there is no material impact on the financial statements.
5. Subsequent Events
Management has evaluated the events and transactions subsequent to December 31, 2024, through the date when the Portfolios of Investments were issued, and determined that there are no subsequent events or transactions that would require adjustments to or disclosures in the Funds' Portfolios of Investments other than those disclosed below.
Effective January 24, 2025 (the "Termination Date"), the Disciplined Value Fund and Strategic Emerging Markets Fund (collectively the "Liquidated Funds") were dissolved pursuant to Plans of Liquidation, approved by the Trustees. Shareholders of the various classes of shares of the Liquidated Funds received proceeds in proportion to the number of shares of such class held by each of them on the Termination Date.
