UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number  811-08690

 

MassMutual Premier Funds
(Exact name of registrant as specified in charter)

 

1295 State Street, Springfield, MA 01111
(Address of principal executive offices) (Zip code)

 

Paul LaPiana
1295 State Street, Springfield, MA 01111
(Name and address of agent for service)

 

Registrant’s telephone number, including area code: (413) 744-1000  

 

Date of fiscal year end: 9/30/2024  
     
Date of reporting period: 3/31/2024  
 

 

Item 1. Reports to Stockholders.

 

(a)The Report to Stockholders is attached herewith.

 




Table of Contents
1
 
Underwriter: MML Distributors, LLC (MMLD), Member FINRA and SIPC (www.FINRA.org and www.SIPC.org), 1295 State Street, Springfield, MA 01111-0001. Investment advisory services are provided to the Funds by MML Investment Advisers, LLC (MML Advisers). MMLD and MML Advisers are subsidiaries of Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001.
This material must be preceded or accompanied by a current prospectus (or summary prospectus, if available) for the applicable MassMutual Funds. Investors should consider a Fund’s investment objective, risks, and charges and expenses carefully before investing. This and other information about the investment company is available in the prospectus (or summary prospectus, if available). Read it carefully before investing.


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MassMutual U.S. Government Money Market Fund — Portfolio Summaries (Unaudited)
What is the investment approach of MassMutual U.S. Government Money Market Fund, and who is the Fund’s subadviser?
The Fund seeks current income consistent with preservation of capital and liquidity. The Fund normally invests at least 99.5% of its total assets in cash, U.S. Government securities, and/or repurchase agreements fully collateralized by cash or U.S. Government securities. Under normal circumstances, the Fund invests at least 80% of its net assets in U.S. Government securities and repurchase agreements that are fully collateralized by U.S. Government securities. The Fund’s subadviser is Barings LLC (Barings). The Fund seeks to maintain, but does not guarantee, a stable $1.00 share price. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.
MassMutual
U.S. Government Money Market Fund
Portfolio Characteristics
(% of Net Assets) on 3/31/24
Discount Notes
46.2%
U.S. Treasury Bill
38.7%
Repurchase Agreement
15.0%
Total Short-Term Investments
99.9%
Other Assets & Liabilities
0.1%
Net Assets
100.0%
 
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MassMutual Short-Duration Bond Fund — Portfolio Summaries (Unaudited)
What is the investment approach of MassMutual Short-Duration Bond Fund, and who is the Fund’s subadviser?
The Fund seeks to achieve a high total rate of return primarily from current income while minimizing fluctuations in capital values by investing primarily in a diversified portfolio of short-term investment grade fixed income securities. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade fixed income securities (rated Baa3 or higher by Moody’s, BBB- or higher by Standard & Poor’s or the equivalent by any nationally recognized statistical rating organization, or, if unrated, determined to be of comparable quality by the Fund’s subadviser or sub-subadviser). The Fund’s subadviser is Barings LLC (Barings). In addition, Baring International Investment Limited serves as a sub-subadviser for the Fund.
MassMutual
Short-Duration Bond Fund
Portfolio Characteristics
(% of Net Assets) on 3/31/24
Corporate Debt
45.9%
Non-U.S. Government Agency Obligations
43.7%
U.S. Government Agency Obligations and Instrumentalities*
0.0%
Total Long-Term Investments
89.6%
Short-Term Investments and Other Assets and Liabilities
10.4%
Net Assets
100.0%
*
May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
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MassMutual Inflation-Protected and Income Fund — Portfolio Summaries (Unaudited)
What is the investment approach of MassMutual Inflation-Protected and Income Fund, and who is the Fund’s subadviser?
The Fund seeks to achieve as high a total rate of real return on an annual basis as is considered consistent with prudent investment risk and the preservation of capital by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in inflation-indexed bonds and other income-producing securities. The Fund’s subadviser is Barings LLC (Barings). In addition, Baring International Investment Limited serves as a sub-subadviser for the Fund.
MassMutual
Inflation-Protected and Income Fund
Portfolio Characteristics
(% of Net Assets) on 3/31/24
Non-U.S. Government Agency Obligations
52.3%
U.S. Treasury Obligations
20.0%
U.S. Government Agency Obligations and Instrumentalities*
11.1%
Corporate Debt
0.5%
Total Long-Term Investments
83.9%
Short-Term Investments and Other Assets and Liabilities
16.1%
Net Assets
100.0%
*
May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
 
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MassMutual Core Bond Fund — Portfolio Summaries (Unaudited)
What is the investment approach of MassMutual Core Bond Fund, and who is the Fund’s subadviser?
The Fund seeks to achieve a high total rate of return consistent with prudent investment risk and the preservation of capital by investing primarily in a diversified portfolio of investment grade fixed income securities. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade fixed income securities (rated Baa3 or higher by Moody’s, BBB- or higher by Standard & Poor’s or the equivalent by any other nationally recognized statistical rating organization, or, if unrated, determined to be of comparable quality by the Fund’s subadviser or sub-subadviser). The Fund’s portfolio dollar-weighted average duration generally matches (within 10%) the average duration of the Bloomberg U.S. Aggregate Bond Index. The Fund’s subadviser is Barings LLC (Barings). In addition, Baring International Investment Limited serves as a sub-subadviser for the Fund.
MassMutual
Core Bond Fund
Portfolio Characteristics
(% of Net Assets) on 3/31/24
Corporate Debt
38.0%
U.S. Government Agency Obligations and Instrumentalities*
28.5%
Non-U.S. Government Agency Obligations
23.3%
U.S. Treasury Obligations
8.5%
Sovereign Debt Obligations
0.2%
Total Long-Term Investments
98.5%
Short-Term Investments and Other Assets and Liabilities
1.5%
Net Assets
100.0%
*
May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
4
 

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MassMutual Diversified Bond Fund — Portfolio Summaries (Unaudited)
What is the investment approach of MassMutual Diversified Bond Fund, and who is the Fund’s subadviser?
The Fund seeks a superior total rate of return by investing in fixed income instruments. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities. The Fund’s subadviser is Barings LLC (Barings). In addition, Baring International Investment Limited serves as a sub-subadviser for the Fund.
MassMutual
Diversified Bond Fund
Portfolio Characteristics
(% of Net Assets) on 3/31/24
Corporate Debt
40.9%
Non-U.S. Government Agency Obligations
24.9%
U.S. Government Agency Obligations and Instrumentalities*
20.5%
U.S. Treasury Obligations
5.4%
Preferred Stock
0.3%
Sovereign Debt Obligations
0.1%
Warrants
0.0%
Purchased Options
0.0%
Total Long-Term Investments
92.1%
Short-Term Investments and Other Assets and Liabilities
7.9%
Net Assets
100.0%
*
May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
 
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MassMutual High Yield Fund — Portfolio Summaries (Unaudited)
What is the investment approach of MassMutual High Yield Fund, and who is the Fund’s subadviser?
The Fund seeks to achieve a high level of total return, with an emphasis on current income, by investing primarily in high yield debt and related securities. The Fund invests primarily in lower rated U.S. debt securities (“junk” or “high yield” bonds), including securities in default. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in lower rated fixed income securities (rated below Baa3 by Moody’s, below BBB- by Standard & Poor’s or the equivalent by any nationally recognized statistical rating organization (using the lower rating) or, if unrated, determined to be of below investment grade quality by the Fund’s subadviser or sub-subadviser). The Fund’s subadviser is Barings LLC (Barings). In addition, Baring International Investment Limited serves as a sub-subadviser for the Fund.
MassMutual
High Yield Fund
Portfolio Characteristics
(% of Net Assets) on 3/31/24
Corporate Debt
87.4%
Bank Loans
9.5%
Total Long-Term Investments
96.9%
Short-Term Investments and Other Assets and Liabilities
3.1%
Net Assets
100.0%
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MassMutual Balanced Fund — Portfolio Summaries (Unaudited)
What is the investment approach of MassMutual Balanced Fund, and who is the Fund’s subadviser?
The Fund seeks a high total return by investing across different asset classes (U.S. equity securities and fixed income securities) each represented by a different segment of the Fund’s portfolio. Under normal market conditions, the Fund’s subadviser and sub-subadviser expect that 55%-75% of the Fund’s net assets will be invested in U.S. equity securities (the “U.S. Equity Segment”) and 25%-45% of the Fund’s net assets will be invested in fixed income securities (the “Bond Segment”) that meet certain environmental, social, and governance (“ESG”) criteria. The Fund will target a long term strategic allocation of 65% to the U.S. Equity Segment and 35% to the Bond Segment. The Fund’s subadviser is Invesco Advisers, Inc., and its sub-subadviser is Invesco Capital Management LLC (together with Invesco Advisers, Inc., “Invesco”).
MassMutual
Balanced Fund
Portfolio Characteristics
(% of Net Assets) on 3/31/24
Common Stock
64.5%
U.S. Treasury Obligations
11.9%
Corporate Debt
10.7%
U.S. Government Agency Obligations and
Instrumentalities*
9.7%
Non-U.S. Government Agency Obligations
3.7%
Total Long-Term Investments
100.5%
Short-Term Investments and Other Assets and
Liabilities
(0.5)%
Net Assets
100.0%
*
May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
 
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MassMutual Disciplined Value Fund — Portfolio Summaries (Unaudited)
What is the investment approach of MassMutual Disciplined Value Fund, and who is the Fund’s subadviser?
The Fund seeks long-term total return by investing primarily in equity securities of U.S. large- and mid-cap companies. The Fund currently invests substantially all of its assets in companies represented in the Russell 1000® Value Index at the time of purchase, although the Fund is actively managed and is not an index fund or a passively managed investment. Constituents of the Russell 1000 Value Index are companies that exhibit certain value characteristics, as defined by the index providers, such as lower price-to-book ratios, lower prices relative to forecasted earnings, and higher dividend yields. The Fund’s subadviser is Wellington Management Company LLP (Wellington Management).

MassMutual
Disciplined Value Fund
Largest Holdings
(% of Net Assets) on 3/31/24
Berkshire Hathaway, Inc. Class B
4.5%
JP Morgan Chase & Co.
3.7%
Johnson & Johnson
2.7%
Walmart, Inc.
2.1%
Exxon Mobil Corp.
2.1%
Cisco Systems, Inc.
1.8%
Comcast Corp. Class A
1.6%
Chevron Corp.
1.5%
EMCOR Group, Inc.
1.5%
PACCAR, Inc.
1.4%
 
22.9%
MassMutual
Disciplined Value Fund
Sector Table
(% of Net Assets) on 3/31/24
Financials
24.0%
Industrials
14.6%
Health Care
13.2%
Information Technology
10.7%
Consumer Staples
8.0%
Energy
6.9%
Real Estate
6.0%
Consumer Discretionary
5.3%
Communication Services
4.6%
Materials
4.6%
Utilities
1.8%
Total Long-Term Investments
99.7%
Short-Term Investments and Other Assets and Liabilities
0.3%
Net Assets
100.0%
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MassMutual Main Street Fund — Portfolio Summaries (Unaudited)
What is the investment approach of MassMutual Main Street Fund, and who is the Fund’s subadviser?
The Fund seeks a high total return by investing primarily in common stocks of U.S. companies of different capitalization ranges. The Fund’s subadviser currently focuses on “large capitalization” issuers, which are considered to be companies with market capitalizations at the time of purchase within the market capitalization range of companies included within the Russell 1000® Index, although it may purchase stocks of companies with any market capitalization. The Fund’s subadviser is Invesco Advisers, Inc. (Invesco Advisers).
The Board of Trustees of the MassMutual Premier Funds has approved a Plan of Liquidation and Termination pursuant to which it is expected that the MassMutual Main Street Fund (the “Fund”) will be dissolved. Effective on or about August 23, 2024 (the “Termination Date”), shareholders of the various classes of shares of the Fund will receive proceeds in proportion to the number of shares of such class held by each of them on the Termination Date. 

MassMutual
Main Street Fund
Largest Holdings
(% of Net Assets) on 3/31/24
Microsoft Corp.
8.0%
NVIDIA Corp.
5.7%
Apple, Inc.
4.6%
Alphabet, Inc. Class A
4.1%
Amazon.com, Inc.
4.0%
Meta Platforms, Inc. Class A
2.8%
Exxon Mobil Corp.
2.7%
JP Morgan Chase & Co.
2.5%
Philip Morris International, Inc.
2.2%
Constellation Brands, Inc. Class A
2.1%
 
38.7%
MassMutual
Main Street Fund
Sector Table
(% of Net Assets) on 3/31/24
Information Technology
26.2%
Financials
14.6%
Health Care
14.4%
Communication Services
11.4%
Industrials
9.0%
Consumer Discretionary
7.5%
Consumer Staples
6.4%
Energy
4.1%
Real Estate
1.7%
Utilities
1.7%
Materials
1.5%
Total Long-Term Investments
98.5%
Short-Term Investments and Other Assets and Liabilities
1.5%
Net Assets
100.0%
 
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MassMutual Disciplined Growth Fund — Portfolio Summaries (Unaudited)
What is the investment approach of MassMutual Disciplined Growth Fund, and who is the Fund’s subadviser?
The Fund seeks long-term total return by investing primarily in equity securities of U.S. large- and mid-cap companies. The Fund currently invests substantially all of its assets in companies represented in the Russell 1000® Growth Index at the time of purchase, although the Fund is actively managed and is not an index fund or a passively managed investment. Constituents of the Russell 1000 Growth Index are companies that exhibit certain growth characteristics, as defined by the index providers, such as historical and predicted future earnings per share growth rates and trends, historical sales per share growth trends, and internal growth rate. The Fund’s subadviser is Wellington Management Company LLP (Wellington Management).

MassMutual
Disciplined Growth Fund
Largest Holdings
(% of Net Assets) on 3/31/24
Microsoft Corp.
12.4%
Apple, Inc.
9.6%
NVIDIA Corp.
9.2%
Amazon.com, Inc.
6.9%
Meta Platforms, Inc. Class A
4.6%
Alphabet, Inc. Class C
3.7%
Alphabet, Inc. Class A
3.6%
Visa, Inc. Class A
2.7%
Broadcom, Inc.
2.4%
Mastercard, Inc. Class A
2.1%
 
57.2%
MassMutual
Disciplined Growth Fund
Sector Table
(% of Net Assets) on 3/31/24
Information Technology
41.6%
Consumer Discretionary
14.6%
Communication Services
13.3%
Health Care
12.0%
Financials
7.8%
Industrials
6.1%
Consumer Staples
3.2%
Real Estate
1.1%
Total Long-Term Investments
99.7%
Short-Term Investments and Other Assets and Liabilities
0.3%
Net Assets
100.0%
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MassMutual Small Cap Opportunities Fund — Portfolio Summaries (Unaudited)
What is the investment approach of MassMutual Small Cap Opportunities Fund, and who is the Fund’s subadviser?
The Fund seeks capital appreciation by investing primarily in common stocks of small-capitalization U.S. companies that the Fund’s subadviser believes have favorable business trends or prospects based on fundamental analysis. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of small-cap companies. The Fund’s subadviser is Invesco Advisers, Inc. (Invesco Advisers).

MassMutual
Small Cap Opportunities Fund
Largest Holdings
(% of Net Assets) on 3/31/24
Atkore, Inc.
2.4%
Summit Materials, Inc. Class A
2.2%
AutoNation, Inc.
2.0%
BellRing Brands, Inc.
1.9%
Tenet Healthcare Corp.
1.9%
Allison Transmission Holdings, Inc.
1.9%
Enpro, Inc.
1.7%
Acadia Healthcare Co., Inc.
1.6%
Zurn Elkay Water Solutions Corp. Class C
1.6%
ASGN, Inc.
1.6%
 
18.8%
MassMutual
Small Cap Opportunities Fund
Sector Table
(% of Net Assets) on 3/31/24
Industrials
22.4%
Health Care
16.8%
Information Technology
13.3%
Financials
12.8%
Consumer Discretionary
9.7%
Materials
6.6%
Real Estate
6.1%
Energy
5.2%
Consumer Staples
3.0%
Utilities
1.7%
Communication Services
0.9%
Total Long-Term Investments
98.5%
Short-Term Investments and Other Assets and Liabilities
1.5%
Net Assets
100.0%
 
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MassMutual Global Fund — Portfolio Summaries (Unaudited)
What is the investment approach of MassMutual Global Fund, and who is the Fund’s subadviser?
The Fund seeks long-term capital appreciation by investing primarily in common stocks of companies in the U.S. and foreign countries. The Fund can invest without limit in foreign securities, including American Depositary Receipts (ADRs), and can invest in any country, including developing or emerging market countries. However, the Fund currently emphasizes investments in developed markets such as the United States, Western European countries, and Japan. As a fundamental policy, the Fund normally will invest in at least three countries (one of which may be the United States). Typically, the Fund invests in a number of different countries. The Fund’s subadviser is Invesco Advisers, Inc. (Invesco Advisers).

MassMutual
Global Fund
Largest Holdings
(% of Net Assets) on 3/31/24
Alphabet, Inc. Class A
10.7%
Meta Platforms, Inc. Class A
8.5%
DLF Ltd.
5.4%
Airbus SE
5.0%
Novo Nordisk AS Class B
4.8%
Intuit, Inc.
4.4%
Analog Devices, Inc.
4.4%
LVMH Moet Hennessy Louis Vuitton SE
4.1%
S&P Global, Inc.
3.6%
Adobe, Inc.
3.1%
 
54.0%
MassMutual
Global Fund
Sector Table
(% of Net Assets) on 3/31/24
Information Technology
29.2%
Communication Services
20.6%
Health Care
12.1%
Industrials
11.8%
Consumer Discretionary
11.4%
Financials
8.3%
Real Estate
5.4%
Materials
0.7%
Consumer Staples
0.1%
Total Long-Term Investments
99.6%
Short-Term Investments and Other Assets and Liabilities
0.4%
Net Assets
100.0%
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MassMutual International Equity Fund — Portfolio Summaries (Unaudited)
What is the investment approach of MassMutual International Equity Fund, and are is the Fund’s subadvisers?
The Fund seeks to achieve long-term capital appreciation by investing primarily in common stock of foreign companies. The Fund invests primarily in the common stock of companies that are domiciled or that have their primary operations outside of the United States. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of foreign companies. The Fund may invest up to 100% of its total assets in such securities. The Fund may invest in emerging markets as well as in developed markets throughout the world. From time to time, the Fund may place greater emphasis on investing in one or more particular regions (such as Asia, Europe, or Latin America). The Fund’s subadvisers are Wellington Management Company LLP (Wellington Management), which managed approximately 74% of the Fund’s portfolio; and Thompson, Siegel & Walmsley LLC (TSW), which was responsible for approximately 26% of the Fund’s portfolio, as of March 31, 2024.

MassMutual
International Equity Fund
Largest Holdings
(% of Net Assets) on 3/31/24
Capgemini SE
2.8%
Nestle SA Registered
2.8%
Merck KGaA
2.8%
Canadian National Railway Co.
2.7%
Linde PLC (WM2 TH)
2.7%
Experian PLC
2.5%
Intact Financial Corp.
2.5%
Heineken NV
2.4%
Diageo PLC
2.4%
Novartis AG Registered
2.3%
 
25.9%
MassMutual
International Equity Fund
Sector Table
(% of Net Assets) on 3/31/24
Industrials
19.9%
Consumer Staples
17.6%
Health Care
15.8%
Financials
12.6%
Materials
9.0%
Information Technology
7.2%
Consumer Discretionary
7.1%
Energy
2.7%
Communication Services
2.5%
Utilities
2.3%
Real Estate
0.2%
Total Long-Term Investments
96.9%
Short-Term Investments and Other Assets and Liabilities
3.1%
Net Assets
100.0%
 
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MassMutual Strategic Emerging Markets Fund — Portfolio Summaries (Unaudited)
What is the investment approach of MassMutual Strategic Emerging Markets Fund, and who is the Fund’s subadviser?
The Fund seeks long-term capital growth by investing mainly in common stocks of issuers in developing and emerging markets throughout the world and at times may invest up to 100% of its total assets in foreign securities. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of issuers whose principal activities are in a developing (or emerging) market, i.e., are in a developing market or are economically tied to a developing market country. The Fund will invest in at least three developing markets. In general, countries may be considered developing or emerging markets if they are included in any one of the MSCI emerging markets indexes, classified as a developing or emerging market, or classified under a similar or corresponding classification, by organizations such as the World Bank and the International Monetary Fund, or have economies, industries, and stock markets with similar characteristics. The Fund’s subadviser is Invesco Advisers, Inc. (Invesco Advisers).

MassMutual
Strategic Emerging Markets Fund
Largest Holdings
(% of Net Assets) on 3/31/24
Taiwan Semiconductor Manufacturing Co. Ltd.
9.5%
Samsung Electronics Co. Ltd.
6.5%
Grupo Mexico SAB de CV Series B
5.5%
Kotak Mahindra Bank Ltd.
5.4%
H World Group Ltd. ADR
4.7%
Tencent Holdings Ltd.
4.3%
HDFC Bank Ltd.
4.3%
Tata Consultancy Services Ltd.
3.3%
Pernod Ricard SA
3.3%
Fomento Economico Mexicano SAB de CV
2.9%
 
49.7%
MassMutual
Strategic Emerging Markets Fund
Sector Table
(% of Net Assets) on 3/31/24
Information Technology
20.9%
Financials
17.8%
Consumer Discretionary
13.0%
Consumer Staples
12.1%
Communication Services
8.2%
Materials
7.8%
Health Care
6.6%
Industrials
6.2%
Energy
3.1%
Real Estate
2.0%
Total Long-Term Investments
97.7%
Short-Term Investments and Other Assets and Liabilities
2.3%
Net Assets
100.0%
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MassMutual U.S. Government Money Market Fund — Portfolio of Investments
March 31, 2024 (Unaudited)
 
Principal Amount
Value
Short-Term Investments — 99.9%
 
 
Discount Notes — 46.2%
 
 
Federal Home Loan Bank
 
 
Secured Overnight Financing Rate + 0.000% 5.330% FRN 4/01/24, 7/24/24 (a)
$11,500,000
$11,500,000
Secured Overnight Financing Rate + 0.005% 5.335% FRN 4/01/24, 7/17/24 (a)
18,000,000
18,000,000
Secured Overnight Financing Rate + 0.005% 5.335% FRN 4/01/24, 8/13/24 (a)
13,500,000
13,500,000
Secured Overnight Financing Rate + 0.010% 5.340% FRN 4/01/24, 9/05/24 (a)
13,500,000
13,500,000
Secured Overnight Financing Rate + 0.025% 5.355% FRN 4/01/24, 11/26/24 (a)
9,000,000
9,000,000
5.180% 4/05/24, 4/05/24 (a)
3,690,000
3,686,215
5.180% 4/10/24, 4/10/24 (a)
7,900,000
7,886,149
 
 
77,072,364
Repurchase Agreement — 15.0%
 
 
HSBC Securities (USA) Inc.,
Tri-Party Repurchase Agreement, dated 3/28/24, 5.270%,
due 4/01/24 (b)
25,000,000
25,000,000
U.S. Treasury Bill — 38.7%
 
 
U.S. Treasury Bill
 
 
5.265% 4/04/24 (c)
11,800,000
11,789,640
5.294% 4/02/24 (c)
22,000,000
21,987,110
5.354% 4/16/24 (c)
11,500,000
11,469,715
5.365% 5/14/24 (c)
11,500,000
11,422,524
5.377% 5/02/24 (c)
8,000,000
7,960,147
 
 
64,629,136
TOTAL SHORT-TERM
INVESTMENTS
(Cost $166,701,500)
 
166,701,500
TOTAL INVESTMENTS — 99.9%
(Cost $166,701,500) (d)
 
166,701,500
Other Assets/(Liabilities) — 0.1%
 
153,803
NET ASSETS — 100.0%
 
$166,855,303
Abbreviation Legend
FRN
Floating Rate Note.
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a)
The stated maturity dates reflect reset date and final maturity date, respectively.
(b)
Maturity value of $25,014,639. Collateralized by U.S. Government Agency obligations with rates ranging from 0.000% - 1.125%, maturity dates ranging from of 5/15/37 - 5/15/53, and an aggregate market value, including accrued interest, of $25,500,001.
(c)
The rate shown represents yield-to-maturity.
(d)
See Note 6 for aggregate cost for federal tax purposes.
The accompanying notes are an integral part of the financial statements.
 
 
15

TABLE OF CONTENTS

MassMutual Short-Duration Bond Fund — Portfolio of Investments
March 31, 2024 (Unaudited)
 
Principal Amount
Value
Bonds & Notes — 89.6%
 
 
Corporate Debt — 45.9%
 
 
Agriculture — 0.3%
 
 
BAT Capital Corp.
 
 
4.700% 4/02/27
$490,000
$481,848
Apparel — 0.2%
 
 
Tapestry, Inc.
 
 
7.000% 11/27/26
433,000
446,130
Auto Manufacturers — 1.2%
 
 
General Motors Financial Co., Inc.
 
 
5.800% 1/07/29
480,000
488,456
Hyundai Capital America
 
 
6.100% 9/21/28 (a)
550,000
566,612
Nissan Motor Acceptance Co. LLC
 
 
1.850% 9/16/26 (a)
1,095,000
990,817
 
 
2,045,885
Banks — 11.2%
 
 
ABN AMRO Bank NV
 
 
4.750% 7/28/25 (a)
1,585,000
1,560,573
ABQ Finance Ltd.
 
 
2.000% 7/06/26 (a)
1,200,000
1,109,724
Bank Negara Indonesia Persero
Tbk. PT
 
 
5.280% 4/05/29 (a) (b)
500,000
499,375
Bank of America Corp.
Secured Overnight Financing
Rate + 0.960%
 
 
1.734% VRN 7/22/27
975,000
898,901
Bank of Ireland Group PLC
Secured Overnight Financing
Rate + 1.620%
 
 
5.601% VRN 3/20/30 (a)
359,000
357,572
Barclays PLC
 
 
5.200% 5/12/26
440,000
435,469
Secured Overnight Financing
Rate + 1.740%
 
 
5.690% VRN 3/12/30
445,000
447,317
BNP Paribas SA Secured Overnight Financing Rate + 1.590%
 
 
5.497% VRN 5/20/30 (a)
274,000
274,599
Cooperatieve Rabobank UA 1 yr.
CMT + 1.120%
 
 
5.447% VRN 3/05/30 (a)
445,000
447,013
Credit Agricole SA Secured Overnight Financing Rate + 1.860%
 
 
6.316% VRN 10/03/29 (a)
596,000
617,885
Danske Bank AS 1 yr. CMT + 0.730%
 
 
1.549% VRN 9/10/27 (a)
1,200,000
1,094,095
 
Principal Amount
Value
Deutsche Bank AG Secured Overnight Financing Rate + 1.219%
 
 
2.311% VRN 11/16/27
$715,000
$653,697
HDFC Bank Ltd.
 
 
5.196% 2/15/27 (a)
500,000
495,806
HSBC Holdings PLC Secured Overnight Financing
Rate + 1.290%
 
 
1.589% VRN 5/24/27
1,150,000
1,058,197
Huntington Bancshares, Inc. Secured Overnight Financing
Rate + 2.020%
 
 
6.208% VRN 8/21/29
560,000
573,167
ING Groep NV Secured Overnight Financing Rate + 1.440%
 
 
5.335% VRN 3/19/30
445,000
443,913
JP Morgan Chase & Co. 3 mo. USD Term SOFR + 1.522%
 
 
4.203% VRN 7/23/29
600,000
578,445
Lloyds Banking Group PLC 1 yr.
CMT + 1.700%
 
 
5.871% VRN 3/06/29
775,000
787,534
Macquarie Group Ltd. Secured Overnight Financing
Rate + 1.069%
 
 
1.340% VRN 1/12/27 (a)
1,050,000
973,879
Morgan Stanley Secured Overnight Financing Rate + 1.630%
 
 
5.449% VRN 7/20/29
1,135,000
1,144,953
Natwest Group PLC 1 yr. CMT + 0.900%
 
 
1.642% VRN 6/14/27
890,000
818,240
Societe Generale SA 1 yr. CMT + 1.300%
 
 
2.797% VRN 1/19/28 (a)
1,200,000
1,108,053
Swedbank AB
 
 
5.407% 3/14/29 (a)
445,000
444,992
Synovus Bank
 
 
5.625% 2/15/28
653,000
634,127
Truist Financial Corp. Secured Overnight Financing
Rate + 2.446%
 
 
7.161% VRN 10/30/29
515,000
549,196
UBS Group AG 1 yr. CMT + 1.080%
 
 
1.364% VRN 1/30/27 (a)
875,000
809,724
Wells Fargo & Co. Secured Overnight Financing Rate + 1.740%
 
 
5.574% VRN 7/25/29
570,000
576,756
 
 
19,393,202
 
The accompanying notes are an integral part of the financial statements.
16
 

TABLE OF CONTENTS

     
MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued)
     
 
Principal Amount
Value
Beverages — 0.3%
 
 
JDE Peet’s NV
 
 
1.375% 1/15/27 (a)
$504,000
$453,263
Chemicals — 2.3%
 
 
Celanese US Holdings LLC
 
 
6.165% 7/15/27
425,000
432,866
6.350%11/15/28
560,000
580,137
International Flavors & Fragrances, Inc.
 
 
1.832%10/15/27 (a)
555,000
492,127
MEGlobal Canada ULC
 
 
5.000% 5/18/25 (a)
1,050,000
1,035,909
Yara International ASA
 
 
4.750% 6/01/28 (a)
1,525,000
1,483,093
 
 
4,024,132
Commercial Services — 1.1%
 
 
Element Fleet Management Corp.
 
 
5.643% 3/13/27 (a)
534,000
535,656
Triton Container International Ltd.
 
 
2.050% 4/15/26 (a)
1,500,000
1,382,200
 
 
1,917,856
Diversified Financial Services — 3.6%
 
 
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
 
 
2.450%10/29/26
1,000,000
928,659
Antares Holdings LP
 
 
2.750% 1/15/27 (a)
485,000
434,503
3.950% 7/15/26 (a)
880,000
827,007
Avolon Holdings Funding Ltd.
 
 
4.250% 4/15/26 (a)
1,400,000
1,351,171
BGC Group, Inc.
 
 
4.375%12/15/25
1,340,000
1,303,119
Charles Schwab Corp. Secured Overnight Financing
Rate + 1.878%
 
 
6.196% VRN 11/17/29
465,000
483,320
Macquarie Airfinance Holdings Ltd.
 
 
6.400% 3/26/29 (a)
113,000
114,788
REC Ltd.
 
 
2.250% 9/01/26 (a)
800,000
738,104
 
 
6,180,671
Electric — 1.6%
 
 
Adani Transmission Step-One Ltd.
 
 
4.000% 8/03/26 (a)
500,000
469,997
Alliant Energy Finance LLC
 
 
1.400% 3/15/26 (a)
1,630,000
1,482,393
DTE Energy Co.
 
 
5.100% 3/01/29
455,000
453,165
 
Principal Amount
Value
Pacific Gas & Electric Co.
 
 
5.550% 5/15/29
$405,000
$408,536
 
 
2,814,091
Entertainment — 0.4%
 
 
Warnermedia Holdings, Inc.
 
 
4.054% 3/15/29
750,000
702,094
Food — 1.4%
 
 
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
 
 
2.500% 1/15/27
1,425,000
1,313,538
Smithfield Foods, Inc.
 
 
4.250% 2/01/27 (a)
995,000
955,491
Tyson Foods, Inc.
 
 
5.400% 3/15/29
168,000
169,502
 
 
2,438,531
Hand & Machine Tools — 0.6%
 
 
Regal Rexnord Corp.
 
 
6.050% 2/15/26 (a)
725,000
728,744
6.050% 4/15/28 (a)
250,000
253,441
 
 
982,185
Home Builders — 0.3%
 
 
Toll Brothers Finance Corp.
 
 
4.875% 3/15/27
540,000
533,755
Housewares — 0.4%
 
 
Newell Brands, Inc.
 
 
6.375% 9/15/27(c)
780,000
767,051
Insurance — 3.4%
 
 
Athene Global Funding
 
 
1.730%10/02/26 (a)
1,635,000
1,483,762
CNO Global Funding
 
 
2.650% 1/06/29 (a)
525,000
457,159
GA Global Funding Trust
 
 
5.500% 1/08/29 (a)
890,000
893,362
Lincoln National Corp., (Acquired 4/19/23, Cost $731,429),
 
 
3.800% 3/01/28 (d)
825,000
789,358
Sammons Financial Group, Inc.
 
 
4.450% 5/12/27 (a)
2,365,000
2,254,591
 
 
5,878,232
Internet — 0.7%
 
 
Prosus NV
 
 
3.257% 1/19/27 (a)
1,250,000
1,158,298
Investment Companies — 3.0%
 
 
Ares Capital Corp.
 
 
3.875% 1/15/26
910,000
880,186
Blackstone Private Credit Fund
 
 
2.625%12/15/26
1,325,000
1,208,960
The accompanying notes are an integral part of the financial statements.
 
 
17

TABLE OF CONTENTS

   
MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued)
     
 
Principal Amount
Value
Blue Owl Credit Income Corp.
 
 
4.700% 2/08/27
$1,015,000
$962,897
Blue Owl Technology Finance
Corp. II
 
 
6.750% 4/04/29 (a) (b)
706,000
697,242
Golub Capital BDC, Inc.
 
 
2.500% 8/24/26
1,115,000
1,024,441
HPS Corporate Lending Fund
 
 
6.750% 1/30/29 (a)
522,000
521,044
 
 
5,294,770
Lodging — 0.5%
 
 
Las Vegas Sands Corp.
 
 
3.200% 8/08/24
930,000
919,785
Machinery – Construction & Mining — 0.5%
 
 
Weir Group PLC
 
 
2.200% 5/13/26 (a)
1,036,000
961,655
Machinery – Diversified — 0.0%
 
 
AGCO Corp.
 
 
5.450% 3/21/27
85,000
85,380
Media — 0.6%
 
 
CCO Holdings LLC/CCO Holdings Capital Corp.
 
 
5.125% 5/01/27 (a)
575,000
547,844
Paramount Global
 
 
3.700% 6/01/28
550,000
487,324
 
 
1,035,168
Oil & Gas — 1.9%
 
 
EQT Corp.
 
 
6.125% STEP 2/01/25
592,000
592,705
Ovintiv, Inc.
 
 
5.375% 1/01/26
400,000
398,371
5.650% 5/15/28
650,000
660,747
Parkland Corp.
 
 
5.875% 7/15/27 (a)
455,000
451,057
Patterson-UTI Energy, Inc.
 
 
3.950% 2/01/28
1,220,000
1,153,050
 
 
3,255,930
Packaging & Containers — 0.2%
 
 
Smurfit Kappa Treasury ULC
 
 
5.200% 1/15/30 (a) (b)
440,000
439,450
Pharmaceuticals — 1.4%
 
 
Bayer US Finance II LLC
 
 
4.375% 12/15/28 (a)
525,000
494,148
Hikma Finance USA LLC
 
 
3.250% 7/09/25 (a)
1,150,000
1,107,611
 
Principal Amount
Value
Viatris, Inc.
 
 
2.300% 6/22/27
$980,000
$889,868
 
 
2,491,627
Pipelines — 1.6%
 
 
Columbia Pipelines Holding Co. LLC
 
 
6.055% 8/15/26 (a)
511,000
516,584
Energy Transfer LP
 
 
4.950% 6/15/28
1,375,000
1,363,954
EQM Midstream Partners LP
 
 
5.500% 7/15/28
450,000
443,826
Harvest Midstream I LP
 
 
7.500% 9/01/28 (a)
391,000
396,447
 
 
2,720,811
Real Estate — 0.6%
 
 
MAF Sukuk Ltd.
 
 
4.500% 11/03/25 (a)
1,025,000
1,005,527
Real Estate Investment Trusts (REITS) — 3.7%
CubeSmart LP
 
 
2.250% 12/15/28
650,000
570,089
Global Net Lease, Inc./Global Net Lease Operating Partnership LP
 
 
3.750% 12/15/27 (a)
1,125,000
962,648
GLP Capital LP/GLP Financing II, Inc.
 
 
5.375% 4/15/26
570,000
565,035
Omega Healthcare Investors, Inc.
 
 
4.750% 1/15/28
989,000
954,818
Piedmont Operating Partnership LP
 
 
9.250% 7/20/28
425,000
452,586
Store Capital LLC
 
 
4.500% 3/15/28
475,000
450,209
Sun Communities Operating LP
 
 
5.500% 1/15/29
430,000
428,875
VICI Properties LP/VICI Note Co., Inc.
 
 
3.750% 2/15/27 (a)
600,000
568,651
Vornado Realty LP
 
 
2.150% 6/01/26
1,200,000
1,090,880
WEA Finance LLC
 
 
3.500% 6/15/29 (a)
500,000
441,744
 
 
6,485,535
Retail — 0.2%
 
 
Advance Auto Parts, Inc.
 
 
5.900% 3/09/26
343,000
342,458
Savings & Loans — 0.2%
 
 
Nationwide Building Society
 
 
4.000% 9/14/26 (a)
297,000
284,977
Semiconductors — 0.2%
 
 
SK Hynix, Inc.
 
 
5.500% 1/16/27 (a)
300,000
299,969
 
The accompanying notes are an integral part of the financial statements.
18
 

TABLE OF CONTENTS

     
MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued)
     
 
Principal Amount
Value
Telecommunications — 1.3%
 
 
Rogers Communications, Inc.
 
 
5.000% 2/15/29
$450,000
$446,875
Sprint Capital Corp.
 
 
6.875%11/15/28
650,000
692,664
Tower Bersama Infrastructure Tbk. PT
 
 
4.250% 1/21/25 (a)
1,100,000
1,083,567
 
 
2,223,106
Trucking & Leasing — 0.3%
 
 
GATX Corp.
 
 
5.400% 3/15/27
460,000
463,147
Venture Capital — 0.7%
 
 
Hercules Capital, Inc.
 
 
2.625% 9/16/26
1,338,000
1,215,007
TOTAL CORPORATE DEBT
(Cost $82,013,441)
 
79,741,526
Non-U.S. Government Agency
Obligations — 43.7%
Automobile Asset-Backed Securities — 0.6%
 
 
AmeriCredit Automobile Receivables Trust, Series 2020-3, Class D
 
 
1.490% 9/18/26
339,000
323,492
Westlake Automobile Receivables Trust, Series 2022-2A, Class D
 
 
5.480% 9/15/27 (a)
700,000
695,199
 
 
1,018,691
Commercial Mortgage-Backed Securities — 5.2%
 
 
BAMLL Commercial Mortgage Securities Trust, Series 2019-BPR, Class CMP,
 
 
3.895% VRN 11/05/32 (a) (e)
2,280,000
2,051,146
CARS-DB4 LP, Series 2020-1A, Class B1
 
 
4.170% 2/15/50 (a)
3,289,000
3,151,083
CF Hippolyta Issuer LLC, Series 
2020-1, Class B1
 
 
2.280% 7/15/60 (a)
577,448
531,610
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class C,
 
 
3.958% VRN 4/15/46 (e)
1,015,000
692,100
One New York Plaza Trust
 
 
Series 2020-1NYP, Class C, 1 mo. USD Term SOFR + 2.314%
7.641% FRN 1/15/36 (a)
2,106,000
1,938,697
Series 2020-1NYP, Class D, 1 mo. USD Term SOFR + 2.864%
8.191% FRN 1/15/36 (a)
760,000
626,784
 
 
8,991,420
 
Principal Amount
Value
Home Equity Asset-Backed Securities — 0.0%
 
 
Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W10, Class M1, 1 mo. USD Term SOFR + 1.014%
 
 
4.420% FRN 10/25/34
$61,083
$55,929
Other Asset-Backed Securities — 20.1%
 
 
321 Henderson Receivables I LLC, Series 2006-3A, Class A1, 1 mo. USD Term SOFR + 0.314%
 
 
5.640% FRN 9/15/41 (a)
32,863
32,441
522 Funding CLO Ltd., Series 
2018-3A, Class BR, 3 mo. USD Term SOFR + 1.812%
 
 
7.129% FRN 10/20/31 (a)
2,352,000
2,352,066
AIMCO CLO 10 Ltd., Series 
2019-10A, Class AR, 3 mo. USD Term SOFR + 1.322%
 
 
6.639% FRN 7/22/32 (a)
2,000,000
2,000,128
Ballyrock CLO Ltd., Series 2020-2A, Class A2R, 3 mo. USD
Term SOFR + 1.812%
 
 
7.129% FRN 10/20/31 (a)
3,700,000
3,700,000
BHG Securitization Trust, Series 
2021-B, Class C
 
 
2.240% 10/17/34 (a)
3,736,000
3,308,704
BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class B
 
 
3.780% 9/26/33 (a)
610,131
581,361
Canyon Capital CLO Ltd., Series
2020-1A, Class AR, 3 mo. USD Term SOFR + 1.442%
 
 
6.756% FRN 7/15/34 (a)
900,000
900,305
Castlelake Aircraft Structured Trust, Series 2019-1A, Class B
 
 
5.095% 4/15/39 (a)
707,996
474,388
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD Term SOFR + 1.242%
 
 
6.559% FRN 4/20/31 (a)
785,245
785,714
Elara HGV Timeshare Issuer LLC
 
 
Series 2017-A, Class B,
2.960% 3/25/30 (a)
277,686
277,065
Series 2019-A, Class C,
3.450% 1/25/34 (a)
1,263,084
1,201,021
Flatiron CLO 20 Ltd., Series 2020-1A, Class AR, 3 mo. USD Term SOFR + 1.380%
 
 
1.000% FRN 5/20/36 (a) (b)
1,000,000
1,000,179
The accompanying notes are an integral part of the financial statements.
 
 
19

TABLE OF CONTENTS

     
MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued)
     
 
Principal Amount
Value
Goodgreen Trust
 
 
Series 2019-2A, Class A,
2.760% 4/15/55 (a)
$1,901,843
$1,605,518
Series 2016-1A, Class A,
3.230% 10/15/52 (a)
721,927
649,511
Series 2019-1A, Class A,
3.860% 10/15/54 (a)
1,535,341
1,378,346
Hero Funding Trust
 
 
Series 2017-3A, Class A1,
3.190% 9/20/48 (a)
520,768
447,884
Series 2017-2A, Class A1,
3.280% 9/20/48 (a)
102,966
89,643
Series 2016-4A, Class A1,
3.570% 9/20/47 (a)
252,603
225,990
Series 2015-1A, Class A,
3.840% 9/21/40 (a)
167,547
152,863
Series 2017-2A, Class A2,
4.070% 9/20/48 (a)
83,660
74,779
Series 2018-1A, Class A2,
4.670% 9/20/48 (a)
674,746
627,950
Hilton Grand Vacations Trust, Series 2019-AA, Class C
 
 
2.840% 7/25/33 (a)
554,077
524,010
Horizon Aircraft Finance III Ltd., Series 2019-2, Class B
 
 
4.458%11/15/39 (a)
1,757,143
878,568
Mosaic Solar Loan Trust, Series
2018-2GS, Class A
 
 
4.200% 2/22/44 (a)
546,321
507,496
Mosaic Solar Loans LLC, Series
2017-1A, Class A
 
 
4.450% 6/20/42 (a)
89,876
86,289
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ARR, 3 mo. USD Term SOFR + 1.422%
 
 
6.736% FRN 7/15/34 (a)
500,000
500,306
Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class BR, 3 mo. USD Term SOFR + 1.762%
 
 
7.071% FRN 4/19/30 (a)
500,000
500,018
Newark BSL CLO 2 Ltd., Series 
2017-1A, Class A2R, 3 mo. USD Term SOFR + 1.662%
 
 
6.986% FRN 7/25/30 (a)
1,375,000
1,375,158
Oxford Finance Funding LLC, Series 2020-1A, Class B
 
 
4.037% 2/15/28 (a)
361,996
353,855
PFS Financing Corp., Series 2022-A, Class B
 
 
2.770% 2/15/27 (a)
800,000
777,455
 
Principal Amount
Value
PVONE 2023-1, LLC, Series 2023-2A, Class A
 
 
7.670% 9/17/35 (a)
$917,831
$924,937
Rad CLO 1 Ltd., Series 2018-1A, Class BR, 3 mo. USD Term SOFR + 1.662%
 
 
6.976% FRN 7/15/31 (a)
2,650,000
2,638,152
Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class C
 
 
3.510% 7/20/37 (a)
141,075
136,927
Trafigura Securitisation Finance PLC, Series 2021-1A, Class B
 
 
1.780% 1/15/25 (a)
4,048,000
3,908,890
 
 
34,977,917
Student Loans Asset-Backed Securities — 5.9%
 
 
Chase Education Loan Trust, Series 2007-A, Class B, 90 day USD SOFR Average + 0.482%
 
 
5.834% FRN 3/28/68
328,847
304,398
College Avenue Student Loans LLC, Series 2017-A, Class A1, 1 mo. USD Term SOFR + 1.764%
 
 
7.094% FRN 11/26/46 (a)
331,053
333,693
Commonbond Student Loan Trust
 
 
Series 2017-AGS, Class B,
3.470% 5/25/41 (a)
219,039
190,560
Series 2018-AGS, Class C,
3.820% 2/25/44 (a)
98,680
81,570
Series 2018-BGS, Class C,
4.120% 9/25/45 (a)
80,965
63,140
Series 2018-CGS, Class C,
4.350% 2/25/46 (a)
37,950
33,198
Series 2017-AGS, Class C,
5.280% 5/25/41 (a)
149,221
132,942
ELFI Graduate Loan Program LLC, Series 2018-A, Class B
 
 
4.000% 8/25/42 (a)
214,648
194,175
Goal Capital Funding Trust, Series 2010-1, Class A, 90 day USD SOFR Average + 0.962%
 
 
6.320% FRN 8/25/48 (a)
24,210
24,209
Goal Structured Solutions Trust, Series 2015-1, Class B, 30 day USD SOFR Average + 1.614%
 
 
6.935% FRN 9/25/43 (a)
100,000
88,647
Laurel Road Prime Student Loan Trust
 
 
Series 2019-A, Class BFX, 3.000%10/25/48 (a)
1,210,820
1,125,794
Series 2017-B, Class CFX,
3.610% 8/25/42 (a)
688,402
659,479
 
The accompanying notes are an integral part of the financial statements.
20
 

TABLE OF CONTENTS

     
MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued)
     
 
Principal Amount
Value
Nelnet Student Loan Trust, Series 2018-5A, Class B, 1 mo. USD Term SOFR + 1.564%
 
 
6.894% FRN 2/25/67 (a)
$1,000,000
$941,860
SLM Student Loan Trust
 
 
Series 2005-4, Class B, 90 day USD SOFR Average + 0.442% 5.803% FRN 7/25/55
436,511
409,452
Series 2006-5, Class B, 90 day USD SOFR Average + 0.472%
5.833% FRN 10/25/40
388,896
363,994
Series 2005-5, Class B, 90 day USD SOFR Average + 0.512%
5.873% FRN 10/25/40
469,461
430,177
Series 2005-8, Class B, 90 day USD SOFR Average + 0.572%
5.933% FRN 1/25/55
319,800
303,140
Series 2004-1 Class B, 90 day USD SOFR Average + 0.762%
6.123% FRN 7/25/39
282,156
268,211
Series 2003-4, Class B, 90 day USD SOFR Average + 0.912%
6.265% FRN 6/15/38
184,327
174,684
Series 2003-11, Class B, 90 day USD SOFR Average + 0.912% 6.265% FRN 12/15/38
666,212
638,100
SMB Private Education Loan Trust
 
 
Series 2016-C, Class A2B, 1 mo. USD Term SOFR + 1.214%
6.540% FRN 9/15/34 (a)
22,107
22,078
Series 2023-D, Class A1B, 30 day USD SOFR Average + 1.650% 6.969% FRN 9/15/53 (a)
949,399
962,676
SoFi Alternative Trust, Series 2019-C, Class PT,
 
 
5.370% VRN 1/25/45 (a) (e)
1,538,325
1,480,756
SoFi Professional Loan Program LLC, Series 2019-A, Class BFX
 
 
4.110% 6/15/48 (a)
870,000
772,719
Wachovia Student Loan Trust, Series 2005-1, Class B, 90 day USD SOFR Average + 0.562%
 
 
5.923% FRN 10/25/40
288,485
249,999
 
 
10,249,651
Whole Loan Collateral Collateralized Mortgage
Obligations — 11.9%
 
 
Angel Oak Mortgage Trust, Series 2021-3, Class M1,
 
 
2.479% VRN 5/25/66 (a) (e)
6,583,000
4,556,180
 
Principal Amount
Value
Banc of America Mortgage Trust, Series 2004-G, Class 2A7,
 
 
5.258% VRN 8/25/34 (e)
$6,407
$6,250
Credit Suisse Mortgage Trust, Series 2021-NQM4, Class M1,
 
 
2.472% VRN 5/25/66 (a) (e)
7,095,350
4,612,775
Merrill Lynch Mortgage Investors Trust, Series 2004-A1, Class 2A2,
 
 
5.516% VRN 2/25/34 (e)
33,857
31,808
New Residential Mortgage Loan Trust, Series 2020-NQM1, Class M1,
 
 
3.207% VRN 1/26/60 (a) (e)
2,252,000
1,960,667
OBX Trust, Series 2021-NQM1, Class M1,
 
 
2.219% VRN 2/25/66 (a) (e)
2,501,000
1,676,928
TRK Trust, Series 2021-INV1, Class M1,
 
 
2.585% VRN 7/25/56 (a) (e)
1,222,000
862,407
Verus Securitization Trust
 
 
Series 2021-1, Class M1,
1.968% VRN 1/25/66 (a) (e)
2,247,000
1,672,542
Series 2019-INV3, Class M1, 3.279% VRN 11/25/59 (a) (e)
2,129,000
1,915,801
Series 2020-4, Class M1,
3.291% VRN 5/25/65 (a) (e)
3,602,000
3,284,339
 
 
20,579,697
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $87,056,974)
 
75,873,305
U.S. Government Agency Obligations and Instrumentalities (f) — 0.0%
 
 
Pass-Through Securities — 0.0%
 
 
Federal Home Loan Mortgage Corp. Pool #1Q0239 1 yr. CMT + 2.159% 5.778% 3/01/37
47,003
47,394
Government National Mortgage Association Pool #507545
7.500% 8/15/29
15,890
16,356
 
 
63,750
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $63,865)
 
63,750
TOTAL BONDS & NOTES
(Cost $169,134,280)
 
155,678,581
TOTAL LONG-TERM INVESTMENTS
(Cost $169,134,280)
 
155,678,581
The accompanying notes are an integral part of the financial statements.
 
 
21

TABLE OF CONTENTS

     
MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued)
     
 
Principal Amount
Value
Short-Term Investments — 10.0%
 
 
Commercial Paper — 7.5%
 
 
CVS Health Corp.
 
 
5.659% 4/03/24 (a)
$3,000,000
$2,997,301
Dominion Energy, Inc.
 
 
5.667% 4/23/24 (a)
2,000,000
1,992,062
Duke Energy Corp.
 
 
5.536% 4/03/24 (a)
3,000,000
2,997,286
NextEra Energy Capital Holdings, Inc.
 
 
5.690% 5/07/24 (a)
3,000,000
2,981,433
Southern Co.
 
 
5.654% 4/25/24 (a)
2,000,000
1,991,369
 
 
12,959,451
 
Number of
Shares
 
Investment of Cash Collateral from
Securities Loaned — 0.4%
 
 
State Street Navigator Securities Lending Government Money Market Portfolio (g)
775,860
775,860
 
Principal Amount
 
Repurchase Agreement — 2.1%
 
 
Fixed Income Clearing Corp., Repurchase Agreement, dated
3/28/24,1.600%, due 4/01/24 (h)
$3,556,963
3,556,963
TOTAL SHORT-TERM INVESTMENTS
(Cost $17,300,096)
 
17,292,274
TOTAL INVESTMENTS — 99.6%
(Cost $186,434,376) (i)
 
172,970,855
Other Assets/(Liabilities) — 0.4%
 
679,777
NET ASSETS — 100.0%
 
$173,650,632
Abbreviation Legend
CLO
Collateralized Loan Obligation
CMT
Constant Maturity Treasury Index
FRN
Floating Rate Note
SOFR
Secured Overnight Financing Rate
STEP
Step Coupon Bond
VRN
Variable Rate Note
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 March 31, 2024, the aggregate market value of these securities amounted to $125,696,965 or 72.38% of net assets.
(b)
A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2).
(c)
Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $760,298 or 0.44% of net assets. (Note 2).
(d)
Restricted security. Certain securities are restricted to resale. At March 31, 2024, these securities amounted to a value of $789,358 or 0.45% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.
(e)
Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2024.
(f)
May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(g)
Represents investment of security lending cash collateral. (Note 2).
(h)
Maturity value of $3,557,595. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $3,628,148.
(i)
See Note 6 for aggregate cost for federal tax purposes.
 
The accompanying notes are an integral part of the financial statements.
22
 

TABLE OF CONTENTS

     
MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued)
     
Country weightings, as a percentage of net assets, is as follows:
United States
58.7%
Cayman Islands
9.6%
Ireland
4.0%
United Kingdom
3.0%
Netherlands
1.7%
Canada
1.6%
France
1.4%
India
1.0%
Indonesia
0.9%
Brazil
0.9%
Bermuda
0.8%
China
0.7%
Germany
0.7%
Qatar
0.6%
Jordan
0.6%
Denmark
0.6%
Kuwait
0.6%
United Arab Emirates
0.6%
Australia
0.6%
Switzerland
0.5%
Sweden
0.3%
Republic of Korea
0.2%
Total Long-Term Investments
89.6%
Short-Term Investments and Other Assets and
Liabilities
10.4%
Net Assets
100.0%
Futures contracts
 
Expiration
Date
Number of
Contracts
Notional
Amount
Value/Net
Unrealized
Appreciation
(Depreciation)
Long
U.S. Treasury Note 2 Year
6/28/24
466
$ 95,400,405
$ (110,686)
Short
 
 
 
 
U.S. Treasury Long Bond
6/18/24
6
$(714,497)
$(8,128)
U.S. Treasury Ultra 10 Year
6/18/24
108
(12,320,084)
(57,729)
U.S. Treasury Ultra Bond
6/18/24
1
(127,707)
(1,293)
U.S. Treasury Note 5 Year
6/28/24
352
(37,638,714)
(30,786)
 
 
 
 
$(97,936)
The accompanying notes are an integral part of the financial statements.
 
 
23

TABLE OF CONTENTS

MassMutual Inflation-Protected and Income Fund — Portfolio of Investments
March 31, 2024 (Unaudited)
 
Principal Amount
Value
Bonds & Notes — 83.9%
 
 
Corporate Debt — 0.5%
 
 
Real Estate Investment Trusts (REITS) — 0.5%
SBA Tower Trust
 
 
2.836% 1/15/50 (a)
$1,375,000
$1,342,035
TOTAL CORPORATE DEBT
(Cost $1,340,945)
 
1,342,035
Non-U.S. Government Agency
Obligations — 52.3%
Automobile Asset-Backed Securities — 14.0%
American Credit Acceptance Receivables Trust, Series 2021-2, Class E
 
 
2.540% 7/13/27 (a)
4,700,000
4,536,217
BOF URSA VI Funding Trust I, Series 2023-CAR2, Class A2
 
 
5.542% 10/27/31 (a)
2,094,113
2,085,269
Carvana Auto Receivables Trust, Series 2021-N3, Class B
 
 
0.660% 6/12/28
1,100,644
1,030,005
Drive Auto Receivables Trust
 
 
Series 2021-1, Class C,
1.020% 6/15/27
71,788
71,648
Series 2021-1, Class D,
1.450% 1/16/29
5,500,000
5,330,359
Series 2021-3, Class C,
1.470% 1/15/27
2,594,086
2,554,576
Exeter Automobile Receivables Trust
 
 
Series 2020-2A, Class D,
4.730% 4/15/26 (a)
745,926
743,559
Series 2023-5A, Class A2,
6.200% 4/15/26
883,181
884,555
Flagship Credit Auto Trust, Series 2021-2, Class C
 
 
1.270% 6/15/27 (a)
5,835,000
5,583,614
Ford Credit Auto Owner Trust, Series 2018-1, Class C
 
 
3.490% 7/15/31 (a)
3,500,000
3,428,810
OneMain Direct Auto Receivables Trust, Series 2022-1A, Class C
 
 
5.310% 6/14/29 (a)
1,100,000
1,050,692
Santander Drive Auto Receivables Trust, Series 2021-2, Class D
 
 
1.350% 7/15/27
4,664,163
4,528,109
 
Principal Amount
Value
Westlake Automobile Receivables Trust
 
 
Series 2020-3A, Class D,
1.650% 2/17/26 (a)
$1,875,093
$1,855,943
Series 2023-4A, Class A2,
6.230% 1/15/27 (a)
1,800,000
1,806,613
 
 
35,489,969
Commercial Mortgage-Backed Securities — 8.0%
BHMS Mortgage Trust, Series
2018-ATLS, Class B, 1 mo. USD Term SOFR + 1.797%
 
 
7.122% FRN 7/15/35 (a)
1,150,000
1,144,390
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD Term SOFR + 2.047%
 
 
7.373% FRN 12/15/37 (a)
250,836
250,679
CARS-DB4 LP, Series 2020-1A, Class A1
 
 
2.690% 2/15/50 (a)
1,259,842
1,224,633
COMM Mortgage Trust, Series
2015-LC19, Class D
 
 
2.867% 2/10/48 (a)
2,457,000
2,165,137
Credit Suisse Mortgage Capital Certificates
 
 
Series 2019-ICE4, Class D, 1 mo. USD Term SOFR + 1.647%
6.973% FRN 5/15/36 (a)
5,985,110
5,979,501
Series 2019-ICE4, Class E, 1 mo. USD Term SOFR + 2.197%
7.523% FRN 5/15/36 (a)
3,596,053
3,591,559
Extended Stay America Trust
 
 
Series 2021-ESH, Class D, 1 mo. USD Term SOFR + 2.364%
7.690% FRN 7/15/38 (a)
1,188,532
1,187,047
Series 2021-ESH, Class F, 1 mo. USD Term SOFR + 3.814%
9.140% FRN 7/15/38 (a)
1,645,660
1,643,602
KREF Ltd., Series 2021-FL2, Class D, 1 mo. USD Term SOFR + 2.314%
 
 
7.640% FRN 2/15/39 (a)
900,000
803,046
Ready Capital Mortgage Financing LLC, Series 2023-FL12, Class A,
1 mo. USD Term SOFR + 2.335%
 
 
7.664% FRN 5/25/38 (a)
2,407,035
2,410,042
 
 
20,399,636
Home Equity Asset-Backed Securities — 0.6%
Home Equity Asset Trust, Series 
2005-9, Class M1, 1 mo. USD
Term SOFR + 0.729%
 
 
6.059% FRN 4/25/36
1,154,188
1,123,759
 
The accompanying notes are an integral part of the financial statements.
24
 

TABLE OF CONTENTS

     
MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued)
     
 
Principal Amount
Value
JP Morgan Mortgage Acquisition Trust, Series 2007-CH3, Class A5, 1 mo. USD Term SOFR + 0.374%
 
 
5.704% FRN 3/25/37
$220,066
$214,115
Structured Asset Securities Corp. Mortgage Loan Trust
 
 
Series 2006-BC6, Class A4, 1 mo. USD Term SOFR + 0.284%
5.614% FRN 1/25/37
127,190
125,163
Series 2006-WF1, Class M4, 1 mo. USD Term SOFR + 0.759%
6.089% FRN 2/25/36
61,396
61,302
 
 
1,524,339
Other Asset-Backed Securities — 16.6%
321 Henderson Receivables I LLC, Series 2006-3A, Class A1, 1 mo. USD Term SOFR + 0.314%
 
 
5.640% FRN 9/15/41 (a)
35,328
34,874
ACHV ABS TRUST, Series 2024-1PL, Class A
 
 
5.900% 4/25/31 (a)
2,700,000
2,699,945
Affirm Asset Securitization Trust
 
 
Series 2021-Z1, Class A,
1.070% 8/15/25 (a)
628,538
623,887
Series 2021-Z2, Class A,
1.170% 11/16/26 (a)
258,216
257,451
Series 2022-X1, Class A,
1.750% 2/15/27 (a)
208,061
205,192
Series 2023-X1, Class A,
7.110% 11/15/28 (a)
4,908,668
4,932,015
BHG Securitization Trust
 
 
Series 2021-B, Class A,
0.900% 10/17/34 (a)
472,605
460,969
Series 2021-A, Class A,
1.420% 11/17/33 (a)
1,993,627
1,901,965
Series 2022-C, Class A,
5.320% 10/17/35 (a)
1,674,597
1,666,571
Series 2023-A, Class A,
5.550% 4/17/36 (a)
2,613,503
2,597,593
Conn’s Receivables Funding LLC, Series 2024-A, Class A
 
 
7.050% 1/16/29 (a)
2,840,126
2,844,694
Elara HGV Timeshare Issuer LLC, Series 2017-A, Class C
 
 
3.310% 3/25/30 (a)
155,316
154,939
FCI Funding LLC
 
 
Series 2021-1A, Class A,
1.130% 4/15/33 (a)
392,260
388,484
Series 2021-1A, Class B,
1.530% 4/15/33 (a)
234,411
231,964
 
Principal Amount
Value
FNA VI LLC, Series 2021-1A, Class A
 
 
1.350% 1/10/32 (a)
$2,309,796
$2,130,758
Hilton Grand Vacations Trust, Series 2022-2A, Class C
 
 
5.570% 1/25/37 (a)
977,994
959,910
Marlette Funding Trust, Series
2023-2A, Class A
 
 
6.040% 6/15/33 (a)
814,799
815,371
MVW Owner Trust, Series 2018-1A, Class A
 
 
3.450% 1/21/36 (a)
315,535
313,100
NP SPE II LLC, Series 2019-1A, Class A1
 
 
2.574% 9/20/49 (a)
114,414
109,797
Pagaya AI Debt Trust, Series 2022-1, Class A
 
 
2.030% 10/15/29 (a)
1,973,273
1,953,670
PFS Financing Corp.
 
 
Series 2021-B, Class B,
1.090% 8/15/26 (a)
1,878,000
1,841,227
Series 2022-A, Class B,
2.770% 2/15/27 (a)
1,100,000
1,069,001
PVONE 2023-1, LLC, Series 2023-2A, Class A
 
 
7.670% 9/17/35 (a)
1,076,366
1,084,698
RAM, Series 2024-1, Class A, Series 2024-1, Class A
 
 
6.669% 2/15/39 (a) (b) (c)
4,146,691
4,146,691
Reach Financial LLC, Series 2023-1A, Class A
 
 
7.050% 2/18/31 (a)
2,592,361
2,599,382
SBA Tower Trust, Series 2014-2A, Class C,
 
 
3.869% STEP 10/15/49 (a)
3,200,000
3,163,520
Sierra Timeshare Receivables Funding LLC
 
 
Series 2019-3A, Class C,
3.000% 8/20/36 (a)
380,085
370,795
Series 2019-2A, Class C,
3.120% 5/20/36 (a)
335,896
331,090
Series 2019-3A, Class D,
4.180% 8/20/36 (a)
342,843
333,946
Trafigura Securitisation Finance PLC, Series 2021-1A, Class B
 
 
1.780% 1/15/25 (a)
1,800,000
1,738,143
 
 
41,961,642
Student Loans Asset-Backed Securities — 4.4%
Commonbond Student Loan Trust
 
 
Series 2021-AGS, Class B,
1.400% 3/25/52 (a)
133,474
99,220
The accompanying notes are an integral part of the financial statements.
 
 
25

TABLE OF CONTENTS

     
MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued)
     
 
Principal Amount
Value
Series 2018-CGS, Class C,
4.350% 2/25/46 (a)
$9,831
$8,600
Series 2019-AGS, Class A2, 1 mo. USD Term SOFR + 1.014%
6.344% FRN 1/25/47 (a)
152,949
148,847
ELFI Graduate Loan Program LLC, Series 2018-A, Class A1, 1 mo. USD Term SOFR + 0.864%
 
 
6.194% FRN 8/25/42 (a)
237,288
235,841
Goal Capital Funding Trust, Series 2010-1, Class A, 90 day USD SOFR Average + 0.962%
 
 
6.320% FRN 8/25/48 (a)
43,923
43,922
JP Morgan Student Loan Trust, Series 2007-A, Class B, 90 day USD SOFR Average + 0.612%
 
 
5.973% FRN 6/28/39 (a)
164,830
147,809
Laurel Road Prime Student Loan Trust
 
 
Series 2019-A, Class A1FX,
2.340% 10/25/48 (a)
58,124
56,043
Series 2018-B, Class A2FX,
3.540% 5/26/43 (a)
40,875
40,697
Series 2017-C, Class A1, 1 mo. USD Term SOFR + 0.664%
5.994% FRN 11/25/42 (a)
6,308
6,306
Navient Private Education Refi Loan Trust
 
 
Series 2021-A, Class A,
0.840% 5/15/69 (a)
4,128,530
3,610,841
Series 2020-HA, Class A,
1.310% 1/15/69 (a)
891,353
814,466
Navient Student Loan Trust, Series 2016-7A, Class A, 30 day USD SOFR Average + 1.264%
 
 
6.585% FRN 3/25/66 (a)
1,070,693
1,074,063
Nelnet Student Loan Trust
 
 
Series 2005-2, Class B, 90 day USD SOFR Average + 0.432%
5.785% FRN 3/23/37
523,365
497,227
Series 2006-2, Class B, 90 day USD SOFR Average + 0.462%
5.823% FRN 1/25/38
269,434
228,574
Series 2006-3, Class B, 90 day USD SOFR Average + 0.512%
5.865% FRN 6/25/41
122,473
107,750
Series 2004-3, Class B, 90 day USD SOFR Average + 0.612%
5.973% FRN 10/25/40
545,845
494,649
Series 2014-2A, Class B, 30 day USD SOFR Average + 1.614% 6.935% FRN 6/25/41 (a)
295,000
284,116
 
Principal Amount
Value
SLC Student Loan Trust
 
 
Series 2006-2, Class B, 90 day USD SOFR Average + 0.492%
5.845% FRN 12/15/39
$176,152
$155,371
Series 2005-2, Class B, 90 day USD SOFR Average + 0.542%
5.895% FRN 3/15/40
582,053
531,638
SLM Student Loan Trust
 
 
Series 2006-4, Class B, 90 day USD SOFR Average + 0.462%
5.823% FRN 1/25/70
122,962
114,706
Series 2006-5, Class B, 90 day USD SOFR Average + 0.472%
5.833% FRN 10/25/40
200,789
187,932
Series 2006-2, Class B, 90 day USD SOFR Average + 0.482%
5.843% FRN 1/25/41
217,323
202,757
Series 2005-8, Class B, 90 day USD SOFR Average + 0.572%
5.933% FRN 1/25/55
191,880
181,884
Series 2004-3, Class B, 90 day USD SOFR Average + 0.732%
6.093% FRN 10/25/64
121,485
114,660
Series 2003-11, Class B, 90 day USD SOFR Average + 0.912% 6.265% FRN 12/15/38
135,043
129,345
SMB Private Education Loan Trust
 
 
Series 2019-A, Class A2B, 1 mo. USD Term SOFR + 0.984%
6.310% FRN 7/15/36 (a)
626,574
621,788
Series 2014-A, Class A3, 1 mo. USD Term SOFR + 1.614%
6.940% FRN 4/15/32 (a)
91,721
91,746
SoFi Alternative Trust, Series 2019-C, Class PT,
 
 
5.370% VRN 1/25/45 (a) (d)
388,957
374,401
SoFi Professional Loan Program LLC, Series 2018-D, Class A2FX
 
 
3.600% 2/25/48 (a)
505,588
489,301
 
 
11,094,500
Whole Loan Collateral Collateralized Mortgage
Obligations — 8.7%
Angel Oak Mortgage Trust, Series 2022-2, Class A1,
 
 
3.353% VRN 1/25/67 (a) (d)
1,983,143
1,824,875
BRAVO Residential Funding Trust, Series 2021-NQM2, Class A3,
 
 
1.435% VRN 3/25/60 (a) (d)
518,468
485,122
Cascade Funding Mortgage Trust, Series 2021-EBO1, Class A,
 
 
0.985% VRN 11/25/50 (a) (d)
668,811
632,719
 
The accompanying notes are an integral part of the financial statements.
26
 

TABLE OF CONTENTS

     
MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued)
     
 
Principal Amount
Value
CIM Trust, Series 2019-INV3, Class A11, 30 day USD SOFR Average + 1.064%
 
 
5.500% FRN 8/25/49 (a)
$655,059
$625,105
COLT Mortgage Loan Trust, Series 2022-1, Class A1,
 
 
2.284% VRN 12/27/66 (a) (d)
7,600,036
6,664,298
Deephaven Residential Mortgage Trust, Series 2021-1, Class A3,
 
 
1.128% VRN 5/25/65 (a) (d)
334,478
307,830
First Franklin Mortgage Loan Trust, Series 2006-FF15, Class A5, 1 mo. USD Term SOFR + 0.274%
 
 
5.604% FRN 11/25/36
250,130
244,313
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, 1 mo. USD Term SOFR + 0.864%
 
 
6.194% FRN 5/25/55 (a)
4,621,933
4,622,869
OBX Trust
 
 
Series 2021-NQM2, Class A2, 1.357% VRN 5/25/61 (a) (d)
574,343
458,328
Series 2020-EXP1, Class 2A2, 1 mo. USD Term SOFR + 1.064% 6.394% FRN 2/25/60 (a)
287,305
274,501
PSMC Trust, Series 2020-2, Class A2,
 
 
3.000% VRN 5/25/50 (a) (d)
762,758
669,266
STAR Trust, Series 2021-1, Class A3,
 
 
1.528% VRN 5/25/65 (a) (d)
2,953,918
2,582,896
Starwood Mortgage Residential Trust
 
 
Series 2020-1, Class M1, 2.878% VRN 2/25/50 (a) (d)
1,000,000
823,954
Series 2019-INV1, Class A3, 2.916% VRN 9/27/49 (a) (d)
988,552
949,606
Verus Securitization Trust
 
 
Series 2021-3, Class A3, 1.437% VRN 6/25/66 (a) (d)
824,550
689,523
Series 2019-INV2, Class A3, 4.219% VRN 7/25/59 (a) (d)
228,202
222,909
 
 
22,078,114
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $135,360,156)
 
132,548,200
U.S. Government Agency Obligations and Instrumentalities (e) — 11.1%
Whole Loans — 11.1%
 
 
Federal Home Loan Mortgage Corp. STACR REMICS Trust
 
 
Series 2021-DNA6, Class M1, 30 day USD SOFR Average + 0.800% 6.120% FRN 10/25/41 (a)
2,938,006
2,937,820
 
Principal Amount
Value
Series 2021-HQA3, Class M1, 30 day USD SOFR Average + 0.850% 6.170% FRN 9/25/41 (a)
$6,581,896
$6,550,721
Series 2021-DNA7, Class M1, 30 day USD SOFR Average + 0.850% 6.170% FRN 11/25/41 (a)
1,388,124
1,387,011
Series 2022-DNA1, Class M1A, 30 day USD SOFR Average + 1.000% 6.320% FRN 1/25/42 (a)
506,795
506,632
Series 2022-DNA2, Class M1A, 30 day USD SOFR Average + 1.300% 6.620% FRN 2/25/42 (a)
2,080,824
2,085,649
Series 2020-DNA1, Class M2, 30 day USD SOFR Average + 1.814% 7.135% FRN 1/25/50 (a)
611,106
615,377
Series 2022-DNA3, Class M1A, 30 day USD SOFR Average + 2.000% 7.320% FRN 4/25/42 (a)
2,453,614
2,486,419
Series 2022-DNA5, Class M1A, 30 day USD SOFR Average + 2.950% 8.270% FRN 6/25/42 (a)
2,442,051
2,512,622
Federal Home Loan Mortgage Corp. STACR Trust, Series 2018-DNA3, Class M2A, 30 day USD SOFR Average + 2.214%
 
 
7.535% FRN 9/25/48 (a)
350,700
352,950
Federal National Mortgage Association Connecticut Avenue Securities
 
 
Series 2022-R05, Class 2M1, 30 day USD SOFR Average + 1.900% 7.220% FRN 4/25/42 (a)
642,626
646,798
Series 2023-R05, Class 1M1, 30 day USD SOFR Average + 1.900% 7.221% FRN 6/25/43 (a)
1,180,875
1,193,223
Series 2023-R03, Class 2M1, 30 day USD SOFR Average + 2.500% 7.820% FRN 4/25/43 (a)
2,523,415
2,571,749
Series 2022-R07, Class 1M1, 30 day USD SOFR Average + 2.950% 8.271% FRN 6/25/42 (a)
4,157,473
4,275,987
 
 
28,122,958
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $27,996,312)
 
$28,122,958
The accompanying notes are an integral part of the financial statements.
 
 
27

TABLE OF CONTENTS

     
MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued)
     
 
Principal Amount
Value
U.S. Treasury Obligations — 20.0%
U.S. Treasury Bonds & Notes — 20.0%
U.S. Treasury Inflation-Indexed Bonds
0.125% 2/15/51
$769,464
$459,769
0.125% 2/15/52
996,426
585,965
0.250% 2/15/50
719,268
453,882
0.625% 2/15/43
1,139,442
874,473
0.750% 2/15/42
954,772
761,628
0.750% 2/15/45
1,230,281
943,660
0.875% 2/15/47
766,056
590,426
1.000% 2/15/46
650,365
520,438
1.000% 2/15/48
1,062,347
836,238
1.000% 2/15/49
496,040
388,511
1.375% 2/15/44
1,322,420
1,159,359
1.500% 2/15/53
725,781
633,453
1.750% 1/15/28
1,176,920
1,167,011
2.125% 2/15/40
499,079
504,982
2.125% 2/15/41
647,390
655,582
2.125% 2/15/54
502,115
507,361
2.500% 1/15/29
933,075
958,513
3.375% 4/15/32
347,270
384,624
3.875% 4/15/29
1,781,041
1,947,159
U.S. Treasury Inflation-Indexed Notes
 
 
0.125% 4/15/25
2,386,380
2,327,251
0.125% 1/15/30
2,276,010
2,060,174
0.125% 7/15/30
2,344,037
2,111,609
0.125% 1/15/31
2,486,295
2,211,835
0.125% 7/15/31
2,069,856
1,831,163
0.125% 1/15/32
2,001,294
1,748,181
0.250% 7/15/29
1,445,856
1,333,121
0.375% 7/15/27
1,259,930
1,198,821
0.500% 1/15/28
1,874,205
1,773,339
0.625% 7/15/32
2,545,824
2,308,431
0.750% 7/15/28 (f)
1,497,928
1,430,956
0.875% 1/15/29
2,441,180
2,326,933
1.125% 1/15/33
2,483,184
2,328,759
1.250% 4/15/28
2,055,020
1,996,249
1.375% 7/15/33
3,318,363
3,184,563
1.625% 10/15/27
2,861,155
2,833,567
1.750% 1/15/34
1,203,168
1,187,759
2.375% 10/15/28
2,113,083
2,162,036
 
 
50,687,781
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $53,523,183)
 
50,687,781
TOTAL BONDS & NOTES
(Cost $218,220,596)
 
$212,700,974
 
Principal Amount
Value
TOTAL LONG-TERM INVESTMENTS
(Cost $218,220,596)
 
$212,700,974
Short-Term Investments — 15.4%
Commercial Paper — 15.1%
 
 
American Electric Power Co., Inc.
 
 
5.995% 5/22/24 (a)
$2,000,000
1,982,935
Bayer Corp.
 
 
6.361% 8/15/24 (a)
2,000,000
1,955,939
6.388% 7/24/24 (a)
3,000,000
2,944,185
CRH America Finance, Inc.
 
 
6.078% 6/14/24 (a)
5,000,000
4,939,376
Dentsply Sirona, Inc.
 
 
5.702% 4/04/24 (a)
5,000,000
4,994,721
5.707% 4/09/24 (a)
3,000,000
2,994,542
Eversource Energy
 
 
5.760% 4/09/24 (a)
5,000,000
4,990,943
L3Harris Technologies, Inc.
 
 
6.407% 8/27/24 (a)
3,000,000
2,928,805
Marsh & McLennan, Co.
 
 
5.478% 4/01/24 (a) (b)
2,500,000
2,498,500
Penske Truck Leasing Co. LP
 
 
5.728% 4/08/24
3,000,000
2,994,916
VW Credit, Inc.
 
 
6.028% 5/02/24 (a)
5,000,000
4,972,948
 
 
38,197,810
Repurchase Agreement — 0.3%
 
 
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (g)
759,401
759,401
TOTAL SHORT-TERM INVESTMENTS
(Cost $38,968,672)
 
38,957,211
TOTAL INVESTMENTS — 99.3%
(Cost $257,189,268) (h)
 
251,658,185
Other Assets/(Liabilities) — 0.7%
 
1,890,693
NET ASSETS — 100.0%
 
$253,548,878
Abbreviation Legend
FRN
Floating Rate Note
REMICS
Real Estate Mortgage Investment Conduits
SOFR
Secured Overnight Financing Rate
STEP
Step Coupon Bond
VRN
Variable Rate Note
 
The accompanying notes are an integral part of the financial statements.
28
 

TABLE OF CONTENTS

     
MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued)
     
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 March 31, 2024, the aggregate market value of these securities amounted to $178,101,690 or 70.24% of net assets.
(b)
This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2024, these securities amounted to a value of $6,645,191 or 2.62% of net assets.
(c)
Investment is valued using significant unobservable inputs.
(d)
Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or
agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2024.
(e)
May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(f)
All or a portion of this security is pledged/held as collateral for open derivatives. (Note 2).
(g)
Maturity value of $759,536. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $774,663.
(h)
See Note 6 for aggregate cost for federal tax purposes.
Futures contracts
 
Expiration Date
Number of Contracts
Notional Amount
Value/Net Unrealized Appreciation (Depreciation)
Long
 
 
 
 
U.S. Treasury Ultra 10 Year
6/18/24
5
$573,220
$(173)
U.S. Treasury Ultra Bond
6/18/24
1
128,003
997
 
 
 
 
$824
Short
 
 
 
 
U.S. Treasury Long Bond
6/18/24
12
$(1,442,960)
$(2,290)
U.S. Treasury Note 2 Year
6/28/24
275
(56,273,814)
40,611
U.S. Treasury Note 5 Year
6/28/24
56
(6,001,638)
8,763
 
 
 
 
$ 47,084
Centrally Cleared Interest Rate Swaps
Paid by the Fund
Received by the Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Termination
Date
Notional
Amount
Value
Upfront
Premium
Paid/
(Received)
Unrealized
Appreciation
(Depreciation)
12-Month
USD SOFR
Annually
Fixed 4.706%
Annually
11/07/25
USD
15,000,000
$(3,707)
$
$(3,707)
Fixed 2.114%
Maturity
U.S. Consumer
Price Index
Maturity
1/04/26
USD
5,500,000
33,567
33,567
12-Month
USD SOFR
Annually
Fixed 4.077%
Annually
2/02/26
USD
12,000,000
(109,624)
(109,624)
12-Month
USD SOFR
Annually
Fixed 4.213%
Annually
2/06/26
USD
12,000,000
(80,407)
(80,407)
Fixed 2.490%
Maturity
U.S. Consumer
Price Index
Maturity
7/31/26
USD
6,000,000
20,020
20,020
Fixed 2.482%
Maturity
U.S. Consumer Price Index
Maturity
9/07/26
USD
3,000,000
5,943
5,943
 
 
 
 
 
 
 
$(134,208)
$   —
$(134,208)
The accompanying notes are an integral part of the financial statements.
 
 
29

TABLE OF CONTENTS

     
MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued)
     
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
+ 23.0 BP
Maturity
Bloomberg US Treasury Inflation Notes TR Index
Maturity
Barclays PLC*
5/31/24
USD
61,094,468
$ 1,592,351
$ —
$ 1,592,351
Fed Funds
+ 18.0 BP
Maturity
Bloomberg US Treasury Inflation Notes TR Index
Maturity
BNP Paribas
SA*
7/31/24
USD
62,663,383
515,673
515,673
Fed Funds
+ 22.0 BP
Maturity
Bloomberg US Treasury Inflation Notes TR Index
Maturity
Goldman Sachs
International*
4/30/24
USD
45,782,736
2,465,941
2,465,941
Fed Funds
+ 20.0 BP
Maturity
Bloomberg US Treasury Inflation Notes TR Index
Maturity
Goldman Sachs International*
8/30/24
USD
13,450,654
110,689
110,689
 
 
 
 
 
 
 
 
$ 4,684,654
$
$ 4,684,654
*
Contracts are subject to a master netting agreement or similar agreement.
Currency Legend
USD
U.S. Dollar
 
The accompanying notes are an integral part of the financial statements.
30
 

TABLE OF CONTENTS

MassMutual Core Bond Fund — Portfolio of Investments
March 31, 2024 (Unaudited)
 
Principal
Amount
Value
Bonds & Notes — 98.5%
 
 
Corporate Debt — 38.0%
 
 
Aerospace & Defense — 0.1%
 
 
Boeing Co.
 
 
5.930% 5/01/60
$650,000
$609,398
Agriculture — 0.3%
 
 
Reynolds American, Inc.
 
 
5.850% 8/15/45
940,000
871,894
Viterra Finance BV
 
 
3.200% 4/21/31 (a)
1,290,000
1,116,746
 
 
1,988,640
Airlines — 0.2%
 
 
Spirit Airlines Pass-Through Trust, Series 2015-1A, Class A,
 
 
4.100% 10/01/29
971,578
891,156
United Airlines Pass-Through Trust, Series 2018-1, Class B,
 
 
4.600% 9/01/27
266,903
257,518
 
 
1,148,674
Auto Manufacturers — 0.7%
 
 
Ford Motor Credit Co. LLC
 
 
5.800% 3/05/27
1,151,000
1,155,257
General Motors Co.
 
 
5.150% 4/01/38
785,000
736,817
General Motors Financial Co., Inc.
 
 
3.100% 1/12/32
815,000
690,305
5.400% 5/08/27
403,000
404,054
Hyundai Capital America
 
 
1.650% 9/17/26 (a)
1,420,000
1,298,812
 
 
4,285,245
Banks — 7.8%
 
 
ABN AMRO Bank NV
 
 
4.750% 7/28/25 (a)
1,900,000
1,870,718
AIB Group PLC Secured Overnight Financing Rate + 2.330%
 
 
6.608% VRN 9/13/29 (a)
1,453,000
1,514,701
Bank of America Corp.
 
 
5 yr. CMT + 1.200%
2.482% VRN 9/21/36
1,765,000
1,411,705
3 mo. USD Term SOFR + 1.302% 3.419% VRN 12/20/28
1,485,000
1,393,139
5 yr. CMT + 2.000%
3.846% VRN 3/08/37
2,025,000
1,790,236
Bank of Ireland Group PLC Secured Overnight Financing Rate + 1.620%
 
 
5.601% VRN 3/20/30 (a)
656,000
653,390
 
Principal
Amount
Value
Bank of Montreal 5 yr. CMT + 2.979%
 
 
4.800% VRN (b)
$1,550,000
$1,514,693
Barclays PLC
 
 
5 yr. CMT + 5.867%
6.125% VRN (b)
1,500,000
1,447,696
5 yr. CMT + 5.431%
8.000% VRN (b)
1,368,000
1,365,181
BNP Paribas SA Secured Overnight Financing Rate + 1.590%
 
 
5.497% VRN 5/20/30 (a)
848,000
849,854
BPCE SA Secured Overnight Financing Rate + 1.730%
 
 
3.116% VRN 10/19/32 (a)
1,830,000
1,499,669
Citigroup, Inc. Secured Overnight Financing Rate + 3.813%
 
 
5.000% VRN (b)
1,241,000
1,233,333
Danske Bank AS 1 yr. CMT + 1.400%
 
 
5.705% VRN 3/01/30 (a)
630,000
634,025
Discover Bank 5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 1.730%
 
 
5.974% VRN 8/09/28
2,863,000
2,848,031
Goldman Sachs Group, Inc. Secured Overnight Financing Rate + 1.410%
 
 
3.102% VRN 2/24/33
1,420,000
1,214,449
HSBC Holdings PLC Secured Overnight Financing Rate + 1.285%
 
 
2.206% VRN 8/17/29
1,355,000
1,187,559
ING Groep NV
 
 
5 yr. USD Swap + 4.446%
6.500% VRN (b)
1,925,000
1,901,089
5 yr. USD ICE Swap + 4.204% 6.750% VRN (a) (b)
1,325,000
1,325,000
JP Morgan Chase & Co. 3 mo. USD Term SOFR + 2.515%
 
 
2.956% VRN 5/13/31
1,235,000
1,079,585
Lloyds Banking Group PLC
 
 
5 yr. USD Swap + 4.760%
7.500% VRN (b)
2,325,000
2,311,022
1 yr. CMT + 3.750%
7.953% VRN 11/15/33
1,075,000
1,210,326
5 yr. CMT + 3.913%
8.000% VRN (b)
950,000
956,523
Macquarie Bank Ltd. 5 yr. CMT + 1.700%
 
 
3.052% VRN 3/03/36 (a)
3,225,000
2,666,239
Morgan Stanley
 
 
Secured Overnight Financing Rate + 1.360% 2.484% VRN 9/16/36
1,290,000
1,020,241
The accompanying notes are an integral part of the financial statements.
 
 
31

TABLE OF CONTENTS

     
MassMutual Core Bond Fund — Portfolio of Investments (Continued)
     
 
Principal
Amount
Value
Secured Overnight Financing Rate + 2.620% 5.297% VRN 4/20/37
$2,435,000
$2,336,137
National Australia Bank Ltd. 5 yr. CMT + 1.700%
 
 
3.347% VRN 1/12/37 (a)
2,800,000
2,368,165
NatWest Group PLC
 
 
5 yr. CMT + 2.100%
3.754% VRN 11/01/29
725,000
712,689
5 yr. CMT + 5.625% 6.000%
VRN (b)
825,000
805,605
Societe Generale SA
 
 
1 yr. CMT + 1.300%
2.797% VRN 1/19/28 (a)
1,525,000
1,408,150
5 yr. USD ICE Swap + 5.873% 8.000% VRN (a) (b)
1,975,000
1,984,150
SVB Financial Group
 
 
4.250% (b) (c)
301,000
4,524
Swedbank AB 5 yr. CMT + 4.134%
 
 
5.625% VRN (a) (b)
1,200,000
1,192,500
Synovus Bank
 
 
5.625% 2/15/28
1,531,000
1,486,751
Toronto-Dominion Bank 5 yr. CMT + 4.075%
 
 
8.125% VRN 10/31/82
2,737,000
2,870,711
UBS Group AG 1 yr. CMT + 1.800%
 
 
6.246% VRN 9/22/29 (a)
819,000
844,971
 
 
50,912,757
Beverages — 0.3%
 
 
Bacardi Ltd./Bacardi-Martini BV
 
 
5.900% 6/15/43 (a)
437,000
439,345
Molson Coors Beverage Co.
 
 
4.200% 7/15/46
1,479,000
1,235,818
 
 
1,675,163
Biotechnology — 0.2%
 
 
Amgen, Inc.
 
 
5.600% 3/02/43
887,000
902,455
5.750% 3/02/63
665,000
678,267
 
 
1,580,722
Chemicals — 0.3%
 
 
Dow Chemical Co.
 
 
5.600% 2/15/54
701,000
698,233
LYB International Finance III LLC
 
 
4.200% 5/01/50
1,350,000
1,056,031
 
 
1,754,264
Computers — 0.1%
 
 
Kyndryl Holdings, Inc.
 
 
6.350% 2/20/34
570,000
585,083
 
Principal
Amount
Value
Diversified Financial Services — 3.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
 
 
3.300% 1/30/32
$1,885,000
$1,616,682
Antares Holdings LP
 
 
2.750% 1/15/27 (a)
985,000
882,444
3.950% 7/15/26 (a)
2,800,000
2,631,386
8.500% 5/18/25 (a)
1,185,000
1,205,389
ARES Finance Co. III LLC 5 yr. CMT + 3.237%
 
 
4.125% VRN 6/30/51 (a)
1,715,000
1,591,079
ARES Finance Co. LLC
 
 
4.000% 10/08/24 (a)
2,180,000
2,144,631
Avolon Holdings Funding Ltd.
 
 
2.528% 11/18/27 (a)
2,970,000
2,641,489
3.250% 2/15/27 (a)
1,545,000
1,434,811
4.250% 4/15/26 (a)
1,596,000
1,540,335
Blue Owl Finance LLC
 
 
3.125% 6/10/31 (a)
1,765,000
1,477,827
4.125% 10/07/51 (a)
1,114,000
761,717
Charles Schwab Corp.
 
 
5 yr. CMT + 3.168%
4.000% VRN (b)
2,075,000
1,941,315
Secured Overnight Financing
Rate + 2.500%
 
 
5.853% VRN 5/19/34
904,000
925,739
Global Aircraft Leasing Co. Ltd.
 
 
6.500% 9/15/24 (a)
1,989,054
1,891,846
 
 
22,686,690
Electric — 1.8%
 
 
Cleveland Electric Illuminating Co.
 
 
5.950% 12/15/36
539,000
543,654
CMS Energy Corp.
 
 
4.700% 3/31/43
600,000
529,226
4.875% 3/01/44
640,000
594,517
Dominion Energy South Carolina, Inc.
 
 
6.250% 10/15/53
246,000
275,379
Dominion Energy, Inc.
 
 
5.950% 6/15/35
620,000
638,270
Duke Energy Florida LLC
 
 
6.200% 11/15/53
632,000
696,772
Emera, Inc. 3 mo. USD LIBOR + 5.440%
 
 
6.750% VRN 6/15/76
1,625,000
1,604,889
Entergy Texas, Inc.
 
 
5.800% 9/01/53
1,112,000
1,147,980
Indianapolis Power & Light Co.
 
 
5.700% 4/01/54 (a)
358,000
358,949
 
The accompanying notes are an integral part of the financial statements.
32
 

TABLE OF CONTENTS

     
MassMutual Core Bond Fund — Portfolio of Investments (Continued)
     
 
Principal
Amount
Value
IPALCO Enterprises, Inc.
 
 
5.750% 4/01/34 (a)
$547,000
$545,265
MidAmerican Energy Co.
 
 
5.300% 2/01/55
487,000
481,740
NextEra Energy Capital Holdings, Inc. 5 yr. CMT + 2.547%
 
 
3.800% VRN 3/15/82
1,165,000
1,056,925
Pacific Gas & Electric Co.
 
 
2.500% 2/01/31
945,000
785,842
Sempra
 
 
5 yr. CMT + 2.868%
4.125% VRN 4/01/52
960,000
885,644
6.000% 10/15/39
171,000
174,150
Tampa Electric Co.
 
 
4.450% 6/15/49
421,000
360,560
Virginia Electric & Power Co.
 
 
5.350% 1/15/54
918,000
899,839
 
 
11,579,601
Entertainment — 0.2%
 
 
Warnermedia Holdings, Inc.
 
 
4.279% 3/15/32
1,250,000
1,116,548
Food — 0.7%
 
 
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
 
 
3.625% 1/15/32 (d)
2,285,000
1,955,126
Smithfield Foods, Inc.
 
 
2.625% 9/13/31 (a)
1,555,000
1,217,751
3.000% 10/15/30 (a) (d)
1,208,000
1,000,052
4.250% 2/01/27 (a)
650,000
624,190
 
 
4,797,119
Gas — 0.2%
 
 
CenterPoint Energy Resources Corp.
 
 
6.625% 11/01/37
1,370,000
1,491,685
Hand & Machine Tools — 0.3%
 
 
Regal Rexnord Corp.
 
 
6.050% 4/15/28 (a)
1,720,000
1,743,673
Health Care – Services — 0.3%
 
 
HCA, Inc.
 
 
5.900% 6/01/53
1,385,000
1,392,648
Humana, Inc.
 
 
5.750% 4/15/54
815,000
820,310
 
 
2,212,958
Insurance — 7.0%
 
 
Allianz SE 5 yr. CMT + 2.973%
 
 
3.500% VRN (a) (b)
4,400,000
4,081,013
 
Principal
Amount
Value
Allstate Corp., (Acquired 11/30/18, Cost $3,292,364), 3 mo. USD Term SOFR + 3.200%
 
 
8.507% VRN 8/15/53 (e)
$3,220,000
$3,220,953
Arthur J Gallagher & Co.
 
 
5.750% 7/15/54
564,000
564,773
Ascot Group Ltd.
 
 
4.250% 12/15/30 (a)
2,025,000
1,665,132
Athene Global Funding
 
 
2.673% 6/07/31 (a)
2,820,000
2,336,178
5.684% 2/23/26 (a)
1,515,000
1,520,637
AXIS Specialty Finance LLC 5 yr. CMT + 3.186%
 
 
4.900% VRN 1/15/40
1,530,000
1,364,697
Brighthouse Financial, Inc.
 
 
4.700% 6/22/47
1,305,000
1,034,837
CNO Global Funding
 
 
2.650% 1/06/29 (a)
1,340,000
1,166,844
Corebridge Financial, Inc. 5 yr.
CMT + 3.846%
 
 
6.875% VRN 12/15/52
2,899,000
2,902,474
Enstar Finance LLC
 
 
HYB, 5 yr. CMT + 4.006%
5.500% VRN 1/15/42
900,000
838,430
5 yr. CMT + 5.468%
5.750% VRN 9/01/40
2,400,000
2,327,771
Equitable Holdings, Inc. 5 yr. CMT + 4.736% 4.950% VRN (b)
925,000
903,993
Global Atlantic Fin Co.
 
 
3.125% 6/15/31 (a)
3,006,000
2,489,390
5 yr. CMT + 3.796%
4.700% VRN 10/15/51 (a)
3,275,000
2,951,508
6.750% 3/15/54 (a)
414,000
424,686
Hanwha Life Insurance Co. Ltd. 5 yr. CMT + 1.850%
 
 
3.379% VRN 2/04/32 (a)
2,365,000
2,191,862
Hill City Funding Trust
 
 
4.046% 8/15/41 (a)
3,710,000
2,706,523
Liberty Mutual Group, Inc. 5 yr. CMT + 3.315%
 
 
4.125% VRN 12/15/51 (a)
1,295,000
1,169,063
MetLife Capital Trust IV
 
 
7.875% 12/15/67 (a)
825,000
884,505
Sammons Financial Group, Inc.
 
 
3.350% 4/16/31 (a)
4,555,000
3,719,401
4.450% 5/12/27 (a)
80,000
76,265
4.750% 4/08/32 (a)
90,000
79,134
6.875% 4/15/34 (a)
831,000
836,673
USF&G Capital I
 
 
8.500% 12/15/45 (a)
1,015,000
1,149,104
The accompanying notes are an integral part of the financial statements.
 
 
33

TABLE OF CONTENTS

     
MassMutual Core Bond Fund — Portfolio of Investments (Continued)
     
 
Principal
Amount
Value
Vitality Re XV Ltd. 3 mo. U.S. Treasury Bill Rate + 2.500%
 
 
7.862% FRN 1/08/28 (a)
$3,276,000
$3,271,414
 
 
45,877,260
Investment Companies — 2.0%
 
 
ARES Capital Corp.
 
 
2.150% 7/15/26
2,080,000
1,915,326
5.875% 3/01/29
982,000
979,063
BlackRock TCP Capital Corp.
 
 
3.900% 8/23/24
1,137,000
1,126,367
Blackstone Private Credit Fund
 
 
2.625% 12/15/26
3,350,000
3,056,615
Blue Owl Credit Income Corp.
 
 
4.700% 2/08/27
1,855,000
1,759,776
Blue Owl Technology Finance Corp. II
 
 
6.750% 4/04/29 (a) (g)
1,303,000
1,286,837
Golub Capital BDC, Inc.
 
 
2.500% 8/24/26
1,065,000
978,502
6.000% 7/15/29
1,311,000
1,287,558
HPS Corporate Lending Fund
 
 
6.750% 1/30/29 (a)
620,000
618,865
 
 
13,008,909
Media — 1.0%
 
 
CCO Holdings LLC/CCO Holdings Capital Corp.
 
 
5.125% 5/01/27 (a)
1,000,000
952,772
Charter Communications Operating LLC/Charter Communications Operating Capital
 
 
2.300% 2/01/32 (d)
1,165,000
898,807
6.484% 10/23/45
1,745,000
1,617,305
Discovery Communications LLC
 
 
4.000% 9/15/55
1,086,000
743,227
Paramount Global
 
 
5 yr. CMT + 3.999%
6.375% VRN 3/30/62
1,100,000
1,016,372
6.875% 4/30/36
1,100,000
1,038,914
Time Warner Cable LLC
 
 
6.750% 6/15/39
600,000
571,482
 
 
6,838,879
Oil & Gas — 2.0%
 
 
BP Capital Markets PLC
 
 
5 yr. CMT + 4.398% 4.875%
VRN (b)
1,540,000
1,469,192
5 yr. CMT + 2.153% 6.450%
VRN (b)
720,000
745,624
EQT Corp.
 
 
3.900% 10/01/27
660,000
627,352
7.000% STEP 2/01/30
1,800,000
1,912,403
 
Principal
Amount
Value
Ovintiv, Inc.
 
 
6.500% 8/15/34
$885,000
$938,799
6.500% 2/01/38
530,000
552,142
7.100% 7/15/53
1,549,000
1,733,074
Patterson-UTI Energy, Inc.
 
 
3.950% 2/01/28 (d)
2,105,000
1,989,483
5.150% 11/15/29 (d)
1,350,000
1,320,860
Petroleos Mexicanos
 
 
5.350% 2/12/28
845,000
748,572
6.375% 1/23/45
585,000
377,204
6.500% 3/13/27
295,000
277,860
6.625% 6/15/38
202,000
143,841
 
 
12,836,406
Oil & Gas Services — 0.2%
 
 
Nov, Inc.
 
 
3.950% 12/01/42
1,628,000
1,241,519
Pharmaceuticals — 1.0%
 
 
AbbVie, Inc.
 
 
4.700% 5/14/45
745,000
696,645
Cigna Group
 
 
4.800% 7/15/46
1,010,000
918,111
CVS Health Corp.
 
 
5.050% 3/25/48
370,000
336,026
5.875% 6/01/53
675,000
686,683
6.125% 9/15/39
895,000
926,255
CVS Pass-Through Trust
 
 
5.926% 1/10/34 (a)
1,453,183
1,426,806
Utah Acquisition Sub, Inc.
 
 
5.250% 6/15/46
2,105,000
1,746,341
 
 
6,736,867
Pipelines — 1.5%
 
 
Cheniere Energy, Inc.
 
 
5.650% 4/15/34 (a)
431,000
434,078
Energy Transfer LP
 
 
5.950% 5/15/54
651,000
649,663
3 mo. USD Term SOFR + 4.290% 9.597% VRN (b)
2,635,000
2,623,791
EnLink Midstream Partners LP
 
 
5.450% 6/01/47
1,150,000
1,000,822
Enterprise Products Operating LLC
3 mo. USD Term SOFR + 3.295%
 
 
5.250% VRN 8/16/77
1,250,000
1,186,132
Plains All American Pipeline LP
3 mo. USD Term SOFR + 4.372%
 
 
9.679% VRN (b)
2,590,000
2,573,623
Plains All American Pipeline LP/PAA Finance Corp.
 
 
4.700% 6/15/44
1,395,000
1,184,020
 
 
9,652,129
 
The accompanying notes are an integral part of the financial statements.
34
 

TABLE OF CONTENTS

     
MassMutual Core Bond Fund — Portfolio of Investments (Continued)
     
 
Principal
Amount
Value
Private Equity — 0.7%
 
 
Apollo Management Holdings LP
5 yr. CMT + 3.266%
 
 
4.950% VRN 1/14/50 (a)
$1,805,000
$1,707,880
Brookfield Finance, Inc.
 
 
5.968% 3/04/54
1,491,000
1,542,296
KKR Group Finance Co. VIII LLC
 
 
3.500% 8/25/50 (a)
920,000
646,230
KKR Group Finance Co. X LLC
 
 
3.250% 12/15/51 (a)
1,182,000
795,211
 
 
4,691,617
Real Estate — 0.1%
 
 
CBRE Services, Inc.
 
 
5.500% 4/01/29
587,000
590,544
Real Estate Investment Trusts (REITS) — 3.1%
Broadstone Net Lease LLC
 
 
2.600% 9/15/31
2,126,000
1,679,889
Global Net Lease, Inc./Global Net Lease Operating Partnership LP
 
 
3.750% 12/15/27 (a)
2,675,000
2,288,964
GLP Capital LP/GLP Financing II, Inc.
 
 
5.750% 6/01/28
1,150,000
1,150,850
Kimco Realty OP LLC
 
 
4.125% 12/01/46
555,000
424,808
4.450% 9/01/47
1,055,000
858,589
Omega Healthcare Investors, Inc.
 
 
3.375% 2/01/31
1,645,000
1,404,111
3.625% 10/01/29
800,000
714,091
4.500% 4/01/27
478,000
462,573
Piedmont Operating Partnership LP
 
 
2.750% 4/01/32
1,055,000
758,131
9.250% 7/20/28
772,000
822,108
Rexford Industrial Realty LP
 
 
2.125% 12/01/30
1,075,000
878,652
Service Properties Trust
 
 
4.950% 10/01/29
1,320,000
1,080,648
Store Capital LLC
 
 
4.500% 3/15/28 (d)
700,000
663,465
4.625% 3/15/29 (d)
2,950,000
2,779,278
VICI Properties LP/VICI Note Co., Inc.
 
 
3.750% 2/15/27 (a)
870,000
824,543
WEA Finance LLC
 
 
2.875% 1/15/27 (a)
1,965,000
1,797,036
WEA Finance LLC/Westfield UK & Europe Finance PLC
 
 
3.750% 9/17/24 (a)
1,575,000
1,554,414
 
 
20,142,150
 
Principal
Amount
Value
Retail — 0.0%
 
 
Alimentation Couche-Tard, Inc.
 
 
5.617% 2/12/54 (a)
$214,000
$216,008
Software — 0.4%
 
 
Electronic Arts, Inc.
 
 
2.950% 2/15/51
1,050,000
701,875
Microsoft Corp.
 
 
2.921% 3/17/52
1,425,000
1,007,439
Oracle Corp.
 
 
6.900% 11/09/52
631,000
726,062
 
 
2,435,376
Telecommunications — 1.4%
 
 
AT&T, Inc.
 
 
3.550% 9/15/55
4,280,000
2,992,685
British Telecommunications PLC
 
 
9.625% STEP 12/15/30
1,285,000
1,576,220
Cisco Systems, Inc.
 
 
5.300% 2/26/54
268,000
275,098
Motorola Solutions, Inc.
 
 
5.400% 4/15/34
724,000
722,570
Sprint Capital Corp.
 
 
8.750% 3/15/32
1,260,000
1,527,815
T-Mobile USA, Inc.
 
 
6.000% 6/15/54
922,000
985,476
Vodafone Group PLC
 
 
4.250% 9/17/50
1,075,000
867,740
 
 
8,947,604
Venture Capital — 0.6%
 
 
Hercules Capital, Inc.
 
 
2.625% 9/16/26
3,352,000
3,043,874
3.375% 1/20/27
1,295,000
1,189,252
 
 
4,233,126
TOTAL CORPORATE DEBT
(Cost $263,596,988)
 
247,616,614
Non-U.S. Government Agency Obligations — 23.3%
Commercial Mortgage-Backed Securities — 9.3%
Bank, Series 2020-BN30, Class MCDF,
 
 
2.918% VRN 12/15/53 (f)
$3,165,000
$1,753,684
Benchmark Mortgage Trust
 
 
Series 2021-B23, Class 360A, 2.760% VRN 2/15/54 (a) (f)
3,150,000
2,372,880
Series 2021-B23, Class 360B, 2.760% VRN 2/15/54 (a) (f)
4,800,000
3,337,549
Series 2021-B25, Class 300C, 2.994% VRN 4/15/54 (a) (f)
3,100,000
2,258,103
The accompanying notes are an integral part of the financial statements.
 
 
35

TABLE OF CONTENTS

     
MassMutual Core Bond Fund — Portfolio of Investments (Continued)
     
 
Principal
Amount
Value
BGME Trust
 
 
Series 2021-VR, Class C,
2.995% VRN 1/10/43 (a) (f)
$16,248,000
$12,768,119
Series 2021-VR, Class D,
2.995% VRN 1/10/43 (a) (f)
3,790,000
2,839,307
BMO Mortgage Trust, Series 2023-C4, Class A5,
 
 
5.117% VRN 2/15/56 (f)
1,300,000
1,306,822
BX Trust, Series 2023-LIFE, Class C
 
 
5.884% 2/15/28 (a)
1,500,000
1,442,343
CARS-DB4 LP
 
 
Series 2020-1A, Class A3,
3.250% 2/15/50 (a)
552,734
484,607
Series 2020-1A, Class A6,
3.810% 2/15/50 (a)
486,119
414,173
Citigroup Commercial Mortgage Trust, Series 2019-GC41, Class C
 
 
3.502% 8/10/56
1,259,000
1,010,177
COLEM Mortgage Trust, Series 
2022-HLNE, Class D,
 
 
2.461% VRN 4/12/42 (a) (f)
1,900,000
1,520,444
COMM Mortgage Trust
 
 
Series 2015-CR23, Class B,
4.183% VRN 5/10/48 (f)
1,200,000
1,131,342
Series 2015-CR23, Class C,
4.283% VRN 5/10/48 (f)
1,050,000
959,419
DROP Mortgage Trust
 
 
Series 2021-FILE, Class C, 1 mo. USD Term SOFR + 2.364%
7.690% FRN 10/15/43 (a)
3,365,000
2,964,174
Series 2021-FILE, Class D, 1 mo. USD Term SOFR + 2.864%
8.190% FRN 10/15/43 (a)
1,162,000
919,085
GS Mortgage Securities Trust, Series 2019-GC39, Class C,
 
 
4.005% VRN 5/10/52 (f)
1,357,000
996,607
KREF Ltd.
 
 
Series 2021-FL2, Class B, 1 mo. USD Term SOFR + 1.764%
7.090% FRN 2/15/39 (a)
3,500,000
3,318,556
Series 2021-FL2, Class C, 1 mo. USD Term SOFR + 2.114%
7.440% FRN 2/15/39 (a)
5,800,000
5,401,748
Series 2021-FL2, Class D, 1 mo. USD Term SOFR + 2.314%
7.640% FRN 2/15/39 (a)
3,200,000
2,855,273
Life Mortgage Trust, Series 
2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864%
 
 
7.190% FRN 3/15/38 (a)
2,505,591
2,449,219
 
Principal
Amount
Value
MFT Mortgage Trust
 
 
Series 2020-ABC, Class A,
3.358% 2/10/42 (a)
$1,185,000
$807,528
Series 2020-ABC, Class B,
3.477% VRN 2/10/42 (a) (f)
1,278,000
819,941
VASA Trust, Series 2021-VASA, Class D, 1 mo. USD Term SOFR + 2.214%
 
 
7.541% FRN 7/15/39 (a)
4,879,000
3,300,338
Wells Fargo Commercial Mortgage Trust
 
 
Series 2018-C45, Class B,
4.556% 6/16/51
390,000
356,186
Series 2021-FCMT, Class B, 1 mo. USD Term SOFR + 1.964%
7.291% FRN 5/15/31 (a)
3,000,000
2,912,977
 
 
60,700,601
Home Equity Asset-Backed Securities — 0.1%
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD Term SOFR + 1.314%
 
 
6.644% FRN 11/25/35 (a)
338,626
333,597
Other Asset-Backed Securities — 9.2%
AASET Trust, Series 2021-2A, Class B
 
 
3.538% 1/15/47 (a)
947,433
797,217
Anchorage Capital CLO 9 Ltd., Series 2016-9A, Class CR2, 3 mo. USD Term SOFR + 2.512%
 
 
7.826% FRN 7/15/32 (a)
830,000
830,038
Apidos CLO XLIV Ltd., Series 2023-44A, Class B, 3 mo. USD Term SOFR + 2.550%
 
 
7.874% FRN 4/26/35 (a)
1,750,000
1,757,548
Bain Capital Credit CLO Ltd., Series 2022-1A, Class A1, 3 mo. USD Term SOFR + 1.320%
 
 
6.618% FRN 4/18/35 (a)
1,000,000
1,000,174
Business Jet Securities LLC, Series 2021-1A, Class C
 
 
5.067% 4/15/36 (a)
544,355
523,432
Eaton Vance CLO Ltd.
 
 
Series 2018-1A, Class B, 3 mo. USD Term SOFR + 2.012%
7.326% FRN 10/15/30 (a)
1,700,000
1,700,185
Series 2020-1A, Class CR, 3 mo. USD Term SOFR + 2.312%
7.626% FRN 10/15/34 (a)
400,000
399,983
 
The accompanying notes are an integral part of the financial statements.
36
 

TABLE OF CONTENTS

     
MassMutual Core Bond Fund — Portfolio of Investments (Continued)
     
 
Principal
Amount
Value
Elmwood CLO I Ltd., Series 2019-1A, Class A1RR, 3 mo. USD Term SOFR + 1.520%
 
 
6.831% FRN 4/20/37 (a)
$3,000,000
$3,007,236
Elmwood CLO III Ltd., Series 2019-3A, Class BR, 3 mo. USD Term SOFR + 1.912%
 
 
7.229% FRN 10/20/34 (a)
1,300,000
1,301,195
Flatiron CLO 20 Ltd., Series 2020-1A, Class BR, 3 mo. USD Term SOFR + 1.920%
 
 
7.220% FRN 5/20/36 (a) (g)
500,000
500,090
Goodgreen Trust
 
 
Series 2019-2A, Class A,
2.760% 4/15/55 (a)
2,014,484
1,700,609
Series 2016-1A, Class A,
3.230% 10/15/52 (a)
798,335
718,255
Series 2017-1A, Class A,
3.740% 10/15/52 (a)
383,368
346,727
Series 2019-1A, Class A,
3.860% 10/15/54 (a)
771,534
692,642
Series 2018-1A, Class A,
3.930% VRN 10/15/53 (a) (f)
996,353
907,575
Hero Funding Trust
 
 
Series 2016-3A, Class A1,
3.080% 9/20/42 (a)
325,013
287,486
Series 2017-3A, Class A1,
3.190% 9/20/48 (a)
363,824
312,905
Series 2017-2A, Class A1,
3.280% 9/20/48 (a)
109,401
95,246
Series 2016-4A, Class A1,
3.570% 9/20/47 (a)
341,355
305,392
Series 2017-2A, Class A2,
4.070% 9/20/48 (a)
87,950
78,614
Series 2018-1A, Class A2,
4.670% 9/20/48 (a)
641,645
597,144
HPS Loan Management Ltd., Series 2023-18A, Class B, 3 mo. USD Term SOFR + 2.950%
 
 
8.268% FRN 7/20/36 (a)
1,000,000
1,011,925
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1
 
 
4.300% 1/15/42 (a)
1,547,814
1,378,483
MACH 1 Cayman Ltd., Series 2019-1, Class A
 
 
3.474% 10/15/39 (a)
1,037,244
937,689
Madison Park Funding XXIX Ltd., Series 2018-29A, Class C, 3 mo. USD Term SOFR + 2.462%
 
 
7.760% FRN 10/18/30 (a)
680,000
680,119
 
Principal
Amount
Value
Madison Park Funding XXVIII Ltd., Series 2018-28A, Class B, 3 mo. USD Term SOFR + 1.862%
 
 
7.176% FRN 7/15/30 (a)
$2,090,000
$2,090,073
Mariner Finance Issuance Trust
 
 
Series 2021-AA, Class B,
2.330% 3/20/36 (a)
1,771,000
1,570,438
Series 2021-AA, Class C,
2.960% 3/20/36 (a)
835,000
721,552
MidOcean Credit CLO XII Ltd., Series 2023-12A, Class CR, 3 mo. USD Term SOFR + 2.450%
 
 
1.000% FRN 4/18/36 (a) (g)
700,000
700,123
MidOcean Credit CLO XIV Ltd., Series 2024-14A, Class A1, 3 mo. USD Term SOFR + 1.580%
 
 
6.878% FRN 4/15/37 (a)
2,000,000
2,001,350
Mosaic Solar Loan Trust, Series 
2018-1A, Class A
 
 
4.010% 6/22/43 (a)
130,839
122,438
Mosaic Solar Loans LLC
 
 
Series 2017-2A, Class A,
3.820% 6/22/43 (a)
287,756
268,241
Series 2017-1A, Class A,
4.450% 6/20/42 (a)
122,095
117,222
Neuberger Berman Loan Advisers CLO 45 Ltd., Series 2021-45A, Class B, 3 mo. USD Term SOFR + 1.912%
 
 
7.226% FRN 10/14/35 (a)
1,350,000
1,350,921
Parallel Ltd., Series 2021-2A, Class A2, 3 mo. USD Term
SOFR + 2.112%
 
 
7.429% FRN 10/20/34 (a)
550,000
550,039
Rad CLO 12 Ltd., Series 2021-12A, Class A, 3 mo. USD Term SOFR + 1.432%
 
 
6.749% FRN 10/30/34 (a)
2,000,000
2,001,658
Regatta XIV Funding Ltd., Series 2018-3A, Class B, 3 mo. USD Term SOFR + 2.112%
 
 
7.436% FRN 10/25/31 (a)
1,030,000
1,030,845
RR 7 Ltd., Series 2019-7A, Class A2B, 3 mo. USD Term SOFR + 1.850%
 
 
7.167% FRN 1/15/37 (a)
750,000
749,977
Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class D
 
 
3.170% 11/20/37 (a)
581,820
541,080
Structured Receivables Finance LLC, Series 2010-B, Class A
 
 
3.730% 8/15/36 (a)
55,103
54,124
The accompanying notes are an integral part of the financial statements.
 
 
37

TABLE OF CONTENTS

     
MassMutual Core Bond Fund — Portfolio of Investments (Continued)
     
 
Principal
Amount
Value
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A
 
 
4.870% 7/20/48 (a)
$540,577
$511,061
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A
 
 
4.190% 1/15/71 (a)
1,564,562
1,426,173
Symphony CLO 30 Ltd., Series 
2023-30A, Class B, 3 mo. USD Term SOFR + 2.650%
 
 
7.968% FRN 4/20/35 (a)
1,875,000
1,877,524
Symphony CLO 39 Ltd., Series 
2023-39A, Class B, 3 mo. USD Term SOFR + 2.300%
 
 
7.712% FRN 4/25/34 (a)
1,500,000
1,502,967
Symphony CLO 42 Ltd., Series 
2024-42A, Class A1, 3 mo. USD Term SOFR + 1.530%
 
 
6.837% FRN 4/17/37 (a)
2,000,000
1,999,244
THL Credit Wind River CLO Ltd., Series 2018-3A, Class B, 3 mo. USD Term SOFR + 1.962%
 
 
7.279% FRN 1/20/31 (a)
2,440,000
2,440,112
Thrust Engine Leasing DAC
 
 
Series 2021-1A, Class A,
4.163% 7/15/40 (a)
3,269,593
3,013,126
Series 2021-1A, Class B,
6.121% 7/15/40 (a)
1,484,483
1,352,884
Series 2021-1A, Class C,
7.386% 7/15/40 (a)
624,688
549,744
TICP CLO XIV Ltd., Series 2019-14A, Class A2R, 3 mo. USD Term SOFR + 1.912%
 
 
7.229% FRN 10/20/32 (a)
1,100,000
1,100,506
TICP CLO XV Ltd., Series 2020-15A, Class A, 3 mo. USD Term SOFR + 1.542%
 
 
6.859% FRN 4/20/33 (a)
4,200,000
4,204,196
Vivint Solar Financing V LLC, Series 2018-1A, Class B
 
 
7.370% 4/30/48 (a)
1,532,139
1,428,739
Voya CLO Ltd.
 
 
Series 2021-3A, Class B, 3 mo. USD Term SOFR + 1.862%
7.179% FRN 1/20/35 (a)
500,000
496,395
Series 2015-3A, Class A3R, 3 mo. USD Term SOFR + 1.962%
7.279% FRN 10/20/31 (a)
1,500,000
1,499,472
WAVE Trust, Series 2017-1A, Class C
 
 
6.656% 11/15/42 (a)
2,241,207
450,506
 
Principal
Amount
Value
Willis Engine Structured Trust IV, Series 2018-A, Class A,
 
 
4.750% STEP 9/15/43 (a)
$426,734
$407,326
 
 
59,997,965
Student Loans Asset-Backed Securities — 2.5%
College Avenue Student Loans LLC
 
 
Series 2019-A, Class B,
3.810% 12/28/48 (a)
1,293,406
1,176,493
Series 2019-A, Class C,
4.460% 12/28/48 (a)
864,586
785,949
Education Loan Asset-Backed Trust I
 
 
Series 2003-1, Class A2,
5.272% FRN 2/01/43 (a) (f)
1,300,000
1,202,470
Series 2003-2, Class 2A1,
6.258% FRN 8/01/43 (a) (f)
1,950,000
1,816,056
Series 2013-1, Class B1, 30 day USD SOFR Average + 1.114% 6.435% FRN 11/25/33 (a)
523,719
509,981
Higher Education Funding I
 
 
Series 2004-1, Class B1,
5.784% FRN 1/01/44 (a) (f)
600,000
516,403
Series 2004-1, Class B2,
5.793% FRN 1/01/44 (a) (f)
600,000
516,371
Navient Student Loan Trust, Series 2018-EA, Class B
 
 
4.440% 12/15/59 (a)
730,000
666,148
Nelnet Student Loan Trust
 
 
Series 2019-5, Class B,
3.450% 10/25/67 (a)
2,850,000
2,150,684
Series 2014-3A, Class B, 30 day USD SOFR Average + 1.614% 6.935% FRN 10/25/50 (a)
975,000
915,421
Series 2015-2A, Class B, 30 day USD SOFR Average + 1.614% 6.935% FRN 5/26/54 (a)
1,130,000
1,113,352
SLC Student Loan Trust, Series 
2005-1, Class B, 90 day USD SOFR Average + 0.462%
 
 
5.822% FRN 2/15/45
796,949
716,876
SLM Student Loan Trust
 
 
Series 2006-5, Class B, 90 day USD SOFR Average + 0.472%
5.833% FRN 10/25/40
1,409,044
1,318,818
Series 2005-8, Class B, 90 day USD SOFR Average + 0.572%
5.933% FRN 1/25/55
930,327
881,862
SoFi Alternative Trust, Series 2019-C, Class PT,
 
 
5.370% VRN 1/25/45 (a) (f)
1,806,713
1,739,100
 
 
16,025,984
 
The accompanying notes are an integral part of the financial statements.
38
 

TABLE OF CONTENTS

     
MassMutual Core Bond Fund — Portfolio of Investments (Continued)
     
 
Principal
Amount
Value
Whole Loan Collateral Collateralized Mortgage
Obligations — 2.2%
Banc of America Mortgage Trust, Series 2004-G, Class 2A7,
 
 
5.258% VRN 8/25/34 (f)
$22,216
$21,671
Credit Suisse Mortgage Trust, Series 2021-NQM3, Class M1,
 
 
2.317% VRN 4/25/66 (a) (f)
1,670,000
1,057,649
Flagstar Mortgage Trust, Series 
2021-6INV, Class A18,
 
 
2.500% VRN 8/25/51 (a) (f)
4,375,228
3,470,786
New Residential Mortgage Loan Trust, Series 2021-INV1, Class A4,
 
 
2.500% VRN 6/25/51 (a) (f)
2,627,042
2,082,341
NMLT Trust, Series 2021-INV1, Class M1,
 
 
2.711% VRN 5/25/56 (a) (f)
3,723,000
2,577,933
STAR Trust, Series 2021-1, Class M1,
 
 
2.363% VRN 5/25/65 (a) (f)
5,273,000
3,958,599
Starwood Mortgage Residential Trust, Series 2021-3, Class M1,
 
 
2.491% VRN 6/25/56 (a) (f)
1,840,000
1,248,176
Wells Fargo Mortgage-Backed Securities Trust, Series 2019-1, Class A1,
 
 
3.933% VRN 11/25/48 (a) (f)
28,750
26,909
 
 
14,444,064
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $174,921,047)
 
151,502,211
Sovereign Debt Obligation — 0.2%
Mexico Government International Bond
 
 
4.750% 3/08/44
1,778,000
1,479,863
TOTAL SOVEREIGN DEBT OBLIGATION
(Cost $1,789,109)
 
1,479,863
U.S. Government Agency Obligations and Instrumentalities (h) — 28.5%
Collateralized Mortgage Obligations — 0.0%
Federal Home Loan Mortgage Corp. REMICS Series 2178, Class PB 7.000% 8/15/29
43,295
44,595
Pass-Through Securities — 28.5%
 
 
Federal Home Loan Mortgage Corp.
 
 
Pool #RA4245 2.000% 12/01/50
4,195,530
3,365,848
Pool #RA4255 2.000% 1/01/51
8,526,935
6,859,356
 
Principal
Amount
Value
Pool #RA5576 2.500% 7/01/51
$7,009,629
$5,877,708
Pool #SD0905 3.000% 3/01/52
3,359,414
2,909,519
Pool #RA2483 3.500% 6/01/50
4,787,963
4,333,962
Pool #Z40047 4.000% 10/01/41
64,249
61,586
Pool #SD1523 4.000% 8/01/52
4,799,174
4,485,520
Pool #SD1603 4.000% 9/01/52
3,038,688
2,814,453
Pool #SD4364 5.500% 10/01/53
5,105,747
5,107,820
Federal National Mortgage Association
 
 
Pool #CB0414 2.500% 5/01/51
6,107,485
5,092,615
Pool #FM8596 2.500% 9/01/51
2,158,965
1,809,659
Pool #FS3035 2.500% 4/01/52
7,762,043
6,511,048
Pool #MA3029 3.000% 6/01/32
1,395,066
1,322,948
Pool #MA3090 3.000% 8/01/32
475,679
450,201
Pool #FS1075 3.000% 3/01/52
3,448,382
3,005,915
Pool #CB3304 3.000% 4/01/52
5,236,178
4,564,316
Pool #CB3305 3.000% 4/01/52
6,236,077
5,428,122
Pool #AS1304 3.500% 12/01/28
329,507
319,678
Pool #MA1356 3.500% 2/01/43
3,155,546
2,894,408
Pool #CA6096 3.500% 6/01/50
6,456,903
5,816,403
Pool #FM4017 3.500% 8/01/50
347,716
314,745
Pool #CB3842 3.500% 6/01/52
9,905,593
8,933,831
Pool #CA1909 4.500% 6/01/48
2,032,553
1,964,471
Pool #CB3866 4.500% 6/01/52
5,402,502
5,187,774
Pool #CB4129 4.500% 7/01/52
4,784,700
4,561,632
Pool #AD6437 5.000% 6/01/40
177,626
178,930
Pool #AD6996 5.000% 7/01/40
1,177,410
1,186,610
Pool #AL8173 5.000% 2/01/44
409,539
412,466
Government National Mortgage Association
 
 
Pool #781038 6.500% 5/15/29
13,981
14,208
Pool #781468 6.500% 7/15/32
1,238
1,269
Pool #781496 6.500% 9/15/32
5,498
5,615
Pool #781124 7.000% 12/15/29
2,009
2,045
Pool #781319 7.000% 7/15/31
41,389
42,403
Pool #581417 7.000% 7/15/32
6,716
6,816
Pool #565982 7.000% 7/15/32
10,089
10,423
Pool #441009 8.000% 11/15/26
138
140
Pool #522777 8.000% 12/15/29
2,528
2,592
Pool #523043 8.000% 3/15/30
91
94
Pool #529134 8.000% 3/15/30
1,025
1,067
Pool #477036 8.000% 4/15/30
105
109
Pool #503157 8.000% 4/15/30
8,738
9,085
Pool #528714 8.000% 4/15/30
816
850
Pool #544640 8.000% 11/15/30
7,182
7,500
Pool #531298 8.500% 8/15/30
368
380
Government National Mortgage Association II
 
 
Pool #MA6038 3.000% 7/20/49
2,471,790
2,198,984
Pool #MA6283 3.000% 11/20/49
4,484,383
3,986,649
The accompanying notes are an integral part of the financial statements.
 
 
39

TABLE OF CONTENTS

     
MassMutual Core Bond Fund — Portfolio of Investments (Continued)
     
 
Principal
Amount
Value
Pool #MA6409 3.000% 1/20/50
$4,668,250
$4,150,107
Pool #MA4321 3.500% 3/20/47
2,773,922
2,555,341
Government National Mortgage Association II, TBA
 
 
2.500% 4/20/54 (g)
3,900,000
3,321,516
3.000% 4/20/54 (g)
4,100,000
3,616,276
3.500% 4/20/54 (g)
5,280,000
4,804,185
4.500% 4/20/54 (g)
2,000,000
1,921,617
Uniform Mortgage-Backed Security, TBA
 
 
2.500% 4/01/54 (g)
25,575,000
21,140,336
3.000% 4/01/54 (g)
11,225,000
9,659,639
3.500% 4/01/54 (g)
2,150,000
1,923,662
4.000% 4/01/54 (g)
1,075,000
995,467
4.500% 4/01/54 (g)
3,325,000
3,166,153
5.000% 4/01/39 (g)
9,000,000
8,983,477
5.000% 4/01/54 (g)
5,275,000
5,148,482
5.500% 4/01/54 (g)
12,400,000
12,340,422
 
 
185,788,453
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $197,954,724)
 
185,833,048
U.S. Treasury Obligations — 8.5%
U.S. Treasury Bonds & Notes — 8.5%
U.S. Treasury Bonds
 
 
2.250% 8/15/49 (i)
21,950,000
14,636,677
U.S. Treasury Notes
 
 
4.625% 10/15/26
40,400,000
40,514,558
 
 
55,151,235
TOTAL U.S. TREASURY
OBLIGATIONS
(Cost $55,274,010)
 
55,151,235
TOTAL BONDS & NOTES
(Cost $693,535,878)
 
641,582,971
TOTAL LONG-TERM INVESTMENTS
(Cost $693,535,878)
 
641,582,971
Short-Term Investments — 13.3%
Commercial Paper — 12.4%
 
 
Bayer Corp.
 
 
6.361% 8/15/24 (a)
9,000,000
8,801,725
6.396% 7/26/24 (a)
7,200,000
7,063,800
CRH America Finance, Inc.
 
 
6.078% 6/14/24 (a)
10,000,000
9,878,753
6.091% 6/17/24 (a)
5,000,000
4,937,034
 
Principal
Amount
Value
Dentsply Sirona, Inc.
 
 
5.645% 4/16/24 (a)
$5,000,000
$4,985,492
5.702% 4/04/24 (a)
5,000,000
4,994,721
Eversource Energy
 
 
5.718% 4/10/24 (a)
6,000,000
5,988,223
L3Harris Technologies, Inc.
 
 
5.669% 4/22/24 (a)
8,000,000
7,969,441
5.837% 4/04/24 (a)
4,000,000
3,995,777
Marsh & McLennan, Co.
 
 
5.478% 4/01/24 (a) (j)
10,000,000
9,994,000
OGE Energy Corp.
 
 
5.698% 4/04/24 (a)
4,000,000
3,995,777
VW Credit, Inc.
 
 
6.028% 5/02/24 (a)
8,000,000
7,956,717
 
 
80,561,460
 
Number of
Shares
 
Investment of Cash Collateral from
Securities Loaned — 0.7%
State Street Navigator Securities Lending Government Money
Market Portfolio (k)
4,602,658
4,602,658
 
Principal
Amount
 
Repurchase Agreement — 0.2%
 
 
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (l)
$1,349,910
1,349,910
TOTAL SHORT-TERM
INVESTMENTS
(Cost $86,540,612)
 
86,514,028
TOTAL INVESTMENTS — 111.8%
(Cost $780,076,490) (m)
 
728,096,999
Other Assets/
(Liabilities) — (11.8)%
 
(76,903,317)
NET ASSETS — 100.0%
 
$651,193,682
 
The accompanying notes are an integral part of the financial statements.
40
 

TABLE OF CONTENTS

     
MassMutual Core Bond Fund — Portfolio of Investments (Continued)
     
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 March 31, 2024, the aggregate market value of these securities amounted to $314,238,452 or 48.26% of net assets.
(b)
Security is perpetual and has no stated maturity date.
(c)
Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At March 31, 2024, these securities amounted to a value of $4,524 or 0.00% of net assets.
(d)
Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $4,506,455 or 0.69% of net assets. (Note 2).
(e)
Restricted security. Certain securities are restricted to resale. At March 31, 2024, these securities amounted to a value of $3,220,953 or 0.49% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.
(f)
Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2024.
(g)
A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2).
(h)
May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(i)
All or a portion of this security is pledged/held as collateral for open derivatives. (Note 2).
(j)
This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2024, these securities amounted to a value of $9,994,000 or 1.53% of net assets.
(k)
Represents investment of security lending cash collateral. (Note 2).
(l)
Maturity value of $1,350,150. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $1,376,938.
(m)
See Note 6 for aggregate cost for federal tax purposes.
Country weightings, as a percentage of net assets, is as follows:
United States
80.7%
Cayman Islands
5.4%
United Kingdom
3.2%
Canada
1.9%
Ireland
1.4%
France
1.4%
Netherlands
1.0%
Bermuda
0.9%
Australia
0.8%
Germany
0.6%
Mexico
0.5%
Republic of Korea
0.3%
Sweden
0.2%
Switzerland
0.1%
Denmark
0.1%
Total Long-Term Investments
98.5%
Short-Term Investments and Other Assets and
Liabilities
1.5%
Net Assets
100.0%
The accompanying notes are an integral part of the financial statements.
 
 
41

TABLE OF CONTENTS

     
MassMutual Core Bond Fund — Portfolio of Investments (Continued)
     
Futures contracts
 
Expiration
Date
Number of
Contracts
Notional
Amount
Value/Net
Unrealized
Appreciation
(Depreciation)
Long
U.S. Treasury Long Bond
6/18/24
304
$36,360,899
$252,100
U.S. Treasury Ultra Bond
6/18/24
123
15,722,781
144,219
U.S. Treasury Note 2 Year
6/28/24
106
21,693,509
(18,165)
U.S. Treasury Note 5 Year
6/28/24
312
33,399,576
(10,701)
 
 
 
 
$ 367,453
Short
U.S. Treasury Ultra 10 Year
6/18/24
73
$(8,383,578)
$17,094
 
The accompanying notes are an integral part of the financial statements.
42
 

TABLE OF CONTENTS

MassMutual Diversified Bond Fund — Portfolio of Investments
March 31, 2024 (Unaudited)
 
Number of
Shares
Value
Equities — 0.3%
 
 
Preferred Stock — 0.3%
 
 
Financials — 0.3%
 
 
Selective Insurance Group, Inc.
4.600% Class B
18,825
$ 355,040
TOTAL PREFERRED STOCK
(Cost $470,625)
 
355,040
TOTAL EQUITIES
(Cost $470,625)
 
355,040
 
Principal
Amount
 
Bonds & Notes — 91.8%
 
 
Corporate Debt — 40.9%
 
 
Aerospace & Defense — 0.3%
 
 
Boeing Co.
 
 
5.930% 5/01/60
$140,000
 131,255
TransDigm, Inc.
 
 
5.500% 11/15/27
250,000
244,688
 
 
375,943
Agriculture — 0.3%
 
 
Reynolds American, Inc.
 
 
5.850% 8/15/45
120,000
111,306
Viterra Finance BV
 
 
3.200% 4/21/31 (a)
280,000
242,394
 
 
353,700
Airlines — 0.3%
 
 
Alaska Airlines Pass-Through Trust, Series 2020-1, Class A,
 
 
4.800% 2/15/29 (a)
327,264
319,190
United Airlines Pass-Through Trust, Series 2018-1, Class B,
 
 
4.600% 9/01/27
48,973
47,251
 
 
366,441
Auto Manufacturers — 0.5%
 
 
General Motors Co.
 
 
5.200% 4/01/45
225,000
202,130
General Motors Financial Co., Inc.
 
 
5.750% 2/08/31
335,000
338,632
Hyundai Capital America
 
 
1.650% 9/17/26 (a)
175,000
160,065
 
 
700,827
 
Principal
Amount
Value
Banks — 6.6%
 
 
AIB Group PLC Secured Overnight Financing Rate + 2.330%
 
 
6.608% VRN 9/13/29 (a)
$ 210,000
$ 218,918
Bank of America Corp.
 
 
5 yr. CMT + 1.200%
2.482% VRN 9/21/36
310,000
247,948
5 yr. CMT + 2.000%
3.846% VRN 3/08/37
460,000
406,671
Bank of Montreal 5 yr. CMT + 2.979%
 
 
4.800% VRN (b)
285,000
278,508
Barclays PLC
 
 
5 yr. CMT + 3.410%
4.375% VRN (b)
375,000
307,421
5 yr. CMT + 5.431%
8.000% VRN (b)
290,000
289,402
BNP Paribas SA 5 yr. CMT + 3.340%
 
 
4.625% VRN (a) (b)
375,000
309,348
BPCE SA Secured Overnight Financing Rate + 1.730%
 
 
3.116% VRN 10/19/32 (a)
450,000
368,771
Citigroup, Inc. Secured Overnight Financing Rate + 3.813%
 
 
5.000% VRN (b)
242,000
240,505
Discover Bank 5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 1.730%
 
 
5.974% VRN 8/09/28
468,000
465,553
HSBC Holdings PLC
 
 
6.500% 9/15/37
125,000
130,130
7.350% 11/27/32
415,000
433,656
Huntington Bancshares, Inc. 3 mo. USD Term SOFR + 3.142%
 
 
8.456% VRN (b)
510,000
500,627
ING Groep NV
 
 
5 yr. USD Swap + 4.446%
6.500% VRN (b)
400,000
395,032
5 yr. USD ICE Swap + 4.204% 6.750% VRN (a) (b)
275,000
275,000
JP Morgan Chase & Co. 3 mo. USD Term SOFR + 2.515%
 
 
2.956% VRN 5/13/31
235,000
205,427
Lloyds Banking Group PLC 5 yr. CMT + 3.913%
 
 
8.000% VRN (b)
605,000
609,154
Macquarie Bank Ltd. 5 yr. CMT + 1.700%
 
 
3.052% VRN 3/03/36 (a)
650,000
537,381
The accompanying notes are an integral part of the financial statements.
 
 
43

TABLE OF CONTENTS

     
MassMutual Diversified Bond Fund — Portfolio of Investments (Continued)
     
 
Principal
Amount
Value
Morgan Stanley
 
 
Secured Overnight Financing
Rate + 1.360%
 
 
2.484% VRN 9/16/36
$ 280,000
$221,448
Secured Overnight Financing
Rate + 2.620%
 
 
5.297% VRN 4/20/37
185,000
177,489
NatWest Group PLC
 
 
5 yr. CMT + 2.100%
3.754% VRN 11/01/29
425,000
417,783
5 yr. CMT + 2.200%
6.475% VRN 6/01/34
320,000
325,276
Nordea Bank Abp 5 yr. CMT + 4.110%
 
 
6.625% VRN (a) (b)
275,000
272,226
Societe Generale SA
 
 
1 yr. CMT + 1.300%
2.797% VRN 1/19/28 (a)
300,000
277,013
5 yr. USD ICE Swap + 5.873% 8.000% VRN (a) (b)
525,000
527,432
SVB Financial Group
 
 
4.100% (b) (c)
210,000
3,150
4.250% (b) (c)
590,000
8,868
Swedbank AB 5 yr. CMT + 4.134%
 
 
5.625% VRN (a) (b)
200,000
198,750
Toronto-Dominion Bank 5 yr. CMT + 4.075%
 
 
8.125% VRN 10/31/82
358,000
375,489
 
 
9,024,376
Beverages — 0.4%
 
 
Bacardi Ltd.
 
 
5.150% 5/15/38 (a)
200,000
190,194
Molson Coors Beverage Co.
 
 
4.200% 7/15/46
366,000
305,821
 
 
496,015
Biotechnology — 0.2%
 
 
Amgen, Inc.
 
 
5.600% 3/02/43
171,000
173,980
5.750% 3/02/63
150,000
152,992
 
 
326,972
Building Materials — 0.2%
 
 
Standard Industries, Inc.
 
 
4.375% 7/15/30 (a)
200,000
179,709
4.750% 1/15/28 (a)
151,000
144,112
 
 
323,821
Chemicals — 0.3%
 
 
Dow Chemical Co.
 
 
5.600% 2/15/54
147,000
146,420
 
Principal
Amount
Value
LYB International Finance III LLC
 
 
4.200% 5/01/50
$ 265,000
$ 207,295
 
 
353,715
Commercial Services — 0.1%
 
 
Ashtead Capital, Inc.
 
 
4.250% 11/01/29 (a)
200,000
186,455
Computers — 0.3%
 
 
Dell International LLC/EMC Corp.
 
 
8.350% 7/15/46
96,000
124,174
Kyndryl Holdings, Inc.
 
 
6.350% 2/20/34
116,000
119,070
Leidos, Inc.
 
 
5.500% 7/01/33
226,000
220,931
 
 
464,175
Distribution & Wholesale — 0.4%
 
 
H&E Equipment Services, Inc.
 
 
3.875% 12/15/28 (a)
600,000
549,290
Diversified Financial Services — 4.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
 
 
3.400% 10/29/33
385,000
324,308
Antares Holdings LP
 
 
2.750% 1/15/27 (a)
345,000
309,079
3.750% 7/15/27 (a)
605,000
552,056
8.500% 5/18/25 (a)
330,000
335,678
ARES Finance Co. III LLC 5 yr. CMT + 3.237%
 
 
4.125% VRN 6/30/51 (a)
295,000
273,684
ARES Finance Co. LLC
 
 
4.000% 10/08/24 (a)
375,000
368,916
Avolon Holdings Funding Ltd.
 
 
2.528% 11/18/27 (a)
375,000
333,521
3.250% 2/15/27 (a)
175,000
162,519
4.375% 5/01/26 (a)
480,000
463,577
BGC Group, Inc.
 
 
4.375% 12/15/25
475,000
461,926
Blue Owl Finance LLC
 
 
3.125% 6/10/31 (a)
475,000
397,716
4.125% 10/07/51 (a)
198,000
135,386
Charles Schwab Corp.
 
 
5 yr. CMT + 3.168%
4.000% VRN (b)
425,000
397,619
Secured Overnight Financing
Rate + 2.500%
 
 
5.853% VRN 5/19/34
186,000
190,473
Global Aircraft Leasing Co. Ltd.
 
 
6.500% 9/15/24 (a)
577,272
549,060
 
The accompanying notes are an integral part of the financial statements.
44
 

TABLE OF CONTENTS

     
MassMutual Diversified Bond Fund — Portfolio of Investments (Continued)
     
 
Principal
Amount
Value
OneMain Finance Corp.
 
 
4.000% 9/15/30
$ 220,000
$188,286
 
 
5,443,804
Electric — 2.1%
 
 
Berkshire Hathaway Energy Co.
 
 
5.950% 5/15/37
120,000
125,019
Cleveland Electric Illuminating Co.
 
 
5.950% 12/15/36
145,000
146,252
CMS Energy Corp.
 
 
4.700% 3/31/43
115,000
101,435
4.875% 3/01/44
125,000
116,117
Dominion Energy South Carolina, Inc.
 
 
6.250% 10/15/53
57,000
63,807
Duke Energy Florida LLC
 
 
6.200% 11/15/53
133,000
146,631
Elwood Energy LLC
 
 
8.159% 7/05/26
39,753
32,647
Indianapolis Power & Light Co.
 
 
5.700% 4/01/54 (a)
72,000
72,191
IPALCO Enterprises, Inc.
 
 
4.250% 5/01/30
365,000
339,601
Massachusetts Electric Co.
 
 
5.867% 2/26/54 (a)
355,000
362,038
MidAmerican Energy Co.
 
 
5.300% 2/01/55
104,000
102,877
NextEra Energy Capital Holdings, Inc. 5 yr. CMT + 2.547%
 
 
3.800% VRN 3/15/82
475,000
430,935
Pacific Gas & Electric Co.
 
 
4.300% 3/15/45
160,000
126,429
Sempra 5 yr. CMT + 2.789%
 
 
6.875% VRN 10/01/54
332,000
335,465
Tampa Electric Co.
 
 
4.450% 6/15/49
94,000
80,505
Virginia Electric & Power Co.
 
 
5.350% 1/15/54
197,000
193,103
6.000% 1/15/36
100,000
105,622
 
 
2,880,674
Entertainment — 0.2%
 
 
Live Nation Entertainment, Inc.
 
 
5.625% 3/15/26 (a)
77,000
76,156
Warnermedia Holdings, Inc.
 
 
4.279% 3/15/32
275,000
245,640
 
 
321,796
Food — 0.8%
 
 
JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg SARL
 
 
6.750% 3/15/34 (a)
260,000
273,188
 
Principal
Amount
Value
7.250% 11/15/53 (a)
$ 260,000
$279,442
Smithfield Foods, Inc.
 
 
2.625% 9/13/31 (a)
375,000
293,670
3.000% 10/15/30 (a)
81,000
67,056
4.250% 2/01/27 (a)
250,000
240,073
 
 
1,153,429
Gas — 0.2%
 
 
NiSource, Inc.
 
 
4.800% 2/15/44
240,000
214,690
Hand & Machine Tools — 0.2%
 
 
Regal Rexnord Corp.
 
 
6.050% 4/15/28 (a)
325,000
329,473
Health Care – Services — 0.1%
 
 
Humana, Inc.
 
 
5.750% 4/15/54
163,000
164,062
Home Builders — 0.0%
 
 
Mattamy Group Corp.
 
 
4.625% 3/01/30 (a) (d)
35,000
31,753
Insurance — 7.2%
 
 
Allianz SE 5 yr. CMT + 2.973%
 
 
3.500% VRN (a) (b)
1,176,000
1,090,743
Allstate Corp., (Acquired 7/02/19, Cost $687,600), 3 mo. USD Term SOFR + 3.200%
 
 
8.507% VRN 8/15/53 (e)
640,000
640,189
Arthur J Gallagher & Co.
 
 
5.750% 7/15/54
115,000
115,158
Ascot Group Ltd.
 
 
4.250% 12/15/30 (a)
450,000
370,029
Athene Global Funding
 
 
1.730% 10/02/26 (a)
350,000
317,625
2.950% 11/12/26 (a)
365,000
341,111
5.684% 2/23/26 (a)
145,000
145,540
Athene Holding Ltd.
 
 
6.250% 4/01/54
355,000
360,283
AXIS Specialty Finance LLC 5 yr. CMT + 3.186%
 
 
4.900% VRN 1/15/40
400,000
356,784
Brighthouse Financial, Inc.
 
 
3.850% 12/22/51
575,000
377,555
4.700% 6/22/47
125,000
99,122
Corebridge Financial, Inc. 5 yr.
CMT + 3.846%
 
 
6.875% VRN 12/15/52
600,000
600,719
Enstar Finance LLC 5 yr. CMT + 5.468%
 
 
5.750% VRN 9/01/40
910,000
882,613
The accompanying notes are an integral part of the financial statements.
 
 
45

TABLE OF CONTENTS

     
MassMutual Diversified Bond Fund — Portfolio of Investments (Continued)
     
 
Principal
Amount
Value
Equitable Holdings, Inc. 5 yr. CMT + 4.736%
 
 
4.950% VRN (b)
$ 410,000
$400,689
Global Atlantic Fin Co.
 
 
3.125% 6/15/31 (a)
310,000
256,723
5 yr. CMT + 3.796%
4.700% VRN 10/15/51 (a)
955,000
860,669
6.750% 3/15/54 (a)
81,000
83,091
Hanwha Life Insurance Co. Ltd. 5 yr. CMT + 1.850%
 
 
3.379% VRN 2/04/32 (a)
320,000
296,573
Hill City Funding Trust
 
 
4.046% 8/15/41 (a)
390,000
284,513
Liberty Mutual Group, Inc. 5 yr. CMT + 3.315%
 
 
4.125% VRN 12/15/51 (a)
255,000
230,202
Lincoln National Corp., (Acquired 11/15/22, Cost $169,000), 5 yr. CMT + 5.318%
 
 
9.250% VRN (b) (e)
169,000
182,059
MetLife Capital Trust IV
 
 
7.875% 12/15/67 (a)
225,000
241,229
Prudential Financial, Inc. 5 yr.
CMT + 3.162%
 
 
5.125% VRN 3/01/52
275,000
257,770
Sammons Financial Group, Inc.
 
 
3.350% 4/16/31 (a)
320,000
261,297
4.750% 4/08/32 (a)
790,000
694,624
6.875% 4/15/34 (a)
31,000
31,212
USF&G Capital I
 
 
8.500% 12/15/45 (a)
95,000
107,552
 
 
9,885,674
Investment Companies — 2.8%
 
 
ARES Capital Corp.
 
 
2.150% 7/15/26
455,000
418,978
5.875% 3/01/29
207,000
206,381
Blackstone Private Credit Fund
 
 
2.625% 12/15/26
155,000
141,425
4.000% 1/15/29 (d)
355,000
325,710
Blue Owl Capital Corp. II
 
 
8.450% 11/15/26 (a)
375,000
386,244
Blue Owl Credit Income Corp.
 
 
4.700% 2/08/27
410,000
388,953
Blue Owl Technology Finance Corp. II
 
 
6.750% 4/04/29 (a) (f)
257,000
253,812
Golub Capital BDC, Inc.
 
 
2.500% 8/24/26
160,000
147,005
6.000% 7/15/29
268,000
263,208
HPS Corporate Lending Fund
 
 
6.750% 1/30/29 (a)
130,000
129,762
 
Principal
Amount
Value
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
 
 
6.250% 5/15/26
$1,000,000
$965,325
Sixth Street Specialty Lending, Inc.
 
 
6.125% 3/01/29
179,000
177,965
 
 
3,804,768
Leisure Time — 0.3%
 
 
Royal Caribbean Cruises Ltd.
 
 
5.500% 8/31/26 (a)
485,000
480,642
Media — 1.7%
 
 
CCO Holdings LLC/CCO Holdings Capital Corp.
 
 
5.000% 2/01/28 (a)
250,000
232,726
Charter Communications Operating LLC/Charter Communications Operating Capital
 
 
2.300% 2/01/32 (d)
440,000
339,463
6.484% 10/23/45
175,000
162,194
CSC Holdings LLC
 
 
4.625% 12/01/30 (a)
250,000
126,954
5.000% 11/15/31 (a)
325,000
164,298
5.750% 1/15/30 (a)
200,000
105,875
Discovery Communications LLC
 
 
4.000% 9/15/55
235,000
160,827
DISH DBS Corp.
 
 
7.375% 7/01/28
223,000
107,358
Paramount Global
 
 
3.700% 6/01/28
300,000
265,813
5 yr. CMT + 3.999% 6.375% VRN 3/30/62
400,000
369,590
Time Warner Cable LLC
 
 
4.500% 9/15/42
180,000
133,165
6.750% 6/15/39
115,000
109,534
 
 
2,277,797
Mining — 0.3%
 
 
Novelis Corp.
 
 
3.875% 8/15/31 (a)
533,000
457,850
Oil & Gas — 2.0%
 
 
Antero Resources Corp.
 
 
7.625% 2/01/29 (a)
74,000
76,002
BP Capital Markets PLC
 
 
5 yr. CMT + 4.398% 4.875%
VRN (b)
255,000
243,275
5 yr. CMT + 2.153% 6.450%
VRN (b)
134,000
138,769
EQT Corp.
 
 
7.000% STEP 2/01/30
565,000
600,282
 
The accompanying notes are an integral part of the financial statements.
46
 

TABLE OF CONTENTS

     
MassMutual Diversified Bond Fund — Portfolio of Investments (Continued)
     
 
Principal
Amount
Value
Ovintiv, Inc.
 
 
6.500% 8/15/34
$ 75,000
$79,559
6.500% 2/01/38
160,000
166,684
7.100% 7/15/53
420,000
469,911
Patterson-UTI Energy, Inc.
 
 
5.150% 11/15/29 (d)
615,000
601,725
Petroleos Mexicanos
 
 
5.350% 2/12/28
190,000
168,318
6.375% 1/23/45
35,000
22,568
6.500% 3/13/27
65,000
61,224
Santos Finance Ltd.
 
 
3.649% 4/29/31 (a)
165,000
143,773
 
 
2,772,090
Oil & Gas Services — 0.5%
 
 
Nov, Inc.
 
 
3.950% 12/01/42
254,000
193,701
Weatherford International Ltd.
 
 
8.625% 4/30/30 (a)
483,000
504,237
 
 
697,938
Packaging & Containers — 0.2%
 
 
Smurfit Kappa Treasury ULC
 
 
5.438% 4/03/34 (a) (f)
320,000
320,000
Pharmaceuticals — 0.8%
 
 
1375209 BC Ltd.
 
 
9.000% 1/30/28 (a) (d)
158,000
154,840
Bausch Health Cos., Inc.
 
 
11.000% 9/30/28 (a)
282,000
188,235
CVS Health Corp.
 
 
5.050% 3/25/48
115,000
104,440
5.875% 6/01/53
100,000
101,731
CVS Pass-Through Trust
 
 
5.926% 1/10/34 (a)
151,373
148,626
7.507% 1/10/32 (a)
10,649
11,025
Utah Acquisition Sub, Inc.
 
 
5.250% 6/15/46
405,000
335,994
 
 
1,044,891
Pipelines — 1.2%
 
 
Cheniere Energy, Inc.
 
 
5.650% 4/15/34 (a)
86,000
86,614
Enbridge, Inc., Series NC5, 5 yr. CMT + 3.785%
 
 
8.250% VRN 1/15/84
250,000
260,149
Energy Transfer LP
 
 
5.950% 5/15/54
138,000
137,717
5 yr. CMT + 5.134% 6.750%
VRN (b)
270,000
265,323
 
Principal
Amount
Value
EnLink Midstream Partners LP 3 mo. USD Term SOFR + 4.372%
 
 
9.701% VRN (b)
$ 375,000
$ 367,522
Enterprise Products Operating LLC
3 mo. USD Term SOFR + 3.295%
 
 
5.250% VRN 8/16/77
250,000
237,227
Plains All American Pipeline LP/PAA Finance Corp.
 
 
4.700% 6/15/44
375,000
318,285
 
 
1,672,837
Private Equity — 0.6%
 
 
Apollo Management Holdings LP
5 yr. CMT + 3.266%
 
 
4.950% VRN 1/14/50 (a)
325,000
307,513
Brookfield Finance, Inc.
 
 
5.968% 3/04/54
279,000
288,599
KKR Group Finance Co. VIII LLC
 
 
3.500% 8/25/50 (a)
160,000
112,388
KKR Group Finance Co. X LLC
 
 
3.250% 12/15/51 (a)
153,000
102,933
 
 
811,433
Real Estate Investment Trusts (REITS) — 3.2%
Broadstone Net Lease LLC
 
 
2.600% 9/15/31
605,000
478,049
GLP Capital LP/GLP Financing II, Inc.
 
 
5.750% 6/01/28
205,000
205,152
Omega Healthcare Investors, Inc.
 
 
3.625% 10/01/29
490,000
437,381
4.750% 1/15/28
202,000
195,018
Piedmont Operating Partnership LP
 
 
2.750% 4/01/32
235,000
168,873
9.250% 7/20/28
133,000
141,633
Rexford Industrial Realty LP
 
 
2.125% 12/01/30
201,000
164,287
Service Properties Trust
 
 
4.950% 10/01/29
590,000
483,017
Store Capital LLC
 
 
4.500% 3/15/28
225,000
213,257
4.625% 3/15/29
525,000
494,617
Ventas Realty LP
 
 
5.700% 9/30/43
85,000
81,223
VICI Properties LP/VICI Note Co., Inc.
 
 
3.750% 2/15/27 (a)
185,000
175,334
WEA Finance LLC
 
 
2.875% 1/15/27 (a)
385,000
352,091
3.500% 6/15/29 (a)
375,000
331,308
The accompanying notes are an integral part of the financial statements.
 
 
47

TABLE OF CONTENTS

     
MassMutual Diversified Bond Fund — Portfolio of Investments (Continued)
     
 
Principal
Amount
Value
WEA Finance LLC/Westfield UK & Europe Finance PLC
 
 
3.750% 9/17/24 (a)
$ 425,000
$419,445
 
 
4,340,685
Retail — 0.5%
 
 
Nordstrom, Inc.
 
 
4.250% 8/01/31
440,000
386,345
Sonic Automotive, Inc.
 
 
4.875% 11/15/31 (a) (d)
277,000
242,490
 
 
628,835
Software — 0.1%
 
 
Oracle Corp.
 
 
6.900% 11/09/52
119,000
136,928
Telecommunications — 1.3%
 
 
Altice France SA
 
 
5.125% 7/15/29 (a)
442,000
298,807
AT&T, Inc.
 
 
3.550% 9/15/55
664,000
464,286
British Telecommunications PLC
 
 
9.625% STEP 12/15/30
275,000
337,323
Cisco Systems, Inc.
 
 
5.300% 2/26/54
49,000
50,298
Hughes Satellite Systems Corp.
 
 
6.625% 8/01/26
444,000
261,517
Sprint Capital Corp.
 
 
8.750% 3/15/32
141,000
170,970
T-Mobile USA, Inc.
 
 
6.000% 6/15/54
190,000
203,081
 
 
1,786,282
Venture Capital — 0.7%
 
 
Hercules Capital, Inc.
 
 
2.625% 9/16/26
738,000
670,161
3.375% 1/20/27
340,000
312,236
 
 
982,397
TOTAL CORPORATE DEBT
(Cost $61,110,533)
 
56,162,458
Non-U.S. Government Agency
Obligations — 24.9%
Commercial Mortgage-Backed Securities — 10.2%
Aventura Mall Trust, Series 2018-AVM, Class D,
 
 
4.112% VRN 7/05/40 (a) (g)
530,000
458,557
BAMLL Commercial Mortgage Securities Trust, Series 2019-BPR, Class CMP,
 
 
3.895% VRN 11/05/32 (a) (g)
440,000
395,835
 
Principal
Amount
Value
Bank
 
 
Series 2020-BN30, Class MCDF, 2.918% VRN 12/15/53 (g)
$ 500,000
$277,043
Series 2019-BN17, Class C, 4.508% VRN 4/15/52 (g)
331,000
260,910
Benchmark Mortgage Trust
 
 
Series 2021-B25, Class 300C, 2.994% VRN 4/15/54 (a) (g)
500,000
364,210
Series 2020-IG1, Class D,
3.245% VRN 9/15/43 (g)
400,000
113,791
BGME Trust, Series 2021-VR, Class D,
 
 
2.995% VRN 1/10/43 (a) (g)
3,100,000
2,322,388
BMO Mortgage Trust, Series
2023-C4, Class A5,
 
 
5.117% VRN 2/15/56 (g)
300,000
301,574
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, 1 mo. USD Term SOFR + 2.447%
 
 
7.773% FRN 12/15/37 (a)
572,453
571,022
Citigroup Commercial Mortgage Trust, Series 2019-GC41, Class C
 
 
3.502% 8/10/56
222,000
178,125
COMM Mortgage Trust, Series 
2015-CR23, Class C,
 
 
4.283% VRN 5/10/48 (g)
110,000
100,511
DataBank Issuer LLC, Series 
2021-1A, Class B
 
 
2.650% 2/27/51 (a)
300,000
266,524
DC Office Trust
 
 
Series 2019-MTC, Class D, 3.072% VRN 9/15/45 (a) (g)
357,000
223,145
Series 2019-MTC, Class E, 3.072% VRN 9/15/45 (a) (g)
622,000
339,019
DROP Mortgage Trust, Series 
2021-FILE, Class D, 1 mo. USD Term SOFR + 2.864%
 
 
8.190% FRN 10/15/43 (a)
998,000
789,369
GS Mortgage Securities Trust, Series 2018-GS10, Class D
 
 
3.000% 7/10/51 (a)
599,000
382,610
Hudson Yards Mortgage Trust, Series 2019-30HY, Class E,
 
 
3.443% VRN 7/10/39 (a) (g)
630,000
504,493
Jackson Park Trust, Series 2019-LIC, Class D,
 
 
3.242% VRN 10/14/39 (a) (g)
686,000
539,850
JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class C,
 
 
4.619% VRN 8/15/47 (g)
300,000
278,588
 
The accompanying notes are an integral part of the financial statements.
48
 

TABLE OF CONTENTS

     
MassMutual Diversified Bond Fund — Portfolio of Investments (Continued)
     
 
Principal
Amount
Value
Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864%
 
 
7.190% FRN 3/15/38 (a)
$ 424,643
$415,089
LoanCore Issuer Ltd., Series 2022-CRE7, Class E, 30 day USD SOFR Average + 3.750%
 
 
9.069% FRN 1/17/37 (a)
1,000,000
895,633
Med Trust, Series 2021-MDLN, Class F, 1 mo. USD Term SOFR + 4.114%
 
 
9.440% FRN 11/15/38 (a)
1,990,447
1,986,718
MFT Mortgage Trust
 
 
Series 2020-ABC, Class A, 3.358% 2/10/42 (a)
205,000
139,699
Series 2020-ABC, Class B, 3.477% VRN 2/10/42 (a) (g)
215,000
137,940
Store Master Funding I-VII & XIV, Series 2019-1, Class A4
 
 
4.490% 11/20/49 (a)
753,317
620,468
VASA Trust, Series 2021-VASA, Class D, 1 mo. USD Term SOFR + 2.214%
 
 
7.541% FRN 7/15/39 (a)
864,000
584,442
Wells Fargo Commercial Mortgage Trust
 
 
Series 2015-NXS1, Class C, 3.848% VRN 5/15/48 (g)
140,000
128,809
Series 2021-FCMT, Class C, 1 mo. USD Term SOFR + 2.514% 7.841% FRN 5/15/31 (a)
461,000
443,281
 
 
14,019,643
Home Equity Asset-Backed Securities — 0.1%
Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W10, Class M1, 1 mo. USD Term SOFR + 1.014%
 
 
4.420% FRN 10/25/34
80,630
73,826
Other Asset-Backed Securities — 10.1%
AIMCO CLO, Series 2018-AA, Class B, 3 mo. USD Term SOFR + 1.662%
 
 
6.978% FRN 4/17/31 (a)
250,000
249,715
Apidos CLO XLIV Ltd., Series 2023-44A, Class B, 3 mo. USD Term SOFR + 2.550%
 
 
7.874% FRN 4/26/35 (a)
500,000
502,156
Atrium XV, Series 15A, Class B,
3 mo. USD Term SOFR + 2.012%
 
 
7.327% FRN 1/23/31 (a)
250,000
250,132
 
Principal
Amount
Value
Bain Capital Credit CLO Ltd., Series 2022-1A, Class A1, 3 mo. USD Term SOFR + 1.320%
 
 
6.618% FRN 4/18/35 (a)
$ 500,000
$ 500,087
Blackbird Capital Aircraft Lease Securitization Ltd., Series
2016-1A, Class A,
 
 
4.213% STEP 12/16/41 (a)
212,762
209,570
Business Jet Securities LLC, Series 2021-1A, Class C
 
 
5.067% 4/15/36 (a)
637,653
613,145
Canyon CLO Ltd., Series 2020-2A, Class BR, 3 mo. USD Term
SOFR + 1.962%
 
 
7.276% FRN 10/15/34 (a)
500,000
499,991
Diameter Capital CLO 2 Ltd., Series 2021-2A, Class A1, 3 mo. USD Term SOFR + 1.482%
 
 
6.796% FRN 10/15/36 (a)
500,000
500,096
Goodgreen Trust
 
 
Series 2016-1A, Class A,
3.230% 10/15/52 (a)
129,104
116,154
Series 2017-1A, Class A,
3.740% 10/15/52 (a)
70,776
64,011
Series 2019-2A, Class B,
3.860% 4/15/55 (a)
83,959
69,713
Series 2021-1A, Class C,
5.740% 10/15/56 (a)
383,433
300,748
Harbor Park CLO Ltd., Series
2018-1A, Class B1, 3 mo. USD Term SOFR + 1.962%
 
 
7.279% FRN 1/20/31 (a)
280,000
280,031
Hero Funding Trust
 
 
Series 2016-3A, Class A1,
3.080% 9/20/42 (a)
44,190
39,088
Series 2017-3A, Class A1,
3.190% 9/20/48 (a)
61,826
53,173
Series 2017-2A, Class A1,
3.280% 9/20/48 (a)
23,596
20,543
Series 2016-4A, Class A2,
4.290% 9/20/47 (a)
46,083
42,048
Horizon Aircraft Finance I Ltd., Series 2018-1, Class B
 
 
5.270% 12/15/38 (a)
225,200
135,772
Horizon Aircraft Finance II Ltd., Series 2019-1, Class B
 
 
4.703% 7/15/39 (a)
273,167
170,451
JG Wentworth XLIII LLC, Series 2019-1A, Class B
 
 
4.510% 8/15/73 (a)
128,754
111,697
The accompanying notes are an integral part of the financial statements.
 
 
49

TABLE OF CONTENTS

     
MassMutual Diversified Bond Fund — Portfolio of Investments (Continued)
     
 
Principal
Amount
Value
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1
 
 
4.300% 1/15/42 (a)
$ 267,453
$ 238,194
MACH 1 Cayman Ltd., Series
2019-1, Class B
 
 
4.335% 10/15/39 (a)
319,562
242,874
Madison Park Funding XXVIII Ltd., Series 2018-28A, Class B, 3 mo. USD Term SOFR + 1.862%
 
 
7.176% FRN 7/15/30 (a)
950,000
950,033
Madison Park Funding XXXII Ltd., Series 2018-32A, Class CR, 3 mo. USD Term SOFR + 2.262%
 
 
7.579% FRN 1/22/31 (a)
300,000
300,004
Mariner Finance Issuance Trust, Series 2021-AA, Class D
 
 
3.830% 3/20/36 (a)
381,000
328,834
MidOcean Credit CLO XII Ltd., Series 2023-12A, Class CR, 3 mo. USD Term SOFR + 2.450%
 
 
1.000% FRN 4/18/36 (a) (f)
250,000
250,044
MidOcean Credit CLO XIV Ltd., Series 2024-14A, Class A1, 3 mo. USD Term SOFR + 1.580%
 
 
6.878% FRN 4/15/37 (a)
500,000
500,337
Mosaic Solar Loans LLC, Series 2017-1A, Class A
 
 
4.450% 6/20/42 (a)
20,349
19,537
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class BRR,
3 mo. USD Term SOFR + 1.912%
 
 
7.226% FRN 7/15/34 (a)
500,000
500,356
OHA Credit Partners XI Ltd., Series 2015-11A, Class CR, 3 mo. USD Term SOFR + 2.412%
 
 
7.729% FRN 1/20/32 (a)
300,000
300,009
Parallel Ltd., Series 2021-2A, Class A2, 3 mo. USD Term
SOFR + 2.112%
 
 
7.429% FRN 10/20/34 (a)
250,000
250,018
Pioneer Aircraft Finance Ltd., Series 2019-1, Class B
 
 
4.948% 6/15/44 (a)
341,661
256,259
Rad CLO 12 Ltd., Series 2021-12A, Class A, 3 mo. USD Term SOFR + 1.432%
 
 
6.749% FRN 10/30/34 (a)
500,000
500,414
Rad CLO 4 Ltd., Series 2019-4A, Class B1, 3 mo. USD Term
SOFR + 2.362%
 
 
7.686% FRN 4/25/32 (a)
250,000
250,035
 
Principal
Amount
Value
Renew Financial, Series 2021-1, Class M
 
 
3.210% 11/20/56 (a)
$ 154,291
$121,648
Rockford Tower CLO Ltd., Series 2018-1A, Class B, 3 mo. USD Term SOFR + 1.982%
 
 
7.301% FRN 5/20/31 (a)
250,000
250,061
RRX 6 Ltd., Series 2021-6A, Class A2, 3 mo. USD Term
SOFR + 2.012%
 
 
7.326% FRN 1/15/37 (a)
250,000
250,014
Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class C
 
 
3.510% 7/20/37 (a)
26,628
25,845
Slam Ltd., Series 2021-1A, Class B
 
 
3.422% 6/15/46 (a)
242,633
206,117
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A
 
 
4.870% 7/20/48 (a)
99,389
93,962
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A
 
 
4.190% 1/15/71 (a)
247,456
225,568
Symphony CLO 39 Ltd., Series 2023-39A, Class B, 3 mo. USD Term SOFR + 2.300%
 
 
7.712% FRN 4/25/34 (a)
500,000
500,989
Symphony CLO 42 Ltd., Series 2024-42A, Class A1, 3 mo. USD Term SOFR + 1.530%
 
 
6.837% FRN 4/17/37 (a)
500,000
499,811
THL Credit Wind River CLO Ltd., Series 2018-3A, Class B, 3 mo. USD Term SOFR + 1.962%
 
 
7.279% FRN 1/20/31 (a)
490,000
490,023
Thrust Engine Leasing DAC
 
 
Series 2021-1A, Class B,
6.121% 7/15/40 (a)
1,038,255
946,213
Series 2021-1A, Class C,
7.386% 7/15/40 (a)
208,229
183,248
TICP CLO XIV Ltd., Series 2019-14A, Class A2R, 3 mo. USD Term SOFR + 1.912%
 
 
7.229% FRN 10/20/32 (a)
250,000
250,115
Willis Engine Structured Trust III, Series 2017-A, Class A,
 
 
4.690% STEP 8/15/42 (a)
263,166
227,255
 
 
13,886,138
 
The accompanying notes are an integral part of the financial statements.
50
 

TABLE OF CONTENTS

     
MassMutual Diversified Bond Fund — Portfolio of Investments (Continued)
     
 
Principal
Amount
Value
Student Loans Asset-Backed Securities — 2.2%
College Avenue Student Loans LLC
 
 
Series 2021-A, Class D,
4.120% 7/25/51 (a)
$ 187,793
$ 169,740
Series 2019-A, Class C,
4.460% 12/28/48 (a)
129,257
117,501
Series 2019-A, Class D,
5.500% 12/28/48 (a)
90,828
81,913
Commonbond Student Loan Trust, Series 2017-AGS, Class C
 
 
5.280% 5/25/41 (a)
33,079
29,470
EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A, Class B
 
 
3.500% 11/25/50 (a)
600,000
468,526
Goal Capital Funding Trust, Series 2006-1, Class B, 3 mo. USD LIBOR + 0.450%
 
 
6.035% FRN 8/25/42
321,282
289,901
Navient Student Loan Trust
 
 
Series 2018-EA, Class B,
4.440% 12/15/59 (a)
140,000
127,755
Series 2018-1A, Class B, 30 day USD SOFR Average + 1.314% 6.635% FRN 3/25/67 (a)
250,000
232,092
Nelnet Student Loan Trust
 
 
Series 2005-4, Class A4R2, 1.191% FRN 3/22/32 (g)
70,000
69,490
Series 2006-3, Class B, 90 day USD SOFR Average + 0.512% 5.865% FRN 6/25/41
58,410
51,388
Series 2012-2A, Class B, 30 day USD SOFR Average + 1.114% 6.435% FRN 11/25/36 (a)
200,000
197,019
Series 2012-1A, Class B, 30 day USD SOFR Average + 1.114% 6.435% FRN 6/25/42 (a)
150,000
147,480
Series 2012-4A, Class B, 30 day USD SOFR Average + 1.114% 6.435% FRN 7/26/49 (a)
250,000
227,933
Series 2014-2A, Class B, 30 day USD SOFR Average + 1.614% 6.935% FRN 6/25/41 (a)
100,000
96,311
SLM Student Loan Trust
 
 
Series 2006-4, Class B, 90 day USD SOFR Average + 0.462% 5.823% FRN 1/25/70
95,637
89,216
Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.833% FRN 10/25/40
105,678
98,912
 
Principal
Amount
Value
Series 2005-6, Class B, 90 day USD SOFR Average + 0.552% 5.913% FRN 1/25/44
$ 180,074
$170,492
Series 2004-3, Class B, 90 day USD SOFR Average + 0.732% 6.093% FRN 10/25/64
62,767
59,241
SMB Private Education Loan Trust, Series 2019-A, Class B
 
 
4.000% 11/17/42 (a)
185,000
170,746
SoFi Professional Loan Program LLC, Series 2017-C, Class C,
 
 
4.210% VRN 7/25/40 (a) (g)
180,000
166,285
South Carolina Student Loan Corp., Series 2015-A, Class A, 1 mo. USD Term SOFR + 1.614%
 
 
6.944% FRN 1/25/36
26,447
26,412
 
 
3,087,823
Whole Loan Collateral Collateralized Mortgage
Obligations — 2.3%
Angel Oak Mortgage Trust I LLC
 
 
Series 2019-4, Class M1, 3.459% VRN 7/26/49 (a) (g)
286,828
279,124
Series 2019-2, Class M1, 4.065% VRN 3/25/49 (a) (g)
93,820
92,608
Banc of America Mortgage Trust, Series 2004-G, Class 2A7,
 
 
5.258% VRN 8/25/34 (g)
3,553
3,466
New Residential Mortgage Loan Trust, Series 2021-NQM3, Class B1,
 
 
3.398% VRN 11/27/56 (a) (g)
3,600,000
2,716,729
 
 
3,091,927
TOTAL NON-U.S. GOVERNMENT
AGENCY OBLIGATIONS
(Cost $39,298,710)
 
34,159,357
Sovereign Debt Obligation — 0.1%
Mexico Government International Bond
 
 
4.750% 3/08/44
174,000
144,823
TOTAL SOVEREIGN DEBT
OBLIGATIONS
(Cost $194,086)
 
144,823
The accompanying notes are an integral part of the financial statements.
 
 
51

TABLE OF CONTENTS

     
MassMutual Diversified Bond Fund — Portfolio of Investments (Continued)
     
 
Principal
Amount
Value
U.S. Government Agency Obligations and Instrumentalities (h) — 20.5%
Collateralized Mortgage Obligations — 0.0%
Federal Home Loan Mortgage Corp. REMICS Series 2178, Class PB 7.000% 8/15/29
$  2,353
$2,424
Pass-Through Securities — 20.5%
 
 
Federal Home Loan Mortgage Corp.
 
 
Pool #RA4245 2.000% 12/01/50
446,746
358,401
Pool #RA4255 2.000% 1/01/51
901,526
725,218
Pool #SD0905 3.000% 3/01/52
680,388
589,270
Pool #SD1523 4.000% 8/01/52
1,013,910
947,645
Pool #SD1603 4.000% 9/01/52
649,491
601,562
Federal National Mortgage Association
 
 
Pool #FM8596 2.500% 9/01/51
435,945
365,412
Pool #FS3035 2.500% 4/01/52
1,444,101
1,211,358
Pool #MA3029 3.000% 6/01/32
197,567
187,354
Pool #MA3090 3.000% 8/01/32
80,624
76,305
Pool #AR3007 3.000% 2/01/43
78,675
70,811
Pool #FS1075 3.000% 3/01/52
698,406
608,793
Pool #CB3304 3.000% 4/01/52
1,064,985
928,336
Pool #CB3305 3.000% 4/01/52
1,301,052
1,132,486
Pool #AS1304 3.500% 12/01/28
45,111
43,765
Pool #MA1356 3.500% 2/01/43
417,984
383,393
Pool #CA6096 3.500% 6/01/50
912,166
821,682
Pool #FM4017 3.500% 8/01/50
59,186
53,574
Pool #CB3842 3.500% 6/01/52
2,100,568
1,894,497
Pool #CA1909 4.500% 6/01/48
330,693
319,616
Pool #CB3866 4.500% 6/01/52
797,091
765,409
Pool #CB4129 4.500% 7/01/52
1,009,616
962,546
Pool #AD6437 5.000% 6/01/40
23,120
23,289
Pool #AD6996 5.000% 7/01/40
153,848
155,050
Pool #AL8173 5.000% 2/01/44
54,118
54,504
Government National Mortgage Association
 
 
Pool #579140 6.500% 1/15/32
294
300
Pool #587280 6.500% 9/15/32
458
466
Pool #550659 6.500% 9/15/35
43,282
44,639
Pool #538689 6.500% 12/15/35
5,437
5,633
Pool #780651 7.000% 10/15/27
185
186
Pool #462384 7.000% 11/15/27
129
131
Pool #482668 7.000% 8/15/28
306
310
Pool #581417 7.000% 7/15/32
409
415
Pool #423836 8.000% 8/15/26
84
85
Government National Mortgage Association II
 
 
Pool #MA6038 3.000% 7/20/49
415,427
369,577
Pool #MA6283 3.000% 11/20/49
750,973
667,621
 
Principal
Amount
Value
Pool #MA6409 3.000% 1/20/50
$ 784,774
$697,670
Pool #MA4321 3.500% 3/20/47
491,215
452,508
Uniform Mortgage-Backed Security, TBA
 
 
2.500% 4/01/54 (f)
4,700,000
3,885,028
5.000% 4/01/39 (f)
1,300,000
1,297,613
5.000% 4/01/54 (f)
2,800,000
2,732,844
5.500% 4/01/54 (f)
4,800,000
4,776,937
 
 
28,212,239
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $29,948,463)
 
28,214,663
U.S. Treasury Obligations — 5.4%
U.S. Treasury Bonds & Notes — 5.4%
U.S. Treasury Bonds
 
 
2.250% 8/15/49 (i)
3,340,000
2,227,175
U.S. Treasury Notes
 
 
4.250% 10/15/25
2,700,000
2,677,936
4.875% 10/31/28
2,500,000
2,563,364
 
 
7,468,475
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $7,577,456)
 
7,468,475
TOTAL BONDS & NOTES
(Cost $138,129,248)
 
126,149,776
TOTAL PURCHASED
OPTIONS (#) — 0.0%
(Cost $4,446)
 
392
 
Number of Shares
 
Warrants — 0.0%
 
 
Materials — 0.0%
 
 
Hercules LLC, Expires 3/31/29, Strike 0.09 (j) (k) (l)
150
4,148
TOTAL WARRANTS
(Cost $0)
 
4,148
TOTAL LONG-TERM INVESTMENTS
(Cost $138,604,319)
 
126,509,356
 
The accompanying notes are an integral part of the financial statements.
52
 

TABLE OF CONTENTS

     
MassMutual Diversified Bond Fund — Portfolio of Investments (Continued)
     
 
Principal
Amount
Value
SHORT-TERM INVESTMENTS — 15.5%
Commercial Paper — 12.3%
 
 
Amcor Flexibles North America, Inc.
 
 
5.621% 4/16/24 (a)
$3,000,000
$2,991,106
American Electric Power Co., Inc.
 
 
5.701% 4/17/24 (a)
5,000,000
4,984,713
Avangrid, Inc.
 
 
5.600% 4/16/24 (a)
2,000,000
1,994,038
NextEra Energy Capital Holdings, Inc.
 
 
5.654% 4/08/24 (a)
2,000,000
1,996,665
5.690% 5/07/24 (a)
3,000,000
2,981,433
VW Credit, Inc.
 
 
5.656% 4/23/24 (a)
2,000,000
1,992,002
 
 
16,939,957
 
Number of Shares
 
Investment of Cash Collateral from
Securities Loaned — 1.1%
State Street Navigator Securities Lending Government Money Market Portfolio (m)
1,506,933
1,506,933
 
Principal Amount
 
Repurchase Agreement — 2.1%
 
 
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (n)
$2,843,776
2,843,776
TOTAL SHORT-TERM INVESTMENTS
(Cost $21,301,200)
 
21,290,666
TOTAL INVESTMENTS — 107.6%
(Cost $159,905,519) (o)
 
147,800,022
Other Assets/(Liabilities) — (7.6)%
(10,422,881)
NET ASSETS — 100.0%
 
$137,377,141
Abbreviation Legend
ARS
Auction Rate Security
CLO
Collateralized Loan Obligation
CMT
Constant Maturity Treasury Index
FRN
Floating Rate Note
ICE
Inter-Continental Exchange
LIBOR
London InterBank Offered Rate
REMICS
Real Estate Mortgage Investment Conduits
SOFR
Secured Overnight Financing Rate
STEP
Step Coupon Bond
TBA
To Be Announced
VRN
Variable Rate Note
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 March 31, 2024, the aggregate market value of these securities amounted to $71,316,656 or 51.91% of net assets.
(b)
Security is perpetual and has no stated maturity date.
(c)
Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At March 31, 2024, these securities amounted to a value of $12,018 or 0.01% of net assets.
(d)
Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $1,499,888 or 1.09% of net assets. The Fund received $24,164 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).
(e)
Restricted security. Certain securities are restricted to resale. At March 31, 2024, these securities amounted to a value of $822,248 or 0.60% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.
(f)
A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2).
(g)
Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2024.
(h)
May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(i)
All or a portion of this security is pledged/held as collateral for open derivatives. (Note 2).
(j)
Investment is valued using significant unobservable inputs.
(k)
Non-income producing security.
(l)
This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2024, these securities amounted to a value of $4,148 or 0.00% of net assets.
(m)
Represents investment of security lending cash collateral. (Note 2).
(n)
Maturity value of $2,844,281. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $2,900,668.
(o)
See Note 6 for aggregate cost for federal tax purposes.
The accompanying notes are an integral part of the financial statements.
 
 
53

TABLE OF CONTENTS

     
MassMutual Diversified Bond Fund — Portfolio of Investments (Continued)
     
Country weightings, as a percentage of net assets, is as follows:

United States
72.8%
Cayman Islands
6.8%
United Kingdom
3.3%
France
2.1%
Canada
1.9%
Ireland
1.3%
Bermuda
1.1%
Germany
0.8%
Netherlands
0.7%
Australia
0.5%
Mexico
0.3%
Republic of Korea
0.2%
Finland
0.2%
Sweden
0.1%
Total Long-Term Investments
92.1%
Short-Term Investments and Other Assets and
Liabilities
7.9%
Net Assets
100.0%
(#) OTC Options Purchased
Description
Counterparty
Expiration Date
Exercise Price
No. of Contracts
Notional
Amount
Value
Premiums Paid/ (Received)
Unrealized
Appreciation
(Depreciation)
Call
AUD Call USD Put
Bank of America N.A.*
6/10/24
0.68
190,000
AUD
190,000
$246
$1,842
$(1,596)
AUD Call USD Put
Bank of America N.A.*
6/10/24
0.69
380,000
AUD
380,000
143
2,300
(2,157)
AUD Call USD Put
Bank of America N.A.*
6/10/24
0.73
190,000
AUD
190,000
3
304
(301)
$ 392
$ 4,446
$ (4,054)
Forward contracts
Counterparty
Settlement
Date
Currency Purchased
Currency Sold
Unrealized
Appreciation
(Depreciation)
Bank of America N.A.*
4/23/24
USD
135,645
JPY
20,219,685
$1,648
Bank of America N.A.*
5/14/24
HUF
125,551,017
USD
346,157
(3,111)
Bank of America N.A.*
5/14/24
USD
98,836
ZAR
1,885,603
(393)
Bank of America N.A.*
5/14/24
USD
238,845
CZK
5,672,543
(2,973)
Bank of America N.A.*
7/16/24
USD
251,903
GBP
198,363
1,397
BNP Paribas SA*
5/21/24
JPY
57,667,022
USD
394,000
(10,169)
Citibank N.A.*
4/09/24
PEN
372,884
USD
99,000
1,227
Citibank N.A.*
4/16/24
ARS
13,043,250
USD
12,750
2,214
Citibank N.A.*
4/23/24
THB
3,375,503
USD
97,000
(4,331)
Citibank N.A.*
4/23/24
JPY
20,219,685
USD
140,063
(6,066)
Citibank N.A.*
4/23/24
USD
161,613
TWD
5,035,053
3,872
Citibank N.A.*
4/23/24
USD
94,808
THB
3,375,503
2,139
Citibank N.A.*
5/21/24
USD
102,257
PHP
5,779,592
(469)
Citibank N.A.*
7/16/24
ARS
17,212,500
USD
12,750
4,017
Citibank N.A.*
9/16/24
ARS
33,243,924
USD
27,703
1,397
Goldman Sachs International*
4/16/24
CHF
240,140
USD
275,000
(8,343)
Goldman Sachs International*
4/16/24
USD
442,766
CHF
372,870
28,722
Goldman Sachs International*
5/07/24
MXN
4,459,389
USD
255,146
11,636
Goldman Sachs International*
5/14/24
TRY
3,582,733
USD
106,231
(905)
Goldman Sachs International*
5/14/24
USD
103,217
CHF
89,247
3,807
Goldman Sachs International*
5/21/24
USD
257,342
SGD
345,024
1,244
Goldman Sachs International*
5/21/24
USD
488,856
JPY
73,513,639
(450)
HSBC Bank PLC*
4/16/24
ILS
1,051,380
USD
282,899
3,194
 
The accompanying notes are an integral part of the financial statements.
54
 

TABLE OF CONTENTS

     
MassMutual Diversified Bond Fund — Portfolio of Investments (Continued)
     
Counterparty
Settlement
Date
Currency Purchased
Currency Sold
Unrealized
Appreciation
(Depreciation)
HSBC Bank PLC*
4/16/24
USD
178,000
ILS
673,794
$(5,347)
HSBC Bank PLC*
5/14/24
CZK
5,672,543
USD
243,729
(1,911)
HSBC Bank PLC*
5/21/24
JPY
15,846,617
USD
108,458
(2,984)
HSBC Bank PLC*
5/21/24
KRW
200,192,080
USD
150,929
(1,828)
HSBC Bank PLC*
5/21/24
THB
8,957,520
USD
251,708
(5,237)
HSBC Bank PLC*
5/21/24
USD
102,439
CNH
734,672
1,086
Morgan Stanley & Co. LLC*
4/09/24
PEN
575,130
USD
153,433
1,155
Morgan Stanley & Co. LLC*
4/09/24
BRL
653,149
USD
132,000
(1,869)
Morgan Stanley & Co. LLC*
4/09/24
USD
106,000
PEN
388,925
1,462
Morgan Stanley & Co. LLC*
5/07/24
BRL
1,837,796
USD
366,862
(1,690)
Morgan Stanley & Co. LLC*
5/21/24
USD
101,000
MYR
482,629
(1,298)
 
 
 
 
 
 
$10,843
Futures contracts
 
Expiration
Date
Number of
Contracts
Notional
Amount
Value/Net
Unrealized
Appreciation
(Depreciation)
Long
U.S. Treasury Long Bond
6/18/24
95
$ 11,313,945
$127,617
U.S. Treasury Ultra Bond
6/18/24
34
4,342,286
43,714
U.S. Treasury Note 2 Year
6/28/24
58
11,878,932
(18,838)
U.S. Treasury Note 5 Year
6/28/24
61
6,521,367
6,586
 
 
 
 
$ 159,079
Short
U.S. Treasury Ultra 10 Year
6/18/24
26
$(2,970,900)
$(8,944)
* Contracts are subject to a master netting agreement or similar agreement.
Currency Legend
ARS
Argentinean Peso
AUD
Australian Dollar
BRL
Brazilian Real
CHF
Swiss Franc
CNH
Offshore Chinese Yuan
CZK
Czech Koruna
GBP
British Pound
HUF
Hungarian Forint
ILS
Israeli Shekel
JPY
Japanese Yen
KRW
South Korean Won
MXN
Mexican Peso
MYR
Malaysian Ringgit
PEN
Peruvian New Sol
PHP
Philippine Peso
SGD
Singapore Dollar
THB
Thai Baht
TRY
New Turkish Lira
TWD
Taiwan Dollar
USD
U.S. Dollar
ZAR
South African Rand
The accompanying notes are an integral part of the financial statements.
 
 
55

TABLE OF CONTENTS

MassMutual High Yield Fund — Portfolio of Investments
March 31, 2024 (Unaudited)
 
Principal Amount
Value
Bonds & Notes — 96.9%
 
 
Bank Loans — 9.5%
 
 
Aerospace & Defense — 0.4%
 
 
Barnes Group, Inc., 2024 Term Loan,
1 mo. USD Term SOFR + 2.500%
 
 
7.827% VRN 9/03/30
$1,520,327
$1,521,088
Chemicals — 1.5%
 
 
CPC Acquisition Corp., Term Loan,
3 mo. USD Term SOFR + 3.750%
 
 
9.321% VRN 12/29/27
1,721,797
1,447,171
LSF11 A5 Holdco LLC
 
 
Term Loan, 1 mo. USD Term
SOFR + 3.500%
 
 
8.942% VRN 10/15/28
994,937
994,439
2023 Incremental Term Loan B,
1 mo. USD Term SOFR + 4.250%
 
 
9.677% VRN 10/15/28
2,042,522
2,043,543
PMHC II, Inc., 2022 Term Loan B,
3 mo. USD Term SOFR + 4.250%
 
 
9.723% VRN 4/23/29 (a)
1,254,007
1,240,138
 
 
5,725,291
Commercial Services — 0.3%
 
 
APi Group DE, Inc., 2023 Incremental Term Loan, 1 mo. USD Term SOFR + 2.500%
 
 
7.942% VRN 1/03/29
1,226,160
1,227,950
Computers — 0.9%
 
 
McAfee LLC, 2022 USD Term Loan B, 1 mo. USD Term SOFR + 3.750%
 
 
9.176% VRN 3/01/29
2,094,670
2,087,988
SonicWall US Holdings, Inc., 2nd Lien Term Loan, 3 mo. USD Term SOFR + 7.500%
 
 
12.962% VRN 5/18/26
38,923
35,420
Vision Solutions, Inc., 2021 Incremental Term Loan, 3 mo. USD Term SOFR + 4.000%
 
 
9.586% VRN 4/24/28
1,335,779
1,334,670
 
 
3,458,078
Diversified Financial Services — 0.5%
Aretec Group, Inc., 2023 Incremental Term Loan, 1 mo. USD Term SOFR + 4.500%
 
 
9.927% VRN 8/09/30
1,963,922
1,973,741
 
Principal Amount
Value
Electric — 0.2%
 
 
Talen Energy Supply LLC, 2023 Term Loan B, 3 mo. USD Term SOFR + 4.500%
 
 
9.826% VRN 5/17/30
$865,217
$867,848
Engineering & Construction — 0.3%
Artera Services, LLC, 2024 Term Loan, 3 mo. USD SOFR CME + 4.500%
 
 
9.809% VRN 2/15/31
1,030,225
1,033,315
Food — 0.7%
 
 
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, 1 mo. USD Term SOFR + 3.750%
 
 
9.192% VRN 10/01/25
1,848,768
1,813,068
Fiesta Purchaser, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 4.000%
 
 
9.327% VRN 2/12/31
873,582
874,552
 
 
2,687,620
Gas — 0.4%
 
 
NGL Energy Partners LP, 2024 Term Loan B, 1 mo. USD Term SOFR + 4.500%
 
 
9.830% VRN 2/02/31
1,430,788
1,433,649
Health Care – Services — 0.4%
 
 
LifePoint Health, Inc., 2023 Term Loan B, 3 mo. USD Term SOFR + 5.500%
 
 
11.087% VRN 11/16/28
869,978
871,997
Radiology Partners, Inc., 2024 Extended Term Loan B, 3 mo. USD Term SOFR + 5.000%
 
 
0.000% VRN1/31/29 (a)
582,670
561,653
 
 
1,433,650
Media — 0.7%
 
 
A-L Parent LLC, 2023 Take Back Term Loan, 1 mo. USD Term SOFR + 5.500%
 
 
10.827% VRN 6/30/28
2,084,030
2,071,651
Sinclair Television Group, Inc., Term Loan B2B, 1 mo. USD Term SOFR + 2.500%
 
 
0.000% VRN9/30/26 (a)
663,471
628,804
 
 
2,700,455
 
The accompanying notes are an integral part of the financial statements.
56
 

TABLE OF CONTENTS

     
MassMutual High Yield Fund — Portfolio of Investments (Continued)
     
 
Principal Amount
Value
Mining — 0.3%
 
 
Arsenal AIC Parent LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 3.750%
 
 
9.080% VRN 8/18/30
$1,148,821
$1,151,405
Packaging & Containers — 0.2%
 
 
Clydesdale Acquisition Holdings, Inc., Term Loan B, 1 mo. USD Term SOFR + 3.675%
 
 
9.105% VRN 4/13/29
644,293
644,957
Pipelines — 0.3%
 
 
ITT Holdings LLC, 2023 Term Loan B, 1 mo. USD Term SOFR + 3.250%
 
 
8.677% VRN 10/05/30
1,205,853
1,206,456
Real Estate Investment Trusts (REITS) — 0.3%
RHP Hotel Properties LP, 2023 Term Loan B, 1 mo. USD Term SOFR + 2.750%
 
 
8.077% VRN 5/18/30
1,054,635
1,054,372
Software — 2.1%
 
 
Banff Merger Sub, Inc., 2023 USD Term Loan, 1 mo. USD Term SOFR + 4.250%
 
 
9.580% VRN 12/29/28 (a)
3,842,902
3,864,538
Cloud Software Group, Inc., 2022 USD Term Loan B,
 
 
0.000% 3/30/29 (a)
1,965,000
1,954,605
UKG, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.500%
 
 
8.814% VRN 2/10/31
1,594,499
1,602,073
Veritas US, Inc., 2021 USD Term Loan B, 1 mo. USD Term SOFR + 5.000%
 
 
10.445% VRN 9/01/25
569,222
525,267
 
 
7,946,483
TOTAL BANK LOANS
(Cost $35,636,280)
 
36,066,358
Corporate Debt — 87.4%
 
 
Advertising — 0.8%
 
 
Clear Channel Outdoor Holdings, Inc.
 
 
9.000% 9/15/28 (b)
710,000
739,546
7.500% 6/01/29 (b)
500,000
413,521
7.875% 4/01/30 (b)
378,000
375,791
Stagwell Global LLC
 
 
5.625% 8/15/29 (b)
1,514,000
1,374,874
 
 
2,903,732
 
Principal Amount
Value
Aerospace & Defense — 1.0%
 
 
Spirit AeroSystems, Inc.
 
 
9.750% 11/15/30 (b)
$2,233,000
$2,497,758
Triumph Group, Inc.
 
 
9.000% 3/15/28 (b)
1,211,000
1,276,675
 
 
3,774,433
Agriculture — 0.2%
 
 
Darling Ingredients, Inc.
 
 
6.000% 6/15/30 (b)
938,000
929,561
Airlines — 1.8%
 
 
Allegiant Travel Co.
 
 
7.250% 8/15/27 (b)
2,702,000
2,687,614
American Airlines, Inc.
 
 
8.500% 5/15/29 (b)
1,488,000
1,572,008
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.
 
 
5.750% 1/20/26 (b)
2,174,043
2,040,244
United Airlines, Inc.
 
 
4.375% 4/15/26 (b)
758,000
732,787
 
 
7,032,653
Auto Manufacturers — 0.5%
 
 
JB Poindexter & Co., Inc.
 
 
8.750% 12/15/31 (b)
2,011,000
2,078,632
Auto Parts & Equipment — 0.7%
 
 
Adient Global Holdings Ltd.
 
 
4.875% 8/15/26 (b)
1,734,000
1,690,445
8.250% 4/15/31 (b)
816,000
861,074
 
 
2,551,519
Building Materials — 3.3%
 
 
EMRLD Borrower LP/Emerald
Co.-Issuer, Inc.
 
 
6.625% 12/15/30 (b)
2,389,000
2,411,918
Knife River Corp.
 
 
7.750% 5/01/31 (b)
1,107,000
1,158,860
New Enterprise Stone & Lime Co., Inc.
 
 
5.250% 7/15/28 (b)
2,072,000
1,984,958
9.750% 7/15/28 (b)
3,764,000
3,850,854
Smyrna Ready Mix Concrete LLC
 
 
6.000% 11/01/28 (b)
1,627,000
1,590,160
8.875% 11/15/31 (b)
1,607,000
1,717,708
 
 
12,714,458
Chemicals — 3.6%
 
 
Consolidated Energy Finance SA
 
 
5.625% 10/15/28 (b)
4,296,000
3,605,374
LSF11 A5 HoldCo LLC
 
 
6.625% 10/15/29 (b)
2,667,000
2,401,470
The accompanying notes are an integral part of the financial statements.
 
 
57

TABLE OF CONTENTS

     
MassMutual High Yield Fund — Portfolio of Investments (Continued)
     
 
Principal Amount
Value
Methanex Corp.
 
 
5.125% 10/15/27
$2,056,000
$1,988,624
Olympus Water US Holding Corp.
 
 
4.250% 10/01/28 (b)
2,503,000
2,270,831
6.250% 10/01/29 (b) (c)
1,772,000
1,621,905
Polar US Borrower LLC/Schenectady International Group, Inc.
 
 
6.750% 5/15/26 (b)
1,257,000
295,395
Vibrantz Technologies, Inc.
 
 
9.000% 2/15/30 (b) (c)
1,426,000
1,316,903
 
 
13,500,502
Coal — 0.6%
 
 
Coronado Finance Pty. Ltd.
 
 
10.750% 5/15/26 (b)
2,077,000
2,163,978
Commercial Services — 2.7%
 
 
Alta Equipment Group, Inc.
 
 
5.625% 4/15/26 (b)
2,194,000
2,144,655
PECF USS Intermediate Holding III Corp.
 
 
8.000% 11/15/29 (b)
599,000
314,602
Prime Security Services Borrower LLC/Prime Finance, Inc.
 
 
6.250% 1/15/28 (b)
2,571,000
2,518,497
PROG Holdings, Inc.
 
 
6.000% 11/15/29 (b)
2,766,000
2,585,200
Sabre GLBL, Inc.
 
 
8.625% 6/01/27 (b)
2,924,000
2,565,875
Sabre Global, Inc., Convertible,
 
 
7.320% 8/01/26
85,000
73,268
 
 
10,202,097
Computers — 0.6%
 
 
Presidio Holdings, Inc.
 
 
8.250% 2/01/28 (b)
1,048,000
1,045,170
Western Digital Corp.
 
 
4.750% 2/15/26
1,083,000
1,057,965
 
 
2,103,135
Cosmetics & Personal Care — 0.0%
Coty, Inc.
 
 
6.500% 4/15/26 (b)
105,000
105,169
Distribution & Wholesale — 0.4%
 
 
Resideo Funding, Inc.
 
 
4.000% 9/01/29 (b)
1,882,000
1,682,756
Diversified Financial Services — 7.9%
Aretec Group, Inc.
 
 
10.000% 8/15/30 (b)
1,099,000
1,200,408
 
Principal Amount
Value
Coinbase Global, Inc.
 
 
3.375% 10/01/28 (b)
$305,000
$261,329
3.625% 10/01/31 (b)
373,000
301,219
GGAM Finance Ltd.
 
 
8.000% 2/15/27 (b)
2,005,000
2,070,202
Global Aircraft Leasing Co. Ltd.
 
 
6.500% 9/15/24 (b)
8,817,485
8,386,561
Jefferson Capital Holdings LLC
 
 
6.000% 8/15/26 (b)
2,664,000
2,613,989
9.500% 2/15/29 (b)
1,965,000
2,011,447
Macquarie Airfinance Holdings Ltd.
 
 
8.125% 3/30/29 (b)
1,757,000
1,858,242
8.375% 5/01/28 (b)
1,977,000
2,095,553
Midcap Financial Issuer Trust
 
 
5.625% 1/15/30 (b)
857,000
737,479
6.500% 5/01/28 (b)
1,492,000
1,376,381
OneMain Finance Corp.
 
 
4.000% 9/15/30
709,000
606,795
5.375% 11/15/29
1,195,000
1,123,554
PRA Group, Inc.
 
 
5.000% 10/01/29 (b)
4,020,000
3,387,586
7.375% 9/01/25 (b)
1,582,000
1,579,184
8.375% 2/01/28 (b)
445,000
442,865
 
 
30,052,794
Electric — 2.6%
 
 
PG&E Corp.
 
 
5.000% 7/01/28 (c)
3,121,000
3,005,716
5.250% 7/01/30 (c)
583,000
553,986
Pike Corp.
 
 
5.500% 9/01/28 (b)
2,213,000
2,118,162
8.625% 1/31/31 (b)
1,071,000
1,138,116
Talen Energy Supply LLC
 
 
8.625% 6/01/30 (b)
2,894,000
3,094,710
 
 
9,910,690
Electrical Components & Equipment — 0.3%
Energizer Holdings, Inc.
 
 
4.375% 3/31/29 (b)
1,145,000
1,025,993
Electronics — 0.6%
 
 
Atkore, Inc.
 
 
4.250% 6/01/31 (b)
2,549,000
2,260,490
Engineering & Construction — 2.5%
Arcosa, Inc.
 
 
4.375% 4/15/29 (b)
2,166,000
1,996,041
 
The accompanying notes are an integral part of the financial statements.
58
 

TABLE OF CONTENTS

     
MassMutual High Yield Fund — Portfolio of Investments (Continued)
     
 
Principal Amount
Value
Artera Services LLC
 
 
8.500% 2/15/31 (b)
$981,000
$1,005,764
Global Infrastructure Solutions, Inc.
 
 
5.625% 6/01/29 (b)
2,528,000
2,317,977
7.500% 4/15/32 (b)
1,457,000
1,425,334
MasTec, Inc.
 
 
4.500% 8/15/28 (b) (c)
1,815,000
1,725,834
Railworks Holdings LP/Railworks Rally, Inc.
 
 
8.250% 11/15/28 (b)
879,000
872,113
 
 
9,343,063
Entertainment — 0.7%
 
 
Live Nation Entertainment, Inc.
 
 
4.750% 10/15/27 (b)
930,000
887,989
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.
 
 
4.875% 5/01/29 (b)
987,000
913,919
Ontario Gaming GTA LP/OTG
Co.-Issuer, Inc.
 
 
8.000% 8/01/30 (b)
684,000
704,501
 
 
2,506,409
Environmental Controls — 0.2%
 
 
Enviri Corp.
 
 
5.750% 7/31/27 (b)
847,000
797,518
Food — 1.7%
 
 
Fiesta Purchaser, Inc.
 
 
7.875% 3/01/31 (b)
621,000
641,307
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
 
 
3.625% 1/15/32
3,863,000
3,305,318
3.750% 12/01/31
400,000
345,850
Pilgrim’s Pride Corp.
 
 
4.250% 4/15/31 (b)
2,285,000
2,059,792
 
 
6,352,267
Gas — 0.2%
 
 
AmeriGas Partners LP/AmeriGas Finance Corp.
 
 
9.375% 6/01/28 (b)
839,000
868,793
Hand & Machine Tools — 1.4%
 
 
Regal Rexnord Corp.
 
 
6.400% 4/15/33 (b)
5,158,000
5,349,496
Health Care – Products — 0.5%
 
 
Neogen Food Safety Corp.
 
 
8.625% 7/20/30 (b)
1,898,000
2,044,626
 
Principal Amount
Value
Health Care – Services — 4.2%
 
 
CHS/Community Health Systems, Inc.
 
 
4.750% 2/15/31 (b)
$1,356,000
$1,046,489
5.625% 3/15/27 (b)
556,000
511,743
6.000% 1/15/29 (b)
1,141,000
996,775
6.875% 4/15/29 (b)
472,000
353,394
LifePoint Health, Inc.
 
 
9.875% 8/15/30 (b)
2,140,000
2,238,530
11.000% 10/15/30 (b)
1,964,000
2,099,106
Molina Healthcare, Inc.
 
 
4.375% 6/15/28 (b)
1,121,000
1,053,772
Radiology Partners, Inc.
 
 
8.500% 1/31/29 (b)
1,035,358
960,605
9.781% 2/15/30 (b)
3,620,816
2,914,757
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.
 
 
9.750% 12/01/26 (b)
644,000
644,867
Tenet Healthcare Corp.
 
 
4.375% 1/15/30
1,178,000
1,088,792
6.125% 6/15/30
2,081,000
2,076,226
 
 
15,985,056
Home Builders — 1.8%
 
 
Ashton Woods USA LLC/Ashton Woods Finance Co.
 
 
4.625% 8/01/29 (b)
1,241,000
1,144,715
Beazer Homes USA, Inc.
 
 
7.500% 3/15/31 (b)
744,000
751,371
Mattamy Group Corp.
 
 
4.625% 3/01/30 (b)
5,293,000
4,802,032
5.250% 12/15/27 (b)
25,000
24,239
 
 
6,722,357
Housewares — 0.2%
 
 
Newell Brands, Inc.
 
 
5.700% STEP 4/01/26
419,000
411,530
6.375% 9/15/27
291,000
286,169
 
 
697,699
Insurance — 1.1%
 
 
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
 
 
6.750% 4/15/28 (b)
523,000
526,691
7.000% 1/15/31 (b)
369,000
372,697
Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co.-Issuer, Inc.
 
 
7.625% 10/15/25 (b)
3,333,066
3,293,414
 
 
4,192,802
The accompanying notes are an integral part of the financial statements.
 
 
59

TABLE OF CONTENTS

     
MassMutual High Yield Fund — Portfolio of Investments (Continued)
     
 
Principal Amount
Value
Internet — 1.0%
 
 
Getty Images, Inc.
 
 
9.750% 3/01/27 (b)
$3,859,000
$3,856,943
Investment Companies — 1.4%
 
 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
 
 
4.750% 9/15/24
1,179,000
1,173,568
6.250% 5/15/26
4,270,000
4,121,938
 
 
5,295,506
Leisure Time — 3.2%
 
 
Carnival Corp.
 
 
7.625% 3/01/26 (b)
651,000
658,655
5.750% 3/01/27 (b)
1,023,000
1,012,499
6.000% 5/01/29 (b)
3,068,000
3,027,225
7.000% 8/15/29 (b)
184,000
191,909
Life Time, Inc.
 
 
5.750% 1/15/26 (b)
189,000
187,467
8.000% 4/15/26 (b)
398,000
402,807
NCL Corp. Ltd.
 
 
5.875% 3/15/26 (b)
781,000
770,965
5.875% 2/15/27 (b)
224,000
221,310
8.375% 2/01/28 (b)
668,000
705,625
NCL Finance Ltd.
 
 
6.125% 3/15/28 (b) (c)
620,000
612,260
Royal Caribbean Cruises Ltd.
 
 
4.250% 7/01/26 (b)
1,609,000
1,552,755
5.500% 8/31/26 (b)
601,000
595,600
5.375% 7/15/27 (b)
451,000
444,640
5.500% 4/01/28 (b)
504,000
498,156
Viking Cruises Ltd.
 
 
7.000% 2/15/29 (b)
1,128,000
1,132,881
 
 
12,014,754
Lodging — 0.8%
 
 
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc.
 
 
4.875% 7/01/31 (b)
1,266,000
1,133,494
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp.
 
 
5.875% 5/15/25 (b)
1,046,000
1,043,342
Wyndham Hotels & Resorts, Inc.
 
 
4.375% 8/15/28 (b)
1,071,000
995,625
 
 
3,172,461
Media — 6.8%
 
 
Altice Financing SA
 
 
5.000% 1/15/28 (b)
464,000
381,893
5.750% 8/15/29 (b)
699,000
560,068
 
Principal Amount
Value
CCO Holdings LLC/CCO Holdings Capital Corp.
 
 
4.250% 2/01/31 (b)
$2,361,000
$1,928,110
4.250% 1/15/34 (b)
3,376,000
2,548,387
4.500% 5/01/32
853,000
685,466
CSC Holdings LLC
 
 
5.750% 1/15/30 (b)
939,000
497,081
7.500% 4/01/28 (b)
800,000
539,241
11.750% 1/31/29 (b)
1,850,000
1,852,885
Cumulus Media New Holdings, Inc.
 
 
6.750% 7/01/26 (b)
892,000
477,101
Directv Financing LLC/Directv Financing Co.-Obligor, Inc.
 
 
5.875% 8/15/27 (b)
3,333,000
3,153,139
DISH DBS Corp.
 
 
5.125% 6/01/29
380,000
158,494
7.375% 7/01/28
1,266,000
609,486
DISH Network Corp.
 
 
11.750% 11/15/27 (b)
818,000
835,121
Gray Television, Inc.
 
 
5.375% 11/15/31 (b)
1,881,000
1,233,408
7.000% 5/15/27 (b) (c)
243,000
225,998
LCPR Senior Secured Financing DAC
 
 
6.750% 10/15/27 (b)
1,385,000
1,299,848
McGraw-Hill Education, Inc.
 
 
5.750% 8/01/28 (b)
910,000
857,181
Sirius XM Radio, Inc.
 
 
3.875% 9/01/31 (b)
615,000
512,795
Time Warner Cable Enterprises LLC
 
 
8.375% 7/15/33
2,780,000
3,102,725
Virgin Media Secured Finance PLC
 
 
4.500% 8/15/30 (b)
236,000
203,514
5.500% 5/15/29 (b)
4,137,000
3,824,936
Virgin Media Vendor Financing Notes IV DAC
 
 
5.000% 7/15/28 (b)
588,000
539,479
 
 
26,026,356
Mining — 1.1%
 
 
Constellium SE
 
 
3.750% 4/15/29 (b)
2,250,000
2,024,320
First Quantum Minerals Ltd.
 
 
9.375% 3/01/29 (b)
1,397,000
1,447,173
Novelis Corp.
 
 
3.250% 11/15/26 (b)
304,000
283,261
3.875% 8/15/31 (b)
313,000
268,869
 
 
4,023,623
Miscellaneous – Manufacturing — 0.6%
Amsted Industries, Inc.
 
 
5.625% 7/01/27 (b)
2,435,000
2,398,432
 
The accompanying notes are an integral part of the financial statements.
60
 

TABLE OF CONTENTS

     
MassMutual High Yield Fund — Portfolio of Investments (Continued)
     
 
Principal Amount
Value
Oil & Gas — 3.8%
 
 
Apache Corp.
 
 
4.750% 4/15/43 (c)
$816,000
$643,298
5.100% 9/01/40
607,000
520,910
5.350% 7/01/49
910,000
769,224
Hilcorp Energy I LP/Hilcorp Finance Co.
 
 
6.000% 4/15/30 (b)
443,000
433,745
6.000% 2/01/31 (b)
1,792,000
1,742,402
Nabors Industries Ltd.
 
 
7.250% 1/15/26 (b)
983,000
976,914
Nabors Industries, Inc.
 
 
7.375% 5/15/27 (b)
777,000
775,569
Occidental Petroleum Corp.
 
 
6.200% 3/15/40
1,570,000
1,611,013
6.600% 3/15/46
801,000
863,260
Parkland Corp.
 
 
4.625% 5/01/30 (b)
795,000
732,909
5.875% 7/15/27 (b)
2,479,000
2,457,519
Sunoco LP/Sunoco Finance Corp.
 
 
5.875% 3/15/28
245,000
242,657
7.000% 9/15/28 (b)
510,000
521,092
Transocean Poseidon Ltd.
 
 
6.875% 2/01/27 (b)
132,300
132,452
Transocean, Inc.
 
 
7.250% 11/01/25 (b)
1,251,000
1,245,708
7.500% 1/15/26 (b)
931,000
925,171
 
 
14,593,843
Oil & Gas Services — 0.8%
 
 
Weatherford International Ltd.
 
 
8.625% 4/30/30 (b)
2,835,000
2,959,652
Packaging & Containers — 2.3%
 
 
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
 
 
4.000% 9/01/29 (b)
1,217,000
980,965
Clydesdale Acquisition Holdings, Inc.
 
 
8.750% 4/15/30 (b)
2,181,000
2,142,918
Graham Packaging Co., Inc.
 
 
7.125% 8/15/28 (b)
1,295,000
1,174,168
Mauser Packaging Solutions Holding Co.
 
 
7.875% 8/15/26 (b)
2,895,000
2,949,284
9.250% 4/15/27 (b)
1,077,000
1,068,422
Trident TPI Holdings, Inc.
 
 
12.750% 12/31/28 (b)
527,000
562,277
 
 
8,878,034
 
Principal Amount
Value
Pharmaceuticals — 4.1%
 
 
1375209 BC Ltd.
 
 
9.000% 1/30/28 (b) (c)
$4,352,000
$4,264,972
AdaptHealth LLC
 
 
4.625% 8/01/29 (b)
1,000,000
860,545
5.125% 3/01/30 (b)
2,000,000
1,744,272
Bausch Health Cos., Inc.
 
 
4.875% 6/01/28 (b)
1,347,000
735,063
6.125% 2/01/27 (b)
477,000
297,214
9.000% 12/15/25 (b)
870,000
826,513
14.000% 10/15/30 (b)
286,000
164,533
Grifols SA
 
 
4.750% 10/15/28 (b) (c)
2,379,000
1,968,291
Herbalife Ltd., Convertible,
 
 
4.250% 6/15/28 (b)
399,000
344,377
Herbalife Nutrition Ltd./HLF Financing, Inc.
 
 
7.875% 9/01/25 (b)
2,128,000
2,127,707
HLF Financing SARL LLC/Herbalife International, Inc.
 
 
4.875% 6/01/29 (b)
246,000
170,970
Perrigo Finance Unlimited Co.
 
 
4.650% STEP 6/15/30
2,089,000
1,920,331
 
 
15,424,788
Pipelines — 5.7%
 
 
CQP Holdco LP/BIP-V Chinook Holdco LLC
 
 
5.500% 6/15/31 (b)
4,376,000
4,135,829
Energy Transfer LP
 
 
5 yr. CMT + 5.694%
6.500% VRN (d)
500,000
490,071
5 yr. CMT + 5.306%
7.125% VRN (d)
700,000
683,400
EnLink Midstream Partners LP
 
 
4.150% 6/01/25 (c)
27,000
26,411
4.850% 7/15/26
277,000
271,554
5.050% 4/01/45
160,000
132,129
5.450% 6/01/47
380,000
330,706
5.600% 4/01/44 (c)
1,488,000
1,324,839
EQM Midstream Partners LP
 
 
6.000% 7/01/25 (b)
339,000
339,431
6.500% 7/01/27 (b)
763,000
769,748
7.500% 6/01/27 (b)
832,000
853,129
7.500% 6/01/30 (b)
176,000
188,134
Genesis Energy LP/Genesis Energy Finance Corp.
 
 
6.250% 5/15/26
290,000
288,170
8.000% 1/15/27
553,000
559,430
8.250% 1/15/29
750,000
769,947
The accompanying notes are an integral part of the financial statements.
 
 
61

TABLE OF CONTENTS

     
MassMutual High Yield Fund — Portfolio of Investments (Continued)
     
 
Principal Amount
Value
Harvest Midstream I LP
 
 
7.500% 9/01/28 (b)
$1,911,000
$1,937,622
ITT Holdings LLC
 
 
6.500% 8/01/29 (b)
4,327,000
3,948,818
NGL Energy Operating LLC/NGL Energy Finance Corp.
 
 
8.125% 2/15/29 (b)
624,000
639,090
8.375% 2/15/32 (b)
1,102,000
1,129,668
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
 
 
7.375% 2/15/29 (b)
1,032,000
1,038,169
Venture Global Calcasieu Pass LLC
 
 
3.875% 8/15/29 (b)
869,000
782,228
4.125% 8/15/31 (b)
994,000
883,864
 
 
21,522,387
Private Equity — 0.4%
 
 
HAT Holdings I LLC/HAT Holdings II LLC
 
 
3.375% 6/15/26 (b)
1,520,000
1,431,696
Real Estate Investment Trusts (REITS) — 1.3%
Global Net Lease, Inc./Global Net Lease Operating Partnership LP
 
 
3.750% 12/15/27 (b)
261,000
223,334
HAT Holdings I LLC/HAT Holdings II LLC
 
 
8.000% 6/15/27 (b)
425,000
443,147
RLJ Lodging Trust LP
 
 
3.750% 7/01/26 (b)
1,238,000
1,178,955
4.000% 9/15/29 (b)
2,345,000
2,067,163
Service Properties Trust
 
 
4.375% 2/15/30
568,000
433,571
4.950% 2/15/27
284,000
262,688
5.500% 12/15/27
548,000
522,376
 
 
5,131,234
Retail — 4.2%
 
 
Bath & Body Works, Inc.
 
 
6.750% 7/01/36
658,000
664,587
6.875% 11/01/35
1,478,000
1,511,342
BlueLinx Holdings, Inc.
 
 
6.000% 11/15/29 (b)
1,774,000
1,722,992
Brinker International, Inc.
 
 
8.250% 7/15/30 (b)
989,000
1,042,180
CEC Entertainment LLC
 
 
6.750% 5/01/26 (b)
855,000
846,919
Nordstrom, Inc.
 
 
5.000% 1/15/44
651,000
504,491
 
Principal Amount
Value
PetSmart, Inc./PetSmart Finance Corp.
 
 
4.750% 2/15/28 (b)
$610,000
$571,110
7.750% 2/15/29 (b)
1,096,000
1,067,002
Raising Cane’s Restaurants LLC
 
 
9.375% 5/01/29 (b)
294,000
317,738
Sonic Automotive, Inc.
 
 
4.625% 11/15/29 (b) (c)
585,000
524,626
4.875% 11/15/31 (b) (c)
1,260,000
1,103,021
Specialty Building Products Holdings LLC/SBP Finance Corp.
 
 
6.375% 9/30/26 (b)
1,260,000
1,251,554
Staples, Inc.
 
 
7.500% 4/15/26 (b)
1,004,000
979,876
10.750% 4/15/27 (b)
686,000
652,070
Suburban Propane Partners LP/Suburban Energy Finance Corp.
 
 
5.000% 6/01/31 (b)
1,271,000
1,158,750
Superior Plus LP/Superior General Partner, Inc.
 
 
4.500% 3/15/29 (b)
2,169,000
2,005,345
 
 
15,923,603
Software — 0.8%
 
 
Boxer Parent Co., Inc.
 
 
9.125% 3/01/26 (b)
158,000
157,942
Consensus Cloud Solutions, Inc.
 
 
6.000% 10/15/26 (b) (c)
1,761,000
1,673,746
Veritas US, Inc./Veritas Bermuda Ltd.
 
 
7.500% 9/01/25 (b)
1,317,000
1,207,508
 
 
3,039,196
Telecommunications — 5.7%
 
 
Altice France Holding SA
 
 
10.500% 5/15/27 (b)
494,000
184,843
Altice France SA
 
 
5.125% 7/15/29 (b)
698,000
471,871
C&W Senior Finance Ltd.
 
 
6.875% 9/15/27 (b)
2,136,000
2,017,219
Connect Finco SARL/Connect US Finco LLC
 
 
6.750% 10/01/26 (b)
4,634,000
4,542,595
Consolidated Communications, Inc.
 
 
5.000% 10/01/28 (b)
722,000
601,782
6.500% 10/01/28 (b)
736,000
642,912
Frontier Communications Holdings LLC
 
 
6.000% 1/15/30 (b)
2,191,000
1,855,837
6.750% 5/01/29 (b)
902,000
803,853
8.625% 3/15/31 (b)
3,081,000
3,146,715
Hughes Satellite Systems Corp.
 
 
6.625% 8/01/26
2,280,000
1,342,928
 
The accompanying notes are an integral part of the financial statements.
62
 

TABLE OF CONTENTS

     
MassMutual High Yield Fund — Portfolio of Investments (Continued)
     
 
Principal Amount
Value
Intelsat Jackson Holdings SA
 
 
6.500% 3/15/30 (b)
$1,079,000
$1,002,466
Level 3 Financing, Inc.
 
 
4.250% 7/01/28 (b)
557,000
261,790
11.000% 11/15/29 (b)
3,793,000
3,944,720
Viasat, Inc.
 
 
6.500% 7/15/28 (b) (c)
1,267,000
978,395
 
 
21,797,926
Transportation — 1.3%
 
 
Carriage Purchaser, Inc.
 
 
7.875% 10/15/29 (b)
1,473,000
1,308,730
Seaspan Corp.
 
 
5.500% 8/01/29 (b)
3,997,000
3,485,451
 
 
4,794,181
TOTAL CORPORATE DEBT
(Cost $341,637,871)
 
332,137,293
TOTAL BONDS & NOTES
(Cost $377,274,151)
 
368,203,651
TOTAL LONG-TERM INVESTMENTS
(Cost $377,274,151)
 
368,203,651
Short-Term Investments — 5.1%
Commercial Paper — 1.1%
 
 
Eversource Energy
 
 
5.681% 4/01/24 (b)
4,000,000
3,997,590
 
 
3,997,590
 
Number of Shares
 
Investment of Cash Collateral from
Securities Loaned — 4.0%
State Street Navigator Securities Lending Government Money Market Portfolio (e)
15,162,615
15,162,615
TOTAL SHORT-TERM INVESTMENTS
(Cost $19,162,615)
 
19,160,205
TOTAL INVESTMENTS — 102.0%
(Cost $396,436,766) (f)
 
387,363,856
Other Assets/
(Liabilities) — (2.0)%
 
(7,450,953)
NET ASSETS — 100.0%
 
$379,912,903
Abbreviation Legends
CMT
Constant Maturity Treasury Index
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)
All or a portion of the security represents unsettled bank loan commitments at March 31, 2024 where the rate will be determined at time of settlement.
(b)
Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2024, the aggregate market value of these securities amounted to $293,670,080 or 77.30% of net assets.
(c)
Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $16,569,214 or 4.36% of net assets. The Fund received $1,763,807 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).
(d)
Security is perpetual and has no stated maturity date.
(e)
Represents investment of security lending cash collateral. (Note 2).
(f)
See Note 6 for aggregate cost for federal tax purposes.
The accompanying notes are an integral part of the financial statements.
 
 
63

TABLE OF CONTENTS

MassMutual Balanced Fund — Portfolio of Investments
March 31, 2024 (Unaudited)
 
Number of
Shares
Value
Equities — 64.5%
 
 
Common Stock — 64.5%
 
 
Communication Services — 1.5%
 
 
Electronic Arts, Inc.
1,656
$219,702
Fox Corp. Class A
6,317
197,533
Omnicom Group, Inc.
323
31,253
Verizon Communications, Inc.
22,579
947,415
Walt Disney Co.
2,095
256,344
 
 
1,652,247
Consumer Discretionary — 7.2%
 
 
Aptiv PLC (a)
502
39,984
AutoZone, Inc. (a)
145
456,989
Best Buy Co., Inc.
899
73,745
Booking Holdings, Inc.
247
896,086
Chipotle Mexican Grill, Inc. (a)
104
302,304
DoorDash, Inc., Class A (a)
151
20,796
DR Horton, Inc.
1,988
327,126
eBay, Inc.
2,230
117,699
Ford Motor Co.
32,423
430,578
Garmin Ltd.
638
94,979
Genuine Parts Co.
320
49,578
Hilton Worldwide Holdings, Inc.
898
191,552
Home Depot, Inc.
3,565
1,367,534
Las Vegas Sands Corp.
1,026
53,044
Lowe's Cos., Inc.
3,307
842,392
Lululemon Athletica, Inc. (a)
518
202,357
Marriott International, Inc. Class A
812
204,876
NIKE, Inc. Class B
2,184
205,252
O’Reilly Automotive, Inc. (a)
501
565,569
Ross Stores, Inc.
1,307
191,815
TJX Cos., Inc.
8,567
868,865
Ulta Beauty, Inc. (a)
137
71,635
Yum! Brands, Inc.
1,880
260,662
 
 
7,835,417
Consumer Staples — 4.9%
 
 
Brown-Forman Corp. Class B
276
14,247
Campbell Soup Co.
901
40,049
Church & Dwight Co., Inc.
847
88,350
Clorox Co.
228
34,909
Coca-Cola Co.
9,850
602,623
Colgate-Palmolive Co.
6,346
571,457
Constellation Brands, Inc. Class A
489
132,891
Dollar General Corp.
244
38,079
Dollar Tree, Inc. (a)
473
62,980
Estee Lauder Cos., Inc. Class A
152
23,431
General Mills, Inc.
4,740
331,658
Hershey Co.
531
103,279
Kellanova
1,354
77,571
 
Number of
Shares
Value
Keurig Dr Pepper, Inc.
1,616
$49,563
Kimberly-Clark Corp.
1,362
176,175
Kroger Co.
3,482
198,927
McCormick & Co., Inc.
337
25,885
Mondelez International, Inc. Class A
4,717
330,190
Monster Beverage Corp. (a)
1,865
110,557
PepsiCo, Inc.
4,707
823,772
Procter & Gamble Co.
7,756
1,258,411
Sysco Corp.
759
61,616
Target Corp.
902
159,843
Walgreens Boots Alliance, Inc.
521
11,300
 
 
5,327,763
Energy — 2.4%
 
 
Baker Hughes Co.
2,022
67,737
Cheniere Energy, Inc.
2,990
482,227
Halliburton Co.
1,915
75,489
Kinder Morgan, Inc.
14,328
262,776
Marathon Petroleum Corp.
4,669
940,804
ONEOK, Inc.
1,160
92,997
Schlumberger NV
1,558
85,394
Valero Energy Corp.
1,604
273,787
Williams Cos., Inc.
7,629
297,302
 
 
2,578,513
Financials — 7.7%
 
 
Aflac, Inc.
1,885
161,846
Allstate Corp.
447
77,335
American Express Co.
1,639
373,184
American International Group, Inc.
2,514
196,519
Ameriprise Financial, Inc.
251
110,048
Aon PLC Class A
632
210,911
Arch Capital Group Ltd. (a)
3,439
317,901
Arthur J Gallagher & Co.
618
154,525
Bank of New York Mellon Corp.
4,204
242,234
BlackRock, Inc.
177
147,565
Blackstone, Inc.
960
126,115
Block, Inc. (a)
260
21,991
Charles Schwab Corp.
727
52,591
Chubb Ltd.
2,323
601,959
CME Group, Inc.
1,118
240,694
Discover Financial Services
1,795
235,307
Fidelity National Information Services, Inc.
658
48,810
Fifth Third Bancorp
1,728
64,299
Fiserv, Inc. (a)
2,028
324,115
Global Payments, Inc.
769
102,785
Hartford Financial Services Group, Inc.
1,469
151,380
Intercontinental Exchange, Inc.
1,348
185,256
Marsh & McLennan Cos., Inc.
2,811
579,010
 
The accompanying notes are an integral part of the financial statements.
64
 

TABLE OF CONTENTS

     
MassMutual Balanced Fund — Portfolio of Investments (Continued)
     
 
Number of
Shares
Value
MetLife, Inc.
3,461
$256,495
Moody’s Corp.
292
114,765
MSCI, Inc.
108
60,529
Nasdaq, Inc.
1,141
71,997
Northern Trust Corp.
668
59,399
PayPal Holdings, Inc. (a)
1,414
94,724
Principal Financial Group, Inc.
598
51,613
Progressive Corp.
2,807
580,544
Prudential Financial, Inc.
739
86,759
Regions Financial Corp.
2,441
51,359
S&P Global, Inc.
387
164,649
State Street Corp.
1,221
94,408
T. Rowe Price Group, Inc.
525
64,008
Travelers Cos., Inc.
1,139
262,129
Truist Financial Corp.
3,281
127,893
Visa, Inc. Class A
5,027
1,402,935
Willis Towers Watson PLC
268
73,700
 
 
8,344,286
Health Care — 8.6%
 
 
Abbott Laboratories
2,447
278,126
Agilent Technologies, Inc.
322
46,854
Align Technology, Inc. (a)
64
20,987
Amgen, Inc.
1,849
525,708
Baxter International, Inc.
491
20,985
Becton Dickinson & Co.
865
214,044
Biogen, Inc. (a)
134
28,894
BioMarin Pharmaceutical, Inc. (a)
80
6,987
BioNTech SE ADR (a)
452
41,697
Boston Scientific Corp. (a)
2,741
187,731
Bristol-Myers Squibb Co.
6,163
334,220
Cardinal Health, Inc.
879
98,360
Cencora, Inc.
519
126,112
Centene Corp. (a)
1,973
154,841
Cigna Group
1,101
399,872
CVS Health Corp.
2,728
217,585
Danaher Corp.
678
169,310
Dexcom, Inc. (a)
161
22,331
Edwards Lifesciences Corp. (a)
378
36,122
Elevance Health, Inc.
543
281,567
Eli Lilly & Co.
2,105
1,637,606
Gilead Sciences, Inc.
3,107
227,588
Humana, Inc.
377
130,714
IDEXX Laboratories, Inc. (a)
69
37,255
Illumina, Inc. (a)
51
7,003
Incyte Corp. (a)
239
13,616
Intuitive Surgical, Inc. (a)
275
109,750
IQVIA Holdings, Inc. (a)
162
40,968
Laboratory Corp. of America
Holdings
211
46,095
 
Number of
Shares
Value
McKesson Corp.
532
$285,604
Medtronic PLC
1,962
170,988
Merck & Co., Inc.
6,704
884,593
Mettler-Toledo International, Inc. (a)
13
17,307
Moderna, Inc. (a)
59
6,287
Pfizer, Inc.
4,004
111,111
Quest Diagnostics, Inc.
165
21,963
Regeneron Pharmaceuticals, Inc. (a)
252
242,548
ResMed, Inc.
79
15,644
STERIS PLC
109
24,505
Thermo Fisher Scientific, Inc.
409
237,715
UnitedHealth Group, Inc.
2,511
1,242,192
Veeva Systems, Inc. Class A (a)
115
26,644
Vertex Pharmaceuticals, Inc. (a)
824
344,440
Waters Corp. (a)
37
12,737
West Pharmaceutical Services, Inc.
78
30,865
Zimmer Biomet Holdings, Inc.
276
36,427
Zoetis, Inc.
564
95,435
 
 
9,269,933
Industrials — 5.0%
 
 
AMETEK, Inc.
661
120,897
Automatic Data Processing, Inc.
869
217,024
Carrier Global Corp.
2,259
131,316
Cintas Corp.
215
147,711
Copart, Inc. (a)
2,145
124,238
CSX Corp.
10,343
383,415
Cummins, Inc.
637
187,692
Deere & Co.
686
281,768
Eaton Corp. PLC
856
267,654
Expeditors International of Washington, Inc.
1,437
174,696
FedEx Corp.
1,006
291,478
Honeywell International, Inc.
1,138
233,575
Illinois Tool Works, Inc.
1,245
334,071
Johnson Controls International
PLC
1,006
65,712
Norfolk Southern Corp.
429
109,339
Otis Worldwide Corp.
1,087
107,907
Paychex, Inc.
857
105,240
Republic Services, Inc.
1,838
351,867
Rockwell Automation, Inc.
271
78,950
Trane Technologies PLC
609
182,822
Union Pacific Corp.
2,026
498,254
United Parcel Service, Inc. Class B
1,642
244,050
Verisk Analytics, Inc.
677
159,589
W.W. Grainger, Inc.
122
124,111
Waste Connections, Inc.
1,084
186,459
Waste Management, Inc.
1,508
321,430
 
 
5,431,265
The accompanying notes are an integral part of the financial statements.
 
 
65

TABLE OF CONTENTS

     
MassMutual Balanced Fund — Portfolio of Investments (Continued)
     
 
Number of
Shares
Value
Information Technology — 23.2%
 
 
Accenture PLC Class A
2,114
$732,734
Adobe, Inc. (a)
1,671
843,187
Advanced Micro Devices, Inc. (a)
1,156
208,646
Amphenol Corp. Class A
1,548
178,562
ANSYS, Inc. (a)
159
55,198
Apple, Inc.
25,135
4,310,150
Applied Materials, Inc.
2,915
601,160
Arista Networks, Inc. (a)
336
97,433
Autodesk, Inc. (a)
347
90,366
Broadcom, Inc.
1,272
1,685,922
Cadence Design Systems, Inc. (a)
920
286,378
CDW Corp.
249
63,689
Cisco Systems, Inc.
18,556
926,130
Cognizant Technology Solutions Corp. Class A
1,781
130,529
Corning, Inc.
889
29,301
Enphase Energy, Inc. (a)
78
9,436
Fortinet, Inc. (a)
1,144
78,147
Hewlett Packard Enterprise Co.
4,938
87,551
HP, Inc.
1,779
53,761
HubSpot, Inc. (a)
44
27,569
Intel Corp.
7,962
351,682
International Business Machines Corp.
3,472
663,013
Intuit, Inc.
682
443,300
Keysight Technologies, Inc. (a)
307
48,009
KLA Corp.
450
314,357
Lam Research Corp.
388
376,969
Marvell Technology, Inc.
643
45,576
Micron Technology, Inc.
734
86,531
Microsoft Corp.
11,840
4,981,325
Motorola Solutions, Inc.
459
162,936
NetApp, Inc.
792
83,136
NVIDIA Corp.
4,891
4,419,312
ON Semiconductor Corp. (a)
493
36,260
Oracle Corp.
3,800
477,318
Palo Alto Networks, Inc. (a)
524
148,884
Salesforce, Inc.
2,386
718,615
ServiceNow, Inc. (a)
402
306,485
Snowflake, Inc. Class A (a)
145
23,432
Synopsys, Inc. (a)
448
256,032
TE Connectivity Ltd.
1,292
187,650
Texas Instruments, Inc.
1,424
248,075
VeriSign, Inc. (a)
359
68,034
Workday, Inc. Class A (a)
584
159,286
Zebra Technologies Corp. Class A (a)
19
5,727
Zoom Video Communications, Inc. Class A (a)
291
19,023
 
 
25,126,816
 
Number of
Shares
Value
Materials — 1.1%
 
 
Air Products & Chemicals, Inc.
214
$51,846
Albemarle Corp.
41
5,401
Amcor PLC
3,785
35,995
Ball Corp.
398
26,809
Dow, Inc.
1,674
96,975
DuPont de Nemours, Inc.
1,163
89,167
Ecolab, Inc.
508
117,297
International Flavors & Fragrances, Inc.
156
13,414
LyondellBasell Industries NV Class A
936
95,734
Martin Marietta Materials, Inc.
120
73,673
Newmont Corp.
925
33,152
Nucor Corp.
1,194
236,293
PPG Industries, Inc.
439
63,611
Sherwin-Williams Co.
472
163,940
Vulcan Materials Co.
257
70,141
 
 
1,173,448
Real Estate — 1.1%
 
 
Alexandria Real Estate Equities, Inc.
188
24,235
American Tower Corp.
531
104,920
AvalonBay Communities, Inc.
358
66,431
CBRE Group, Inc. Class A (a)
622
60,483
CoStar Group, Inc. (a)
434
41,924
Crown Castle, Inc.
500
52,915
Digital Realty Trust, Inc.
463
66,691
Equinix, Inc.
192
158,463
Equity Residential
902
56,925
Extra Space Storage, Inc.
141
20,727
Prologis, Inc.
993
129,308
Public Storage
708
205,363
Realty Income Corp.
1,247
67,463
SBA Communications Corp.
90
19,503
Simon Property Group, Inc.
460
71,985
Ventas, Inc.
722
31,436
Weyerhaeuser Co.
1,937
69,558
 
 
1,248,330
Utilities — 1.8%
 
 
Ameren Corp.
782
57,837
American Electric Power Co., Inc.
785
67,588
American Water Works Co., Inc.
129
15,765
Avangrid, Inc.
48
1,749
CMS Energy Corp.
763
46,039
Consolidated Edison, Inc.
1,197
108,699
Dominion Energy, Inc.
1,616
79,491
DTE Energy Co.
677
75,919
Duke Energy Corp.
2,579
249,415
Edison International
1,305
92,303
Entergy Corp.
647
68,375
 
The accompanying notes are an integral part of the financial statements.
66
 

TABLE OF CONTENTS

     
MassMutual Balanced Fund — Portfolio of Investments (Continued)
     
 
Number of
Shares
Value
Eversource Energy
479
$28,630
Exelon Corp.
2,610
98,058
FirstEnergy Corp.
647
24,987
NextEra Energy, Inc.
2,156
137,790
Public Service Enterprise Group, Inc.
7,592
506,994
Sempra
1,225
87,992
WEC Energy Group, Inc.
1,122
92,138
Xcel Energy, Inc.
1,985
106,694
 
 
1,946,463
TOTAL COMMON STOCK
(Cost $55,375,080)
 
69,934,481
TOTAL EQUITIES
(Cost $55,375,080)
 
69,934,481
 
Principal Amount
 
Bonds & Notes — 36.0%
Corporate Debt — 10.7%
 
 
Agriculture — 0.1%
 
 
Archer-Daniels-Midland Co.
 
 
2.700% 9/15/51
$ 49,000
31,289
Bunge Ltd. Finance Corp.
 
 
1.630% 8/17/25
13,000
12,313
3.250% 8/15/26
47,000
44,937
 
 
88,539
Airlines — 0.1%
 
 
American Airlines Pass-Through Trust, Series 2021-1A, Class EETC,
 
 
2.875% 1/11/36
63,450
53,877
Delta Air Lines, Inc./SkyMiles IP Ltd.
 
 
4.500% 10/20/25 (b)
48,413
47,920
 
 
101,797
Auto Manufacturers — 0.2%
 
 
General Motors Financial Co., Inc.
 
 
5.800% 6/23/28
72,000
73,409
PACCAR Financial Corp.
 
 
4.600% 1/10/28
91,000
90,612
 
 
164,021
Banks — 2.8%
 
 
Australia & New Zealand Banking Group Ltd. 5 yr. CMT + 1.700%
 
 
2.570% VRN 11/25/35 (b)
225,000
184,337
Bank of America Corp.
 
 
5 yr. CMT + 1.200% 2.482%
VRN 9/21/36
162,000
129,573
4.183% 11/25/27
41,000
39,798
 
Principal Amount
Value
3 mo. USD Term SOFR + 2.076% 4.244% VRN 4/24/38
$ 23,000
$20,690
3 mo. USD Term SOFR + 1.572% 4.271% VRN 7/23/29
18,000
17,350
4.750% 4/21/45
63,000
58,264
Secured Overnight Financing Rate + 1.910% 5.288% VRN 4/25/34
69,000
68,790
5 yr. CMT + 3.231%
6.125% VRN (c)
162,000
162,442
7.750% 5/14/38
20,000
24,264
Bank of New York Mellon Corp. 5 yr. CMT + 2.630%
 
 
3.750% VRN (c)
156,000
142,990
Bank of Nova Scotia
 
 
4.500% 12/16/25
36,000
35,404
Citigroup, Inc.
 
 
4.450% 9/29/27
27,000
26,265
Secured Overnight Financing Rate + 2.086% 4.910% VRN 5/24/33
71,000
68,449
Secured Overnight Financing Rate + 1.364% 5.174% VRN 2/13/30
37,000
36,827
5.500% 9/13/25
54,000
53,975
5.875% 1/30/42
18,000
19,035
6.000% 10/31/33
16,000
16,476
6.625% 6/15/32
14,000
15,005
8.125% 7/15/39
14,000
17,914
Comerica, Inc. Secured Overnight Financing Rate + 2.155%
 
 
5.982% VRN 1/30/30
27,000
26,675
Cooperatieve Rabobank UA 1 yr. CMT + 0.550%
 
 
1.106% VRN 2/24/27 (b)
250,000
230,187
Fifth Third Bancorp
 
 
Secured Overnight Financing Rate + 1.840% 5.631% VRN 1/29/32
28,000
28,029
Secured Overnight Financing Rate + 2.340% 6.339% VRN 7/27/29
14,000
14,432
Goldman Sachs Group, Inc.
 
 
Secured Overnight Financing Rate + 0.798% 1.431% VRN 3/09/27
227,000
210,222
Secured Overnight Financing Rate + 1.090% 1.992% VRN 1/27/32
135,000
109,242
4.250% 10/21/25
32,000
31,399
5.950% 1/15/27
72,000
73,554
6.750% 10/01/37
32,000
34,961
Huntington Bancshares, Inc. Secured Overnight Financing Rate + 2.020%
 
 
6.208% VRN 8/21/29
29,000
29,682
JP Morgan Chase & Co.
 
 
3 mo. USD Term SOFR + 1.422% 3.702% VRN 5/06/30
160,000
149,904
The accompanying notes are an integral part of the financial statements.
 
 
67

TABLE OF CONTENTS

     
MassMutual Balanced Fund — Portfolio of Investments (Continued)
     
 
Principal Amount
Value
Secured Overnight Financing Rate + 1.845% 5.350% VRN 6/01/34
$ 53,000
$53,204
5.600% 7/15/41
41,000
42,930
Mizuho Financial Group, Inc.
 
 
2.564% 9/13/31
200,000
163,722
Morgan Stanley
 
 
Secured Overnight Financing Rate + 1.485% 3.217% VRN 4/22/42
44,000
33,653
3 mo. USD Term SOFR + 1.890% 4.431% VRN 1/23/30
79,000
76,505
Secured Overnight Financing Rate + 1.870% 5.250% VRN 4/21/34
73,000
72,429
PNC Financial Services Group, Inc.
 
 
Secured Overnight Financing Rate + 1.933% 5.068% VRN 1/24/34
54,000
52,310
Secured Overnight Financing Rate + 1.841% 5.582% VRN 6/12/29
85,000
86,035
Truist Financial Corp. Secured Overnight Financing Rate + 1.620%
 
 
5.435% VRN 1/24/30
40,000
39,953
US Bancorp
 
 
Secured Overnight Financing Rate + 1.600% 4.839% VRN 2/01/34
79,000
75,015
Secured Overnight Financing Rate + 2.020% 5.775% VRN 6/12/29
66,000
67,152
Wells Fargo & Co.
 
 
Secured Overnight Financing Rate + 2.020% 5.389% VRN 4/24/34
67,000
66,583
Secured Overnight Financing Rate + 1.990% 5.557% VRN 7/25/34
54,000
54,209
5 yr. CMT + 3.606% 7.625% VRN (c)
30,000
32,061
 
 
2,991,896
Biotechnology — 0.4%
 
 
Amgen, Inc.
 
 
2.200% 2/21/27
347,000
321,318
5.250% 3/02/33
54,000
54,454
5.650% 3/02/53
36,000
36,682
 
 
412,454
Building Materials — 0.0%
 
 
Carrier Global Corp.
 
 
6.200% 3/15/54
19,000
20,921
Commercial Services — 0.3%
 
 
Element Fleet Management Corp.
 
 
1.600% 4/06/24 (b)
21,000
20,989
ERAC USA Finance LLC
 
 
5.000% 2/15/29 (b)
42,000
42,070
Moody’s Corp.
 
 
4.250% 2/01/29
209,000
203,678
 
Principal Amount
Value
PayPal Holdings, Inc.
 
 
3.250% 6/01/50
$ 27,000
$19,127
Triton Container International Ltd.
 
 
3.150% 6/15/31 (b)
100,000
80,622
 
 
366,486
Computers — 0.2%
 
 
Apple, Inc.
 
 
2.650% 5/11/50
27,000
17,929
3.000% 6/20/27
177,000
168,611
 
 
186,540
Diversified Financial Services — 0.5%
 
Air Lease Corp.
 
 
2.200% 1/15/27
64,000
58,865
Brookfield Finance, Inc.
 
 
3.900% 1/25/28
99,000
95,326
Charles Schwab Corp.
 
 
10 yr. CMT + 3.079% 4.000%
VRN (c)
93,000
78,469
5.875% 8/24/26
115,000
116,917
LSEGA Financing PLC
 
 
1.375% 4/06/26 (b)
218,000
202,087
 
 
551,664
Electric — 0.1%
 
 
MidAmerican Energy Co.
 
 
5.300% 2/01/55
20,000
19,784
Nevada Power Co.
 
 
6.650% 4/01/36
20,000
21,702
Xcel Energy, Inc.
 
 
6.500% 7/01/36
99,000
106,036
 
 
147,522
Entertainment — 0.0%
 
 
Warnermedia Holdings, Inc.
 
 
5.141% 3/15/52
49,000
40,670
Environmental Controls — 0.0%
 
 
Republic Services, Inc.
 
 
5.000% 4/01/34
28,000
27,795
Food — 0.3%
 
 
Conagra Brands, Inc.
 
 
4.850% 11/01/28
170,000
167,982
General Mills, Inc.
 
 
3.000% 2/01/51
112,000
73,506
Ingredion, Inc.
 
 
3.200% 10/01/26
25,000
23,790
Mars, Inc.
 
 
3.950% 4/01/49 (b)
67,000
54,296
 
 
319,574
 
The accompanying notes are an integral part of the financial statements.
68
 

TABLE OF CONTENTS

     
MassMutual Balanced Fund — Portfolio of Investments (Continued)
     
 
Principal Amount
Value
Health Care – Services — 0.5%
 
 
Humana, Inc.
 
 
5.950% 3/15/34
$123,000
$127,718
Kaiser Foundation Hospitals
 
 
2.810% 6/01/41
110,000
81,179
3.002% 6/01/51
80,000
55,425
Mayo Clinic
 
 
3.196% 11/15/61
106,000
72,919
Providence St. Joseph Health
Obligated Group
 
 
2.700% 10/01/51
93,000
56,984
Quest Diagnostics, Inc.
 
 
6.400% 11/30/33
47,000
50,778
UnitedHealth Group, Inc.
 
 
3.125% 5/15/60
36,000
23,673
5.050% 4/15/53
20,000
19,424
5.875% 2/15/53
25,000
27,048
 
 
515,148
Insurance — 0.8%
 
 
American International Group, Inc. 3 mo. USD LIBOR + 2.868%
 
 
5.750% VRN 4/01/48
104,000
102,110
Arch Capital Finance LLC
 
 
5.031% 12/15/46
27,000
24,813
Arch Capital Group Ltd.
 
 
3.635% 6/30/50
49,000
36,398
Arthur J Gallagher & Co.
 
 
6.750% 2/15/54
20,000
22,707
Athene Holding Ltd.
 
 
3.950% 5/25/51
16,000
11,753
6.250% 4/01/54
37,000
37,551
Brighthouse Financial, Inc.
 
 
3.850% 12/22/51
68,000
44,650
GA Global Funding Trust
 
 
1.625% 1/15/26 (b)
37,000
34,303
Jackson Financial, Inc.
 
 
5.170% 6/08/27
78,000
77,841
Marsh & McLennan Cos., Inc.
 
 
5.450% 3/15/53
16,000
16,104
5.700% 9/15/53
42,000
43,604
New York Life Global Funding
 
 
4.550% 1/28/33 (b)
47,000
45,340
New York Life Insurance Co.
 
 
3.750% 5/15/50 (b)
23,000
17,681
Pacific Life Global Funding II
 
 
5.500% 8/28/26 (b)
64,000
64,514
Prudential Financial, Inc.
 
 
5 yr. CMT + 3.035%
3.700% VRN 10/01/50
18,000
15,734
 
Principal Amount
Value
3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48
$ 99,000
$97,913
Reinsurance Group of America, Inc.
 
 
3.150% 6/15/30
49,000
43,695
3.900% 5/15/29
54,000
50,959
USF&G Capital I
 
 
8.500% 12/15/45 (b)
35,000
39,624
 
 
827,294
Internet — 0.0%
 
 
Alphabet, Inc.
 
 
2.250% 8/15/60
32,000
18,428
Investment Companies — 0.1%
 
 
Blackstone Secured Lending Fund
 
 
2.750% 9/16/26
158,000
145,640
Machinery – Diversified — 0.0%
 
 
AGCO Corp.
 
 
5.450% 3/21/27
18,000
18,081
5.800% 3/21/34
23,000
23,287
 
 
41,368
Media — 0.2%
 
 
Charter Communications Operating LLC/Charter Communications Operating Capital
 
 
3.500% 6/01/41
59,000
39,617
3.850% 4/01/61
46,000
27,293
6.484% 10/23/45
32,000
29,658
Comcast Corp.
 
 
2.937% 11/01/56
43,000
27,073
3.400% 7/15/46
41,000
30,612
3.969% 11/01/47
23,000
18,487
Discovery Communications LLC
 
 
3.950% 3/20/28
56,000
53,029
Time Warner Cable LLC
 
 
6.750% 6/15/39
27,000
25,717
 
 
251,486
Oil & Gas — 0.1%
 
 
BP Capital Markets America, Inc.
 
 
3.379% 2/08/61
95,000
65,625
BP Capital Markets PLC 5 yr.
CMT + 4.036%
 
 
4.375% VRN (c)
12,000
11,761
 
 
77,386
Packaging & Containers — 0.3%
 
 
Berry Global, Inc.
 
 
1.570% 1/15/26
48,000
44,870
Silgan Holdings, Inc.
 
 
1.400% 4/01/26 (b)
49,000
44,882
The accompanying notes are an integral part of the financial statements.
 
 
69

TABLE OF CONTENTS

     
MassMutual Balanced Fund — Portfolio of Investments (Continued)
     
 
Principal Amount
Value
WRKCo, Inc.
 
 
3.000% 6/15/33
$ 27,000
$22,844
4.650% 3/15/26
192,000
189,597
 
 
302,193
Pharmaceuticals — 0.6%
 
 
AbbVie, Inc.
 
 
4.700% 5/14/45
67,000
62,651
5.050% 3/15/34
68,000
68,843
5.400% 3/15/54
45,000
46,318
Astrazeneca Finance LLC
 
 
5.000% 2/26/34
58,000
58,238
Bristol-Myers Squibb Co.
 
 
4.350% 11/15/47
27,000
23,314
6.250% 11/15/53
28,000
31,541
Cigna Group
 
 
4.800% 7/15/46
27,000
24,544
CVS Health Corp.
 
 
5.875% 6/01/53
17,000
17,294
6.125% 9/15/39
8,000
8,279
Eli Lilly & Co.
 
 
4.950% 2/27/63
33,000
32,100
Merck & Co., Inc.
 
 
5.000% 5/17/53
81,000
79,302
Pfizer Investment Enterprises Pte. Ltd.
 
 
4.450% 5/19/28
93,000
91,677
4.750% 5/19/33
61,000
60,060
 
 
604,161
Pipelines — 0.8%
 
 
Enterprise Products Operating LLC
 
 
3 mo. USD Term SOFR + 3.295% 5.250% VRN 8/16/77
41,000
38,905
3 mo. USD Term SOFR + 2.832% 5.375% VRN 2/15/78
27,000
25,163
Kinder Morgan, Inc.
 
 
3.250% 8/01/50
50,000
32,977
MPLX LP
 
 
1.750% 3/01/26
365,000
341,200
4.500% 4/15/38
27,000
23,977
5.650% 3/01/53
7,000
6,847
ONEOK, Inc.
 
 
6.350% 1/15/31
200,000
211,756
6.625% 9/01/53
46,000
50,697
Sabine Pass Liquefaction LLC
 
 
4.500% 5/15/30
100,000
96,171
Williams Cos., Inc.
 
 
3.500% 10/15/51
45,000
31,979
 
 
859,672
Real Estate — 0.1%
 
 
CBRE Services, Inc.
 
 
2.500% 4/01/31
121,000
100,127
 
Principal Amount
Value
Real Estate Investment Trusts (REITS) — 0.9%
Alexandria Real Estate Equities, Inc.
 
 
2.950% 3/15/34
$ 78,000
$64,078
5.150% 4/15/53
20,000
18,419
American Tower Corp.
 
 
1.600% 4/15/26
96,000
89,150
Brixmor Operating Partnership LP
 
 
2.250% 4/01/28
24,000
21,311
Crown Castle, Inc.
 
 
2.500% 7/15/31
88,000
72,820
3.700% 6/15/26
243,000
234,674
5.200% 2/15/49
11,000
10,198
Extra Space Storage LP
 
 
2.350% 3/15/32
65,000
52,008
Host Hotels & Resorts LP
 
 
3.500% 9/15/30
84,000
74,695
Kimco Realty OP LLC
 
 
2.250% 12/01/31
58,000
46,767
Kite Realty Group LP
 
 
4.000% 10/01/26
110,000
104,685
NNN REIT, Inc.
 
 
5.600% 10/15/33
40,000
40,499
Prologis LP
 
 
4.875% 6/15/28
75,000
75,081
Public Storage Operating Co.
 
 
5.350% 8/01/53
14,000
14,063
Realty Income Corp.
 
 
4.850% 3/15/30
30,000
29,654
Regency Centers LP
 
 
5.250% 1/15/34
25,000
24,905
 
 
973,007
Retail — 0.3%
 
 
Home Depot, Inc.
 
 
2.375% 3/15/51
48,000
28,536
McDonald’s Corp.
 
 
3.300% 7/01/25
100,000
97,764
5.450% 8/14/53
51,000
51,752
Starbucks Corp.
 
 
4.450% 8/15/49
86,000
74,593
Walmart, Inc.
 
 
4.500% 4/15/53
67,000
61,934
 
 
314,579
Semiconductors — 0.2%
 
 
Micron Technology, Inc.
 
 
4.185% 2/15/27
200,000
194,883
5.300% 1/15/31
33,000
33,191
 
 
228,074
Software — 0.4%
 
 
Electronic Arts, Inc.
 
 
2.950% 2/15/51
42,000
28,075
 
The accompanying notes are an integral part of the financial statements.
70
 

TABLE OF CONTENTS

     
MassMutual Balanced Fund — Portfolio of Investments (Continued)
     
 
Principal Amount
Value
Fiserv, Inc.
 
 
5.450% 3/15/34
$ 86,000
$87,102
Intuit, Inc.
 
 
5.500% 9/15/53
48,000
49,827
Microsoft Corp.
 
 
2.921% 3/17/52
80,000
56,558
Oracle Corp.
 
 
3.600% 4/01/40
197,000
155,290
5.550% 2/06/53
15,000
14,673
6.900% 11/09/52
53,000
60,985
 
 
452,510
Telecommunications — 0.4%
 
 
Cisco Systems, Inc.
 
 
5.050% 2/26/34
36,000
36,485
T-Mobile USA, Inc.
 
 
5.050% 7/15/33
80,000
79,132
5.500% 1/15/55
36,000
35,931
6.000% 6/15/54
16,000
17,101
Verizon Communications, Inc.
 
 
3.700% 3/22/61
47,000
34,365
3.875% 2/08/29
180,000
172,326
 
 
375,340
Transportation — 0.0%
 
 
CSX Corp.
 
 
4.750% 11/15/48
18,000
16,548
TOTAL CORPORATE DEBT
(Cost $12,859,604)
 
11,522,840
Non-U.S. Government Agency Obligations — 3.7%
Automobile Asset-Backed Securities — 0.6%
Avis Budget Rental Car Funding AESOP LLC, Series 2021-2A, Class A
 
 
1.660% 2/20/28 (b)
150,000
136,700
Enterprise Fleet Financing LLC, Series 2021-3, Class A3
 
 
1.220% 8/20/27 (b)
234,000
223,325
Fifth Third Auto Trust, Series 2023-1, Class A3
 
 
5.530% 8/15/28
131,000
131,826
Hyundai Auto Receivables Trust, Series 2021-C, Class A4
 
 
1.030% 12/15/27
140,000
132,074
Toyota Auto Receivables Owner Trust, Series 2021-D, Class A4
 
 
1.020% 3/15/27
70,000
65,523
 
 
689,448
 
Principal Amount
Value
Commercial Mortgage-Backed Securities — 1.0%
Bank
 
 
Series 2019-BN17, Class B, 4.128% VRN 4/15/52 (d)
$ 29,000
$25,309
Series 2019-BN16, Class AS, 4.267% 2/15/52
31,333
28,993
Series 2019-BN16, Class B, 4.438% VRN 2/15/52 (d)
24,330
21,744
BBCMS Mortgage Trust, Series 2020-C7, Class AS
 
 
2.444% 4/15/53
57,000
45,727
Benchmark Mortgage Trust, Series 2019-B9, Class AAB
 
 
3.933% 3/15/52
260,581
252,386
BX Commercial Mortgage Trust
 
 
Series 2021-VOLT, Class A, 1 mo. USD Term SOFR + 0.814% 6.140% FRN 9/15/36 (b)
115,000
114,066
Series 2021-VOLT , Class C, 1 mo. USD Term SOFR + 1.214% 6.540% FRN 9/15/36 (b)
100,000
98,500
Citigroup Commercial Mortgage Trust, Series 2017-C4, Class C,
 
 
4.138% VRN 10/12/50 (d)
70,000
61,093
GS Mortgage Securities Trust, Series 2020-GC45, Class A5
 
 
2.911% 2/13/53
140,000
123,879
Life Mortgage Trust
 
 
Series 2021-BMR , Class A, 1 mo. USD Term SOFR + 0.814% 6.140% FRN 3/15/38 (b)
98,297
97,191
Series 2021-BMR , Class B, 1 mo. USD Term SOFR + 0.994% 6.320% FRN 3/15/38 (b)
98,297
97,007
Morgan Stanley Capital I Trust, Series 2018-H3, Class B,
 
 
4.620% VRN 7/15/51 (d)
20,000
18,028
Wells Fargo Commercial Mortgage Trust
 
 
Series 2018-C45, Class AS, 4.405% VRN 6/15/51 (d)
30,000
28,211
Series 2018-C45, Class B, 4.556% 6/16/51
10,000
9,133
 
 
1,021,267
Other Asset-Backed Securities — 0.4%
AMSR Trust, Series 2021-SFR3, Class B
 
 
1.726% 10/17/38 (b)
130,000
117,707
Dllmt LLC, Series 2021-1A, Class A4
 
 
1.240% 6/20/29 (b)
150,000
143,863
The accompanying notes are an integral part of the financial statements.
 
 
71

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MassMutual Balanced Fund — Portfolio of Investments (Continued)
     
 
Principal Amount
Value
MVW LLC, Series 2021-2A, Class A
 
 
1.430% 5/20/39 (b)
$135,827
$126,091
Progress Residential Trust, Series 2021-SFR10, Class A
 
 
2.393% 12/17/40 (b)
97,926
87,059
 
 
474,720
Whole Loan Collateral Collateralized Mortgage
Obligations — 1.7%
Angel Oak Mortgage Trust
 
 
Series 2021-8, Class A1, 1.820% VRN 11/25/66 (b) (d)
204,469
176,212
Series 2022-1, Class A1, 2.881% STEP 12/25/66 (b)
223,211
200,141
Bayview MSR Opportunity Master Fund Trust
 
 
Series 2021-5, Class A2, 2.500% VRN 11/25/51 (b) (d)
122,861
99,076
Series 2021-5, Class A1, 3.000% VRN 11/25/51 (b) (d)
100,759
84,307
Ellington Financial Mortgage Trust, Series 2022-3, Class A1,
 
 
5.000% STEP 8/25/67 (b)
197,659
195,826
Flagstar Mortgage Trust, Series 2021-11IN, Class A6,
 
 
2.500% VRN 11/25/51 (b) (d)
208,121
180,450
JP Morgan Mortgage Trust
 
 
Series 2021-LTV2, Class A1, 2.520% VRN 5/25/52 (b) (d)
221,326
182,109
Series 2022-8, Class A4A, 4.000% VRN 1/25/53 (b) (d)
139,183
128,632
OBX Trust, Series 2022-NQM1, Class A1,
 
 
2.305% VRN 11/25/61 (b) (d)
206,894
177,192
Starwood Mortgage Residential Trust
 
 
Series 2021-6, Class A1, 1.920% VRN 11/25/66 (b) (d)
225,775
193,000
Series 2022-1, Class A1, 2.447% VRN 12/25/66 (b) (d)
248,220
214,349
 
 
1,831,294
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $4,465,010)
 
4,016,729
U.S. Government Agency Obligations and Instrumentalities (e) — 9.7%
Pass-Through Securities — 9.7%
 
 
Federal Home Loan Mortgage Corp.
 
 
Pool #RA6233 2.000% 11/01/51
486,359
385,468
Pool #SD8212 2.500% 5/01/52
721,777
596,879
Pool #SD8174 3.000% 10/01/51
385,820
333,542
 
Principal Amount
Value
Pool #RA7484 4.000% 6/01/52
$  429,935
$399,015
Pool #SD1351 4.500% 7/01/52
366,361
349,510
Pool #SD1628 5.000% 9/01/52
386,402
377,691
Pool #SD3386 5.500% 7/01/53
291,840
290,773
Pool #SD5060 5.500% 3/01/54
300,000
299,559
Federal National Mortgage Association
 
 
Pool #CB1787 2.000% 10/01/51
465,172
368,676
Pool #CB1782 2.000% 10/01/51
712,874
564,994
Pool #MA4562 2.000% 3/01/52
451,488
357,548
Pool #MA4361 2.500% 6/01/36
263,425
239,781
Pool #CB2074 2.500% 11/01/51
361,404
300,108
Pool #FS2635 2.500% 5/01/52
437,465
365,183
Pool #BO7245 3.000% 1/01/50
267,592
233,340
Pool #FS2600 3.000% 5/01/52
453,663
394,177
Pool #BU8819 3.500% 5/01/52
442,963
397,846
Pool #CB3859 4.000% 6/01/52
225,239
209,322
Pool #CB4891 4.500% 10/01/52
96,195
91,620
Pool #CB4404 5.000% 8/01/52
375,678
367,091
Pool #CB7859 5.500% 1/01/54
593,467
591,112
Uniform Mortgage-Backed Security,
TBA
2.000% 4/01/39 (f)
1,500,000
1,328,646
3.000% 4/01/54 (f)
400,000
344,219
3.500% 4/01/54 (f)
500,000
447,363
4.500% 4/01/54 (f)
100,000
95,223
6.000% 4/01/54 (f)
750,000
757,119
 
 
10,485,805
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $11,239,880)
 
10,485,805
U.S. Treasury Obligations — 11.9%
U.S. Treasury Bonds & Notes — 11.9%
U.S. Treasury Bonds
 
 
2.250% 8/15/49
839,900
560,061
4.500% 2/15/44
1,333,200
1,342,366
4.750% 11/15/53
912,600
974,200
U.S. Treasury Notes
 
 
2.750% 4/30/27
1,700,000
1,619,186
2.875% 4/30/29
1,050,000
985,030
3.500% 2/15/33
535,000
506,877
4.000% 2/15/34
1,626,100
1,599,168
4.250% 3/15/27
894,400
890,277
4.250% 2/28/29
1,052,700
1,054,381
4.250% 2/28/31
1,459,400
1,462,450
4.625% 2/28/26
736,600
735,996
4.625% 9/30/30
1,175,000
1,201,118
 
 
12,931,110
 
The accompanying notes are an integral part of the financial statements.
72
 

TABLE OF CONTENTS

     
MassMutual Balanced Fund — Portfolio of Investments (Continued)
     
 
Principal Amount
Value
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $13,375,560)
 
$12,931,110
TOTAL BONDS & NOTES
(Cost $41,940,054)
 
38,956,484
TOTAL LONG-TERM INVESTMENTS
(Cost $97,315,134)
 
108,890,965
Short-Term Investments — 2.3%
Repurchase Agreement — 2.2%
 
 
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (g)
$ 2,392,938
2,392,938
U.S. Treasury Bill — 0.1%
 
 
U.S. Treasury Bills
 
 
4.852% 4/18/24 (h) (i)
97,000
96,716
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,489,728)
 
2,489,654
TOTAL INVESTMENTS — 102.8%
(Cost $99,804,862) (j)
111,380,619
Other Assets/(Liabilities) — (2.8)%
 
(3,002,615)
NET ASSETS — 100.0%
 
$108,378,004
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 March 31, 2024, the aggregate market value of these securities amounted to $4,181,655 or 3.86% of net assets.
(c)
Security is perpetual and has no stated maturity date.
(d)
Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2024.
(e)
May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(f)
A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2).
(g)
Maturity value of $2,393,364. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $2,440,866.
(h)
The rate shown represents yield-to-maturity.
(i)
All or a portion of this security is pledged/held as collateral for open derivatives. (Note 2).
(j)
See Note 6 for aggregate cost for federal tax purposes.
Futures contracts
 
Expiration
Date
Number of
Contracts
Notional
Amount
Value/Net
Unrealized
Appreciation
(Depreciation)
Long
U.S. Treasury Note 2 Year
6/28/24
9
$1,841,831
$(1,472)
U.S. Treasury Note 5 Year
6/28/24
4
427,382
681
 
 
 
 
$(791)
Short
U.S. Treasury Note 10 Year
6/18/24
8
$(881,170)
$(5,205)
U.S. Treasury Ultra 10 Year
6/18/24
9
(1,027,316)
(4,168)
 
 
 
 
$ (9,373)
The accompanying notes are an integral part of the financial statements.
 
 
73

TABLE OF CONTENTS

MassMutual Disciplined Value Fund — Portfolio of Investments
March 31, 2024 (Unaudited)
 
Number of Shares
Value
Equities — 99.7%
 
 
Common Stock — 99.7%
 
 
Communication Services — 4.6%
 
 
Comcast Corp. Class A
16,736
$725,506
Fox Corp. Class A
13,194
412,576
Frontier Communications Parent, Inc. (a)
1,608
39,396
Omnicom Group, Inc.
2,817
272,573
Walt Disney Co.
4,051
495,680
Warner Bros Discovery, Inc. (a)
10,870
94,895
 
 
2,040,626
Consumer Discretionary — 5.3%
 
 
BorgWarner, Inc.
1,186
41,202
DoorDash, Inc., Class A (a)
458
63,076
DR Horton, Inc.
1,527
251,268
Ford Motor Co.
4,674
62,071
GameStop Corp. Class A (a)
6,358
79,602
General Motors Co.
5,173
234,595
Genuine Parts Co.
1,916
296,846
Macy’s, Inc.
2,286
45,697
McDonald's Corp.
1,827
515,123
Polaris, Inc.
590
59,071
PulteGroup, Inc.
4,084
492,612
TopBuild Corp. (a)
324
142,796
Wayfair, Inc. Class A (a) (b)
811
55,051
 
 
2,339,010
Consumer Staples — 8.0%
 
 
Campbell Soup Co.
3,351
148,952
Colgate-Palmolive Co.
1,466
132,013
General Mills, Inc.
3,477
243,286
Hershey Co.
338
65,741
J. M. Smucker Co.
675
84,962
Kimberly-Clark Corp.
1,420
183,677
Lamb Weston Holdings, Inc.
1,958
208,586
Mondelez International, Inc. Class A
4,750
332,500
PepsiCo, Inc.
2,648
463,427
Philip Morris International, Inc.
2,049
187,729
Procter & Gamble Co.
3,303
535,912
Walmart, Inc.
15,691
944,127
 
 
3,530,912
Energy — 6.9%
 
 
APA Corp.
1,259
43,284
Chevron Corp.
4,248
670,080
ConocoPhillips
2,693
342,765
Coterra Energy, Inc.
2,323
64,765
Devon Energy Corp.
2,732
137,092
Exxon Mobil Corp.
7,873
915,158
 
Number of Shares
Value
HF Sinclair Corp.
717
$43,285
Marathon Petroleum Corp.
1,444
290,966
ONEOK, Inc.
2,465
197,619
Ovintiv, Inc.
2,288
118,747
Valero Energy Corp.
1,148
195,952
 
 
3,019,713
Financials — 24.0%
 
 
Affiliated Managers Group, Inc.
1,405
235,295
Aflac, Inc.
5,943
510,266
AGNC Investment Corp. (b)
5,130
50,787
Arch Capital Group Ltd. (a)
559
51,674
Arthur J Gallagher & Co.
1,918
479,577
Assurant, Inc.
437
82,261
Bank of America Corp.
10,032
380,413
Bank of New York Mellon Corp.
8,825
508,497
Bank OZK
6,343
288,353
Berkshire Hathaway, Inc. Class B (a)
4,716
1,983,172
BlackRock, Inc.
459
382,668
Block, Inc. (a)
2,574
217,709
Brown & Brown, Inc.
5,504
481,820
Capital One Financial Corp.
897
133,554
Cboe Global Markets, Inc.
1,705
313,260
Citigroup, Inc.
3,906
247,015
CME Group, Inc.
1,316
283,322
Coinbase Global, Inc. Class A (a)
601
159,337
East West Bancorp, Inc.
1,747
138,205
Everest Group Ltd.
131
52,073
First Citizens BancShares, Inc. Class A
63
103,005
Global Payments, Inc.
1,705
227,890
Interactive Brokers Group, Inc. Class A
1,641
183,316
JP Morgan Chase & Co.
8,037
1,609,811
MGIC Investment Corp.
2,661
59,500
Primerica, Inc.
1,604
405,748
Robinhood Markets, Inc. Class A (a)
3,708
74,642
State Street Corp.
4,121
318,636
Synchrony Financial
4,801
207,019
Wells Fargo & Co.
2,268
131,453
Western Union Co.
8,257
115,433
WEX, Inc. (a)
605
143,706
 
 
10,559,417
Health Care — 13.2%
 
 
Amgen, Inc.
1,035
294,271
Bio-Rad Laboratories, Inc. Class A (a)
522
180,544
Bristol-Myers Squibb Co.
9,763
529,448
Cardinal Health, Inc.
488
54,607
The Cooper Cos., Inc.
1,845
187,194
Elevance Health, Inc.
949
492,094
Exelixis, Inc. (a)
6,978
165,588
 
The accompanying notes are an integral part of the financial statements.
74
 

TABLE OF CONTENTS

     
MassMutual Disciplined Value Fund — Portfolio of Investments (Continued)
     
 
Number of Shares
Value
Globus Medical, Inc. Class A (a)
3,229
$173,204
Henry Schein, Inc. (a)
2,056
155,269
Hologic, Inc. (a)
768
59,873
Incyte Corp. (a)
2,554
145,501
Jazz Pharmaceuticals PLC (a)
3,309
398,470
Johnson & Johnson
7,391
1,169,182
McKesson Corp.
104
55,832
Medtronic PLC
4,392
382,763
Merck & Co., Inc.
4,296
566,857
Premier, Inc. Class A
1,845
40,775
Quest Diagnostics, Inc.
316
42,063
Stryker Corp.
802
287,012
United Therapeutics Corp. (a)
990
227,423
UnitedHealth Group, Inc.
409
202,332
 
 
5,810,302
Industrials — 14.6%
 
 
3M Co.
4,996
529,926
A.O. Smith Corp.
947
84,719
AMETEK, Inc.
1,114
203,750
Builders FirstSource, Inc. (a)
811
169,134
Caterpillar, Inc.
1,135
415,898
Cummins, Inc.
169
49,796
Dover Corp.
971
172,051
Eaton Corp. PLC
941
294,232
EMCOR Group, Inc.
1,830
640,866
Emerson Electric Co.
2,524
286,272
General Dynamics Corp.
400
112,996
Honeywell International, Inc.
515
105,704
Hubbell, Inc.
1,219
505,946
Ingersoll Rand, Inc.
1,326
125,904
Middleby Corp. (a)
1,031
165,774
MSC Industrial Direct Co., Inc. Class A
630
61,135
nVent Electric PLC
6,973
525,764
Oshkosh Corp.
1,406
175,342
PACCAR, Inc.
5,029
623,043
RTX Corp.
2,678
261,185
Snap-on, Inc.
519
153,738
Timken Co.
1,090
95,299
Trane Technologies PLC
248
74,450
TransDigm Group, Inc.
133
163,803
United Rentals, Inc.
401
289,165
Vertiv Holdings Co. Class A
757
61,824
WESCO International, Inc.
556
95,232
 
 
6,442,948
Information Technology — 10.7%
 
 
Advanced Micro Devices, Inc. (a)
250
45,123
Amdocs Ltd.
2,263
204,507
Applied Materials, Inc.
2,716
560,121
AppLovin Corp. Class A (a)
1,494
103,415
 
Number of Shares
Value
Arrow Electronics, Inc. (a)
359
$46,476
Cisco Systems, Inc.
15,500
773,605
Cognizant Technology Solutions Corp. Class A
828
60,684
DXC Technology Co. (a)
2,907
61,657
F5, Inc. (a)
805
152,620
First Solar, Inc. (a)
307
51,822
GoDaddy, Inc. Class A (a)
2,495
296,107
HashiCorp, Inc. Class A (a)
1,816
48,941
Hewlett Packard Enterprise Co.
20,054
355,557
HP, Inc.
5,145
155,482
Intel Corp.
8,657
382,380
International Business Machines Corp.
1,798
343,346
Oracle Corp.
1,241
155,882
Roper Technologies, Inc.
921
516,534
Salesforce, Inc.
812
244,558
Twilio, Inc. Class A (a)
607
37,118
Zoom Video Communications, Inc. Class A (a)
1,471
96,159
 
 
4,692,094
Materials — 4.6%
 
 
AptarGroup, Inc.
1,498
215,547
Ecolab, Inc.
652
150,547
LyondellBasell Industries NV Class A
1,190
121,713
Mosaic Co.
1,793
58,201
Newmont Corp.
5,784
207,299
Nucor Corp.
761
150,602
PPG Industries, Inc.
2,567
371,958
Sonoco Products Co.
3,256
188,327
SSR Mining, Inc.
5,748
25,636
Steel Dynamics, Inc.
1,591
235,834
Westrock Co.
5,601
276,969
 
 
2,002,633
Real Estate — 6.0%
 
 
Agree Realty Corp.
5,416
309,362
Brixmor Property Group, Inc.
7,344
172,217
Healthcare Realty Trust, Inc.
7,198
101,852
Highwoods Properties, Inc.
9,117
238,683
Kimco Realty Corp.
9,061
177,686
Mid-America Apartment Communities, Inc.
3,373
443,819
National Storage Affiliates Trust
3,449
135,063
Omega Healthcare Investors, Inc.
1,393
44,116
Realty Income Corp.
6,743
364,796
SBA Communications Corp.
1,591
344,770
STAG Industrial, Inc.
7,186
276,230
WP Carey, Inc.
863
48,708
 
 
2,657,302
The accompanying notes are an integral part of the financial statements.
 
 
75

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MassMutual Disciplined Value Fund — Portfolio of Investments (Continued)
     
 
Number of Shares
Value
Utilities — 1.8%
 
 
Hawaiian Electric Industries, Inc.
13,774
$155,233
National Fuel Gas Co.
3,220
172,978
NRG Energy, Inc.
5,161
349,348
Vistra Corp.
1,418
98,764
 
 
776,323
TOTAL COMMON STOCK
(Cost $36,714,348)
 
43,871,280
TOTAL EQUITIES
(Cost $36,714,348)
 
43,871,280
TOTAL LONG-TERM
INVESTMENTS
(Cost $36,714,348)
 
43,871,280
Short-Term Investments — 0.4%
Investment of Cash Collateral from Securities Loaned — 0.1%
 
 
State Street Navigator Securities Lending Government Money
Market Portfolio (c)
55,539
55,539
 
Principal Amount
 
Repurchase Agreement — 0.3%
 
 
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (d)
$122,830
122,830
TOTAL SHORT-TERM
INVESTMENTS
(Cost $178,369)
 
178,369
TOTAL INVESTMENTS — 100.1%
(Cost $36,892,717) (e)
 
44,049,649
Other Assets/
(Liabilities) — (0.1)%
 
(44,071)
NET ASSETS — 100.0%
 
$44,005,578
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 March 31, 2024, was $104,712 or 0.24% of net assets. The Fund received $50,829 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).
(c)
Represents investment of security lending cash collateral. (Note 2).
(d)
Maturity value of $122,852. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $125,307.
(e)
See Note 6 for aggregate cost for federal tax purposes.
 
The accompanying notes are an integral part of the financial statements.
76
 

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MassMutual Main Street Fund — Portfolio of Investments
March 31, 2024 (Unaudited)
 
Number of Shares
Value
Equities — 98.5%
 
 
Common Stock — 98.5%
 
 
Communication Services — 11.4%
 
 
Alphabet, Inc. Class A (a)
19,660
$2,967,284
Meta Platforms, Inc. Class A
4,247
2,062,258
Netflix, Inc. (a)
1,004
609,759
T-Mobile US, Inc.
2,974
485,416
Verizon Communications, Inc.
32,957
1,382,876
Walt Disney Co.
6,387
781,514
 
 
8,289,107
Consumer Discretionary — 7.5%
 
 
Amazon.com, Inc. (a)
16,336
2,946,688
Aptiv PLC (a)
1,886
150,220
Lowe's Cos., Inc.
1,583
403,238
Mobileye Global, Inc. Class A (a) (b)
11,622
373,647
Starbucks Corp.
7,062
645,396
Tesla, Inc. (a)
1,480
260,169
Valvoline, Inc. (a)
15,074
671,848
 
 
5,451,206
Consumer Staples — 6.4%
 
 
Constellation Brands, Inc. Class A
5,699
1,548,760
Coty, Inc. Class A (a)
36,733
439,327
Philip Morris International, Inc.
17,238
1,579,345
Walmart, Inc.
18,171
1,093,349
 
 
4,660,781
Energy — 4.1%
 
 
Chevron Corp.
3,523
555,718
Exxon Mobil Corp.
16,977
1,973,407
Marathon Oil Corp.
15,313
433,970
 
 
2,963,095
Financials — 14.6%
 
 
American Express Co.
6,735
1,533,492
American International Group, Inc.
16,168
1,263,852
Arthur J Gallagher & Co.
2,321
580,343
Charles Schwab Corp.
16,762
1,212,563
Equitable Holdings, Inc.
25,578
972,220
Fiserv, Inc. (a)
7,316
1,169,243
JP Morgan Chase & Co.
9,256
1,853,977
M&T Bank Corp.
2,166
315,023
Mastercard, Inc. Class A
2,199
1,058,972
Wells Fargo & Co.
11,611
672,974
 
 
10,632,659
Health Care — 14.4%
 
 
Becton Dickinson & Co.
2,824
698,799
Biogen, Inc. (a)
1,286
277,300
Boston Scientific Corp. (a)
10,730
734,898
 
Number of Shares
Value
Eli Lilly & Co.
1,653
$1,285,968
Gilead Sciences, Inc.
11,666
854,535
HCA Healthcare, Inc.
2,733
911,537
Lonza Group AG Registered
1,378
825,065
Merck & Co., Inc.
9,910
1,307,624
Tenet Healthcare Corp. (a)
7,136
750,065
UnitedHealth Group, Inc.
3,014
1,491,026
Zimmer Biomet Holdings, Inc.
10,635
1,403,607
 
 
10,540,424
Industrials — 9.0%
 
 
Emerson Electric Co.
9,683
1,098,246
Equifax, Inc.
4,176
1,117,163
Hubbell, Inc.
2,279
945,899
Huntington Ingalls Industries, Inc.
1,266
369,001
Otis Worldwide Corp.
5,595
555,416
Paylocity Holding Corp. (a)
3,187
547,718
Uber Technologies, Inc. (a)
8,402
646,870
United Parcel Service, Inc. Class B
8,804
1,308,538
 
 
6,588,851
Information Technology — 26.2%
 
 
Amdocs Ltd.
7,067
638,645
Apple, Inc.
19,653
3,370,097
Applied Materials, Inc.
7,071
1,458,252
Autodesk, Inc. (a)
2,929
762,770
Dell Technologies, Inc. Class C
3,201
365,266
Microsoft Corp.
13,893
5,845,063
NVIDIA Corp.
4,580
4,138,305
ServiceNow, Inc. (a)
1,647
1,255,673
Texas Instruments, Inc.
3,905
680,290
Tyler Technologies, Inc. (a)
1,519
645,590
 
 
19,159,951
Materials — 1.5%
 
 
CRH PLC
4,789
413,099
DuPont de Nemours, Inc.
8,500
651,695
 
 
1,064,794
Real Estate — 1.7%
 
 
Prologis, Inc.
9,731
1,267,171
Utilities — 1.7%
 
 
Ameren Corp.
3,925
290,293
Atmos Energy Corp.
4,487
533,370
FirstEnergy Corp.
10,576
408,445
 
 
1,232,108
TOTAL COMMON STOCK
(Cost $53,775,532)
 
71,850,147
TOTAL EQUITIES
(Cost $53,775,532)
 
71,850,147
The accompanying notes are an integral part of the financial statements.
 
 
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MassMutual Main Street Fund — Portfolio of Investments (Continued)
     
 
Number of Shares
Value
TOTAL LONG-TERM
INVESTMENTS
(Cost $53,775,532)
 
$71,850,147
Short-Term Investments — 0.9%
Investment of Cash Collateral from Securities Loaned — 0.5%
 
 
State Street Navigator Securities Lending Government Money
Market Portfolio (c)
379,665
379,665
 
Principal Amount
 
Repurchase Agreement — 0.4%
 
 
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (d)
$330,759
330,759
TOTAL SHORT-TERM
INVESTMENTS
(Cost $710,424)
 
710,424
TOTAL INVESTMENTS — 99.4%
(Cost $54,485,956) (e)
 
72,560,571
Other Assets/
(Liabilities) — 0.6%
 
415,379
NET ASSETS — 100.0%
 
$72,975,950
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 March 31, 2024, was $369,886 or 0.51% of net assets. (Note 2).
(c)
Represents investment of security lending cash collateral. (Note 2).
(d)
Maturity value of $330,818. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $337,476.
(e)
See Note 6 for aggregate cost for federal tax purposes.
 
The accompanying notes are an integral part of the financial statements.
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MassMutual Disciplined Growth Fund — Portfolio of Investments
March 31, 2024 (Unaudited)
 
Number of Shares
Value
Equities — 99.7%
 
 
Common Stock — 99.7%
 
 
Communication Services — 13.3%
 
 
Alphabet, Inc. Class A (a)
45,328
$6,841,355
Alphabet, Inc. Class C (a)
46,540
7,086,180
Meta Platforms, Inc. Class A
18,233
8,853,580
Netflix, Inc. (a)
2,591
1,573,592
Spotify Technology SA (a)
4,014
1,059,295
 
 
25,414,002
Consumer Discretionary — 14.6%
 
 
Airbnb, Inc. Class A (a)
5,465
901,506
Amazon.com, Inc. (a)
72,721
13,117,414
AutoZone, Inc. (a)
237
746,941
Booking Holdings, Inc.
542
1,966,311
Cava Group, Inc. (a)
2,997
209,940
Deckers Outdoor Corp. (a)
1,771
1,666,972
DoorDash, Inc., Class A (a)
5,705
785,693
Grand Canyon Education, Inc. (a)
1,661
226,245
Home Depot, Inc.
2,288
877,677
Lululemon Athletica, Inc. (a)
2,656
1,037,566
NVR, Inc. (a)
242
1,960,190
Tesla, Inc. (a)
11,038
1,940,370
TopBuild Corp. (a)
1,762
776,566
Ulta Beauty, Inc. (a)
355
185,622
Wayfair, Inc. Class A (a) (b)
9,696
658,165
Wingstop, Inc.
625
229,000
YETI Holdings, Inc. (a)
14,326
552,267
 
 
27,838,445
Consumer Staples — 3.2%
 
 
Costco Wholesale Corp.
1,971
1,444,014
Hershey Co.
1,841
358,074
Monster Beverage Corp. (a)
15,336
909,118
PepsiCo, Inc.
14,977
2,621,125
Procter & Gamble Co.
4,131
670,255
 
 
6,002,586
Financials — 7.8%
 
 
Arthur J Gallagher & Co.
3,412
853,137
Block, Inc. (a)
2,711
229,296
Brighthouse Financial, Inc. (a)
9,774
503,752
Brown & Brown, Inc.
22,880
2,002,915
Kinsale Capital Group, Inc.
397
208,322
Marsh & McLennan Cos., Inc.
2,304
474,578
Mastercard, Inc. Class A
8,378
4,034,593
NU Holdings Ltd. Class A (a)
19,257
229,736
PayPal Holdings, Inc. (a)
17,549
1,175,608
Visa, Inc. Class A
18,461
5,152,096
 
 
14,864,033
 
Number of Shares
Value
Health Care — 12.0%
 
 
AbbVie, Inc.
2,113
$384,777
Cencora, Inc.
3,849
935,269
Doximity, Inc. Class A (a)
12,061
324,562
Elevance Health, Inc.
3,347
1,735,553
Eli Lilly & Co.
3,693
2,873,006
Exelixis, Inc. (a)
56,080
1,330,778
Globus Medical, Inc. Class A (a)
9,460
507,434
Incyte Corp. (a)
25,586
1,457,635
Jazz Pharmaceuticals PLC (a)
15,070
1,814,729
Maravai LifeSciences Holdings, Inc. Class A (a)
20,251
175,576
Medpace Holdings, Inc. (a)
592
239,257
Merck & Co., Inc.
10,871
1,434,429
Neurocrine Biosciences, Inc. (a)
6,460
890,963
Regeneron Pharmaceuticals, Inc. (a)
1,089
1,048,152
ResMed, Inc.
10,421
2,063,671
Roivant Sciences Ltd. (a)
19,126
201,588
UnitedHealth Group, Inc.
6,849
3,388,200
Vertex Pharmaceuticals, Inc. (a)
4,936
2,063,297
 
 
22,868,876
Industrials — 6.1%
 
 
Automatic Data Processing, Inc.
1,618
404,079
Caterpillar, Inc.
4,808
1,761,795
Copart, Inc. (a)
39,706
2,299,772
EMCOR Group, Inc.
5,589
1,957,268
Hubbell, Inc.
3,651
1,515,348
Paychex, Inc.
10,091
1,239,175
Paylocity Holding Corp. (a)
3,929
675,238
Rollins, Inc.
11,235
519,843
United Rentals, Inc.
1,068
770,145
Vertiv Holdings Co. Class A
2,279
186,126
W.W. Grainger, Inc.
323
328,588
 
 
11,657,377
Information Technology — 41.6%
 
 
Accenture PLC Class A
4,509
1,562,865
Adobe, Inc. (a)
2,742
1,383,613
Apple, Inc.
106,735
18,302,918
Applied Materials, Inc.
10,787
2,224,603
AppLovin Corp. Class A (a)
3,337
230,987
Arista Networks, Inc. (a)
6,188
1,794,396
Broadcom, Inc.
3,403
4,510,370
Cadence Design Systems, Inc. (a)
887
276,105
Dynatrace, Inc. (a)
14,764
685,640
GoDaddy, Inc. Class A (a)
5,917
702,230
HashiCorp, Inc. Class A (a)
9,998
269,446
Intuit, Inc.
1,086
705,900
KLA Corp.
2,655
1,854,703
The accompanying notes are an integral part of the financial statements.
 
 
79

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MassMutual Disciplined Growth Fund — Portfolio of Investments (Continued)
     
 
Number of Shares
Value
Manhattan Associates, Inc. (a)
942
$235,717
Microsoft Corp.
56,269
23,673,494
NVIDIA Corp.
19,372
17,503,764
Procore Technologies, Inc. (a)
3,441
282,747
Salesforce, Inc.
5,770
1,737,809
Synopsys, Inc. (a)
2,056
1,175,004
UiPath, Inc. Class A (a)
8,235
186,687
 
 
79,298,998
Real Estate — 1.1%
 
 
American Tower Corp.
10,790
2,131,996
TOTAL COMMON STOCK
(Cost $143,088,459)
 
190,076,313
TOTAL EQUITIES
(Cost $143,088,459)
 
190,076,313
TOTAL LONG-TERM INVESTMENTS
(Cost $143,088,459)
 
190,076,313
Short-Term Investments — 1.1%
 
Investment of Cash Collateral from Securities Loaned — 0.3%
 
 
State Street Navigator Securities Lending Prime Portfolio (c)
664,731
664,731
 
Principal Amount
 
Repurchase Agreement — 0.8%
 
 
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (d)
$1,474,639
1,474,639
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,139,370)
 
2,139,370
TOTAL INVESTMENTS — 100.8%
(Cost $145,227,829) (e)
 
192,215,683
Other Assets/
(Liabilities) — (0.8)%
 
(1,521,140)
NET ASSETS — 100.0%
 
$190,694,543
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 March 31, 2024, was $651,580 or 0.34% of net assets. (Note 2).
(c)
Represents investment of security lending cash collateral. (Note 2).
(d)
Maturity value of $1,474,901. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $1,504,199.
(e)
See Note 6 for aggregate cost for federal tax purposes.
 
The accompanying notes are an integral part of the financial statements.
80
 

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MassMutual Small Cap Opportunities Fund — Portfolio of Investments
March 31, 2024 (Unaudited)
 
Number of Shares
Value
Equities — 98.5%
 
 
Common Stock — 98.5%
 
 
Communication Services — 0.9%
 
 
Ziff Davis, Inc. (a)
58,215
$3,669,873
Consumer Discretionary — 9.7%
 
 
AutoNation, Inc. (a)
47,834
7,920,354
Dorman Products, Inc. (a)
48,629
4,687,349
KB Home
76,847
5,446,915
Papa John’s International, Inc.
29,363
1,955,576
Steven Madden Ltd.
92,538
3,912,507
Texas Roadhouse, Inc.
33,168
5,123,461
TopBuild Corp. (a)
10,488
4,622,376
Visteon Corp. (a)
39,679
4,666,647
 
 
38,335,185
Consumer Staples — 3.0%
 
 
BellRing Brands, Inc. (a)
128,254
7,570,834
BJ’s Wholesale Club Holdings,
Inc. (a)
53,970
4,082,830
 
 
11,653,664
Energy — 5.2%
 
 
Chesapeake Energy Corp. (b)
44,080
3,915,626
CNX Resources Corp. (a)
244,296
5,794,701
Helmerich & Payne, Inc.
129,731
5,456,486
Northern Oil & Gas, Inc.
66,766
2,649,275
Nov, Inc.
128,182
2,502,113
 
 
20,318,201
Financials — 12.8%
 
 
Bank of NT Butterfield & Son Ltd.
63,087
2,018,153
Berkshire Hills Bancorp, Inc.
103,995
2,383,565
Cathay General Bancorp
93,457
3,535,478
Columbia Banking System, Inc.
146,230
2,829,551
Definity Financial Corp. (b)
108,285
3,448,684
Federated Hermes, Inc.
131,049
4,733,490
Marqeta, Inc. Class A (a)
389,471
2,321,247
OceanFirst Financial Corp.
126,000
2,067,660
Pacific Premier Bancorp, Inc.
138,961
3,335,064
PennyMac Financial Services, Inc.
51,822
4,720,466
Stifel Financial Corp.
71,930
5,622,768
United Community Banks, Inc.
83,231
2,190,640
Webster Financial Corp.
74,281
3,771,246
Wintrust Financial Corp.
49,076
5,123,044
WSFS Financial Corp.
51,975
2,346,152
 
 
50,447,208
Health Care — 16.8%
 
 
Acadia Healthcare Co., Inc. (a)
80,834
6,403,669
Addus HomeCare Corp. (a)
31,843
3,290,656
 
Number of Shares
Value
ADMA Biologics, Inc. (a)
610,685
$4,030,521
Ascendis Pharma AS ADR (a)
28,995
4,383,174
BioLife Solutions, Inc. (a) (b)
103,563
1,921,094
Bridgebio Pharma, Inc. (a)
77,750
2,404,030
BrightSpring Health Services,
Inc. (a)
161,652
1,757,157
Cabaletta Bio, Inc. (a)
71,066
1,212,386
Collegium Pharmaceutical, Inc. (a)
102,137
3,964,958
CryoPort, Inc. (a) (b)
127,594
2,258,414
Encompass Health Corp.
52,960
4,373,437
Evolent Health, Inc. Class A (a)
107,834
3,535,877
Guardant Health, Inc. (a)
123,103
2,539,615
Immunovant, Inc. (a)
36,247
1,171,141
Integer Holdings Corp. (a)
32,709
3,816,486
Intra-Cellular Therapies, Inc. (a)
58,766
4,066,607
SI-BONE, Inc. (a)
70,558
1,155,034
Structure Therapeutics, Inc. ADR (a)
20,471
877,387
Tenet Healthcare Corp. (a)
70,206
7,379,353
TransMedics Group, Inc. (a) (b)
33,008
2,440,612
Twist Bioscience Corp. (a)
96,621
3,315,066
 
 
66,296,674
Industrials — 22.4%
 
 
ABM Industries, Inc.
56,018
2,499,523
Air Lease Corp.
65,195
3,353,631
Allison Transmission Holdings, Inc.
90,611
7,353,989
ASGN, Inc. (a)
58,310
6,108,555
Atkore, Inc.
49,758
9,471,933
BWX Technologies, Inc.
44,647
4,581,675
CACI International, Inc. Class A (a)
14,029
5,314,606
Casella Waste Systems, Inc.
Class A (a)
52,117
5,152,808
Curtiss-Wright Corp.
21,628
5,535,470
Enpro, Inc.
40,520
6,838,560
Esab Corp.
45,868
5,071,625
Hub Group, Inc. Class A
116,630
5,040,749
KBR, Inc.
55,145
3,510,531
Korn Ferry
79,347
5,217,859
Paycor HCM, Inc. (a) (b)
203,736
3,960,628
Regal Rexnord Corp.
17,309
3,117,351
Zurn Elkay Water Solutions Corp. Class C
182,722
6,115,705
 
 
88,245,198
Information Technology — 13.3%
 
 
Allegro MicroSystems, Inc. (a)
127,816
3,445,919
Astera Labs, Inc. (a)
13,554
1,005,571
Belden, Inc.
44,159
4,089,565
Endava PLC Sponsored ADR (a)
61,817
2,351,519
Envestnet, Inc. (a)
57,667
3,339,496
The accompanying notes are an integral part of the financial statements.
 
 
81

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MassMutual Small Cap Opportunities Fund — Portfolio of Investments (Continued)
     
 
Number of Shares
Value
Gitlab, Inc. Class A (a)
80,839
$4,714,530
HashiCorp, Inc. Class A (a)
80,642
2,173,302
Itron, Inc. (a)
56,104
5,190,742
MACOM Technology Solutions Holdings, Inc. (a)
54,438
5,206,450
MKS Instruments, Inc.
34,574
4,598,342
Progress Software Corp.
58,886
3,139,213
Silicon Laboratories, Inc. (a)
27,376
3,934,479
Sprout Social, Inc. Class A (a) (b)
95,153
5,681,586
Vishay Intertechnology, Inc.
160,732
3,645,402
 
 
52,516,116
Materials — 6.6%
 
 
ATI, Inc. (a)
86,400
4,421,088
Century Aluminum Co. (a)
163,148
2,510,848
Commercial Metals Co.
59,735
3,510,626
Kaiser Aluminum Corp.
25,858
2,310,671
Silgan Holdings, Inc.
86,819
4,215,930
Summit Materials, Inc. Class A (a)
198,803
8,860,650
 
 
25,829,813
Real Estate — 6.1%
 
 
DiamondRock Hospitality Co.
569,170
5,469,724
DigitalBridge Group, Inc.
214,818
4,139,543
Four Corners Property Trust, Inc.
187,998
4,600,311
Outfront Media, Inc.
298,701
5,015,190
Terreno Realty Corp.
72,639
4,823,229
 
 
24,047,997
Utilities — 1.7%
 
 
Chesapeake Utilities Corp.
30,850
3,310,205
Portland General Electric Co.
84,165
3,534,930
 
 
6,845,135
TOTAL COMMON STOCK
(Cost $305,374,329)
 
388,205,064
TOTAL EQUITIES
(Cost $305,374,329)
 
388,205,064
TOTAL LONG-TERM INVESTMENTS
(Cost $305,374,329)
 
$388,205,064
 
Principal Amount
Value
Short-Term Investments — 1.3%
 
Repurchase Agreement — 1.3%
 
 
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (c)
$5,144,370
$5,144,370
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,144,370)
 
5,144,370
TOTAL INVESTMENTS — 99.8%
(Cost $310,518,699) (d)
 
393,349,434
Other Assets/(Liabilities) — 0.2%
 
647,654
NET ASSETS — 100.0%
 
$393,997,088
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 March 31, 2024, was $18,857,265 or 4.79% of net assets. The Fund received $19,496,878 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).
(c)
Maturity value of $5,145,285. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $5,247,271.
(d)
See Note 6 for aggregate cost for federal tax purposes.
 
The accompanying notes are an integral part of the financial statements.
82
 

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MassMutual Global Fund — Portfolio of Investments
March 31, 2024 (Unaudited)
 
Number of Shares
Value
Equities — 99.6%
 
 
Common Stock — 99.6%
 
 
Canada — 0.6%
 
 
Canadian Pacific Kansas City Ltd. (a)
14,179
$1,250,163
China — 2.4%
 
 
JD.com, Inc. ADR
135,824
3,720,219
Tencent Holdings Ltd.
24,300
948,300
Yum China Holdings, Inc.
2,795
111,213
 
 
4,779,732
Denmark — 4.8%
 
 
Novo Nordisk AS Class B
76,482
9,797,032
France — 11.4%
 
 
Airbus SE
55,084
10,160,577
Dassault Systemes SE
18,582
821,904
EssilorLuxottica SA
7,334
1,663,308
Kering SA
4,523
1,787,781
LVMH Moet Hennessy Louis Vuitton SE
9,270
8,384,132
Pernod Ricard SA
1,310
211,813
 
 
23,029,515
Germany — 3.6%
 
 
Allianz SE Registered
3,751
1,124,119
SAP SE
31,126
6,060,019
 
 
7,184,138
India — 7.2%
 
 
DLF Ltd.
1,018,283
10,992,358
HDFC Bank Ltd.
45,227
786,348
ICICI Bank Ltd. Sponsored ADR
105,167
2,777,460
 
 
14,556,166
Israel — 1.4%
 
 
Nice Ltd. Sponsored ADR (a) (b)
10,906
2,842,322
Italy — 1.1%
 
 
Brunello Cucinelli SpA
16,113
1,842,652
Ferrari NV
835
363,939
 
 
2,206,591
Japan — 4.4%
 
 
Hoya Corp.
7,200
901,310
Keyence Corp.
11,200
5,207,992
Murata Manufacturing Co. Ltd.
12,990
244,438
TDK Corp.
50,400
2,475,908
 
 
8,829,648
Netherlands — 2.1%
 
 
ASML Holding NV
3,252
3,122,189
BE Semiconductor Industries NV
3,861
589,503
 
Number of Shares
Value
Universal Music Group NV
17,541
$527,436
 
 
4,239,128
Spain — 1.1%
 
 
Amadeus IT Group SA
36,017
2,309,846
Sweden — 4.5%
 
 
Assa Abloy AB Class B
129,920
3,726,727
Atlas Copco AB Class A
321,905
5,432,252
 
 
9,158,979
Switzerland — 0.8%
 
 
Lonza Group AG Registered
2,709
1,621,988
United States — 54.2%
 
 
Adobe, Inc. (b)
12,503
6,309,014
Alphabet, Inc. Class A (b)
143,674
21,684,717
Amazon.com, Inc. (b)
15,293
2,758,551
Analog Devices, Inc.
44,809
8,862,772
Avantor, Inc. (b)
30,084
769,248
Boston Scientific Corp. (b)
11,576
792,840
Charles River Laboratories International, Inc. (b)
2,829
766,518
Charter Communications, Inc. Class A (b)
747
217,101
Danaher Corp.
3,681
919,219
Ecolab, Inc.
3,538
816,924
Edwards Lifesciences Corp. (b)
5,862
560,173
Equifax, Inc.
12,142
3,248,228
IDEXX Laboratories, Inc. (b)
1,501
810,435
Illumina, Inc. (b)
6,209
852,620
Intuit, Inc.
13,652
8,873,800
Intuitive Surgical, Inc. (b)
5,479
2,186,614
IQVIA Holdings, Inc. (b)
8,387
2,120,988
Lam Research Corp.
925
898,702
Linde PLC
1,336
620,331
Marriott International, Inc. Class A
7,097
1,790,644
Marvell Technology, Inc.
50,371
3,570,296
Meta Platforms, Inc. Class A
35,443
17,210,412
Microsoft Corp.
10,194
4,288,820
Netflix, Inc. (b)
1,814
1,101,697
NVIDIA Corp.
5,317
4,804,228
Phathom Pharmaceuticals, Inc. (a) (b)
36,132
383,722
S&P Global, Inc.
16,980
7,224,141
Thermo Fisher Scientific, Inc.
495
287,699
Veralto Corp.
1,227
108,786
Visa, Inc. Class A
16,547
4,617,937
 
 
109,457,177
TOTAL COMMON STOCK
(Cost $104,400,661)
 
201,262,425
The accompanying notes are an integral part of the financial statements.
 
 
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MassMutual Global Fund — Portfolio of Investments (Continued)
     
 
Number of Shares
Value
TOTAL EQUITIES
(Cost $104,400,661)
 
$201,262,425
TOTAL LONG-TERM
INVESTMENTS
(Cost $104,400,661)
 
201,262,425
Short-Term Investments — 1.5%
Investment of Cash Collateral from Securities Loaned — 0.8%
 
 
State Street Navigator Securities Lending Government Money
Market Portfolio (c)
1,656,800
1,656,800
 
Principal Amount
 
Repurchase Agreement — 0.7%
 
 
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (d)
$1,433,512
1,433,512
TOTAL SHORT-TERM
INVESTMENTS
(Cost $3,090,312)
 
3,090,312
TOTAL INVESTMENTS — 101.1%
(Cost $107,490,973) (e)
204,352,737
Other Assets/(Liabilities) — (1.1)%
 
(2,260,847)
NET ASSETS — 100.0%
 
$202,091,890
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 March 31, 2024, was $4,431,173 or 2.19% of net assets. The Fund received $2,830,954 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).
(b)
Non-income producing security.
(c)
Represents investment of security lending cash collateral. (Note 2).
(d)
Maturity value of $1,433,767. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $1,462,258.
(e)
See Note 6 for aggregate cost for federal tax purposes.
Sector weightings, as a percentage of net assets, is as follows:
Information Technology
29.2%
Communication Services
20.6%
Health Care
12.1%
Industrials
11.8%
Consumer Discretionary
11.4%
Financials
8.3%
Real Estate
5.4%
Materials
0.7%
Consumer Staples
0.1%
Total Long-Term Investments
99.6%
Short-Term Investments and Other Assets and Liabilities
0.4%
Net Assets
100.0%
 
The accompanying notes are an integral part of the financial statements.
84
 

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MassMutual International Equity Fund — Portfolio of Investments
March 31, 2024 (Unaudited)
 
Number of Shares
Value
Equities — 96.9%
 
 
Common Stock — 96.7%
 
 
Australia — 1.3%
 
 
BHP Group Ltd. Sponsored ADR (a)
1,300
$74,997
BHP Group Ltd.
3,800
109,741
Glencore PLC
52,500
288,826
Macquarie Group Ltd.
2,700
351,408
Santos Ltd.
62,300
314,666
Sonic Healthcare Ltd.
10,100
193,558
Westpac Banking Corp.
5,330
90,781
Whitehaven Coal Ltd.
18,400
85,134
 
 
1,509,111
Belgium — 1.0%
 
 
Anheuser-Busch InBev SA
8,500
517,042
Groupe Bruxelles Lambert NV
1,700
128,568
KBC Group NV
4,300
323,086
Liberty Global Ltd. Class C (b)
12,300
216,972
 
 
1,185,668
Canada — 6.1%
 
 
Bank of Nova Scotia (a)
17,684
914,782
Canadian National Railway Co.
24,647
3,245,569
CCL Industries, Inc. Class B (a)
1,700
86,885
Intact Financial Corp.
17,998
2,923,687
TFI International, Inc. (a)
432
68,888
 
 
7,239,811
Denmark — 0.1%
 
 
Novo Nordisk AS Class B
1,200
153,715
Finland — 2.0%
 
 
Kone OYJ Class B
50,492
2,348,598
France — 9.9%
 
 
Accor SA
7,126
332,647
Amundi SA (c)
3,192
219,002
AXA SA
59,693
2,241,395
Capgemini SE
14,578
3,361,581
Cie de Saint-Gobain SA
3,200
248,146
Engie SA
5,415
90,998
LVMH Moet Hennessy Louis
Vuitton SE
1,370
1,239,079
Rexel SA
3,800
102,548
Societe Generale SA
11,700
314,782
Sodexo SA
2,734
234,417
Teleperformance SE
1,000
96,970
TotalEnergies SE (a)
7,400
508,824
Veolia Environnement SA
14,692
476,650
Vinci SA
18,204
2,331,711
 
 
11,798,750
 
Number of Shares
Value
Germany — 8.0%
 
 
Allianz SE Registered
1,060
$317,666
BASF SE
3,500
199,870
Deutsche Boerse AG
1,436
293,820
Deutsche Post AG Registered
9,200
396,184
Heidelberg Materials AG
3,900
428,987
Infineon Technologies AG
9,900
336,557
K&S AG Registered
5,511
85,960
Merck KGaA
18,770
3,312,683
SAP SE
3,700
720,365
Siemens AG Registered
2,460
469,626
Symrise AG
22,817
2,731,407
Zalando SE (b) (c)
7,799
222,890
 
 
9,516,015
Hong Kong — 2.6%
 
 
AIA Group Ltd.
297,280
1,995,043
CK Asset Holdings Ltd.
52,500
216,276
Prudential PLC
94,058
884,759
 
 
3,096,078
Ireland — 1.0%
 
 
AerCap Holdings NV (b)
4,981
432,899
AIB Group PLC
51,900
263,227
Smurfit Kappa Group PLC
10,000
456,177
 
 
1,152,303
Israel — 0.3%
 
 
Check Point Software Technologies Ltd. (b)
1,790
293,578
Italy — 0.1%
 
 
Prysmian SpA
2,000
104,450
Ryanair Holdings PLC Sponsored
ADR
200
29,118
 
 
133,568
Japan — 15.3%
 
 
Astellas Pharma, Inc.
144,770
1,555,804
Canon, Inc. (a)
7,600
226,236
Chugai Pharmaceutical Co. Ltd.
68,651
2,623,925
Denka Co. Ltd. (a)
1,500
23,373
FANUC Corp.
8,200
229,345
Fujitsu Ltd.
28,000
448,350
Hitachi Ltd.
6,300
575,440
Kao Corp.
54,986
2,057,335
KDDI Corp.
71,694
2,119,845
Keyence Corp.
3,390
1,576,348
Kirin Holdings Co. Ltd.
87,105
1,210,316
Kyocera Corp.
23,200
309,873
Nintendo Co. Ltd.
6,900
377,657
Olympus Corp.
16,300
234,500
The accompanying notes are an integral part of the financial statements.
 
 
85

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MassMutual International Equity Fund — Portfolio of Investments (Continued)
     
 
Number of Shares
Value
ORIX Corp.
20,500
$448,218
Rakuten Group, Inc. (b)
47,600
270,108
Renesas Electronics Corp.
16,100
288,163
SBI Holdings, Inc.
15,500
406,239
Seven & i Holdings Co. Ltd.
31,200
454,140
Shiseido Co. Ltd.
35,852
980,064
Sony Group Corp.
6,800
582,777
Square Enix Holdings Co. Ltd.
2,600
100,047
Sumitomo Mitsui Financial
Group, Inc.
9,100
531,990
Toyota Industries Corp.
5,500
574,941
 
 
18,205,034
Luxembourg — 0.2%
 
 
ArcelorMittal SA
9,500
260,989
Eurofins Scientific SE
200
12,748
 
 
273,737
Netherlands — 4.7%
 
 
ASML Holding NV
390
374,432
EXOR NV
1,000
111,137
Heineken Holding NV
3,800
306,564
Heineken NV
30,230
2,912,831
ING Groep NV Series N
14,000
230,567
Koninklijke Philips NV (b)
3,245
65,072
Pluxee NV (b)
2,734
80,818
Shell PLC
45,481
1,508,993
 
 
5,590,414
Norway — 0.5%
 
 
Aker BP ASA
11,413
285,229
DNB Bank ASA
16,500
327,544
 
 
612,773
Republic of Korea — 0.4%
 
 
Samsung Electronics Co. Ltd.
7,900
473,011
Singapore — 0.3%
 
 
DBS Group Holdings Ltd.
14,100
377,135
Spain — 3.5%
 
 
Iberdrola SA
173,539
2,154,628
Industria de Diseno Textil SA
40,728
2,050,933
 
 
4,205,561
Sweden — 2.7%
 
 
Assa Abloy AB Class B
85,665
2,457,282
Essity AB Class B (a)
13,400
318,226
Husqvarna AB Class B
8,500
72,739
Skandinaviska Enskilda Banken AB Class A
18,259
246,962
Volvo AB Class B (a)
3,200
86,666
 
 
3,181,875
 
Number of Shares
Value
Switzerland — 5.0%
 
 
ABB Ltd. Registered
2,300
$106,749
Cie Financiere Richemont SA Registered Class A
2,500
382,435
Julius Baer Group Ltd.
2,800
161,631
Novartis AG Registered
28,796
2,788,730
Sika AG Registered
8,501
2,531,224
 
 
5,970,769
United Kingdom — 18.2%
 
 
Ashtead Group PLC
4,400
312,757
AstraZeneca PLC
18,269
2,459,758
Aviva PLC
34,058
213,737
BAE Systems PLC
157,842
2,688,525
Barratt Developments PLC
18,300
110,056
BP PLC
78,300
491,985
Bunzl PLC
4,500
173,289
Burberry Group PLC
6,600
101,254
CK Hutchison Holdings Ltd.
74,000
357,754
Compass Group PLC
66,163
1,939,044
DCC PLC
5,041
366,953
Diageo PLC
77,449
2,860,239
Dowlais Group PLC
57,069
56,172
Entain PLC
13,500
135,702
Inchcape PLC
21,056
192,728
Informa PLC
12,000
125,811
Kingfisher PLC
82,700
260,123
Legal & General Group PLC
102,100
327,547
Lloyds Banking Group PLC
667,500
436,943
Pearson PLC
9,161
120,425
Persimmon PLC
8,900
147,670
Reckitt Benckiser Group PLC
46,923
2,669,401
Smith & Nephew PLC
159,979
2,023,000
Tesco PLC
99,200
371,217
Unilever PLC (ULVR LN)
9,100
456,967
Unilever PLC (UNA NA)
45,596
2,288,420
 
 
21,687,477
United States — 13.5%
 
 
CNH Industrial NV
23,500
304,560
Experian PLC
68,377
2,985,069
GSK PLC
15,920
341,913
Linde PLC (LIN US)
570
264,662
Linde PLC (WM2 TH)
6,951
3,213,070
Nestle SA Registered
31,650
3,360,610
Roche Holding AG
10,054
2,566,553
Sanofi SA
4,400
431,717
 
The accompanying notes are an integral part of the financial statements.
86
 

TABLE OF CONTENTS

     
MassMutual International Equity Fund — Portfolio of Investments (Continued)
     
 
Number of Shares
Value
Schneider Electric SE
10,965
$2,479,540
Stellantis NV
5,400
153,481
 
 
16,101,175
TOTAL COMMON STOCK
(Cost $108,515,490)
 
115,106,156
Preferred Stock — 0.2%
 
 
Germany — 0.2%
 
 
Henkel AG & Co. KGaA 2.487%
2,269
182,353
TOTAL PREFERRED STOCK
(Cost $176,903)
 
182,353
TOTAL EQUITIES
(Cost $108,692,393)
 
115,288,509
TOTAL LONG-TERM
INVESTMENTS
(Cost $108,692,393)
 
115,288,509
Short-Term Investments — 2.8%
 
Investment of Cash Collateral from Securities Loaned — 0.5%
 
 
State Street Navigator Securities Lending Government Money
Market Portfolio (d)
599,797
599,797
 
Principal Amount
 
Repurchase Agreement — 2.3%
 
 
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (e)
$2,783,022
2,783,022
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,382,819)
 
3,382,819
TOTAL INVESTMENTS — 99.7% (Cost $112,075,212) (f)
 
118,671,328
Other Assets/(Liabilities) — 0.3%
 
369,840
NET ASSETS — 100.0%
 
$119,041,168
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 March 31, 2024, was $2,083,558 or 1.75% of net assets. The Fund received $1,599,455 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).
(b)
Non-income producing security.
(c)
Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2024, the aggregate market value of these securities amounted to $441,892 or 0.37% of net assets.
(d)
Represents investment of security lending cash collateral. (Note 2).
(e)
Maturity value of $2,783,516. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $2,838,683.
(f)
See Note 6 for aggregate cost for federal tax purposes.
Sector weightings, as a percentage of net assets, is as follows:
Industrials
19.9%
Consumer Staples
17.6%
Health Care
15.8%
Financials
12.6%
Materials
9.0%
Information Technology
7.2%
Consumer Discretionary
7.1%
Energy
2.7%
Communication Services
2.5%
Utilities
2.3%
Real Estate
0.2%
Total Long-Term Investments
96.9%
Short-Term Investments and Other Assets and Liabilities
3.1%
Net Assets
100.0%
The accompanying notes are an integral part of the financial statements.
 
 
87

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MassMutual Strategic Emerging Markets Fund — Portfolio of Investments
March 31, 2024 (Unaudited)
 
Number of Shares
Value
Equities — 97.7%
 
 
Common Stock — 96.6%
 
 
Brazil — 5.9%
 
 
Ambev SA
723,863
$1,802,658
Arezzo Industria e Comercio SA
16,887
216,399
B3 SA - Brasil Bolsa Balcao
370,700
886,209
Localiza Rent a Car SA
55,553
605,662
NU Holdings Ltd. Class A (a)
114,223
1,362,680
Raia Drogasil SA
8,800
48,023
Vale SA Sponsored ADR
52,487
639,817
WEG SA
110,137
838,863
 
 
6,400,311
Chile — 1.5%
 
 
Antofagasta PLC
30,960
799,230
Banco de Chile
3,429,473
381,531
Banco Santander Chile
9,998,414
497,997
 
 
1,678,758
China — 16.9%
 
 
Budweiser Brewing Co. APAC
Ltd. (b)
207,900
306,544
H World Group Ltd.
10,100
39,147
H World Group Ltd. ADR
132,360
5,122,332
MicroTech Medical Hangzhou Co. Ltd. Class H (a) (b)
18,500
9,893
NetEase, Inc. ADR
9,021
933,403
New Horizon Health Ltd. (a) (b) (c)
145,000
260,983
PDD Holdings, Inc. ADR (a)
11,357
1,320,251
Tencent Holdings Ltd.
119,990
4,682,573
WuXi Biologicals Cayman, Inc.
(a) (b)
65,966
118,563
WuXi XDC Cayman, Inc. (a)
147,000
343,744
Yum China Holdings, Inc.
66,813
2,658,489
ZTO Express Cayman, Inc.
7,530
159,905
ZTO Express Cayman, Inc. ADR
117,600
2,462,544
 
 
18,418,371
France — 5.4%
 
 
L’Oreal SA
1,372
650,687
Pernod Ricard SA
22,131
3,578,345
TotalEnergies SE
23,902
1,643,502
 
 
5,872,534
Hong Kong — 0.1%
 
 
AIA Group Ltd.
8,000
53,688
India — 15.9%
 
 
Havells India Ltd.
35,676
653,172
HCL Technologies Ltd.
28,742
533,370
HDFC Bank Ltd.
269,138
4,679,420
 
Number of Shares
Value
Kotak Mahindra Bank Ltd.
276,361
$5,933,002
Macrotech Developers Ltd. (b)
32,598
441,653
Oberoi Realty Ltd.
83,742
1,476,602
Tata Consultancy Services Ltd.
77,256
3,602,665
 
 
17,319,884
Indonesia — 1.4%
 
 
Bank Central Asia Tbk. PT
1,937,400
1,231,219
Bank Rakyat Indonesia Persero Tbk. PT
711,400
271,910
 
 
1,503,129
Italy — 1.9%
 
 
Ermenegildo Zegna NV
15,539
227,646
PRADA SpA
229,800
1,820,786
 
 
2,048,432
Japan — 2.2%
 
 
Chugai Pharmaceutical Co. Ltd.
14,400
550,385
Daiichi Sankyo Co. Ltd.
57,800
1,837,094
 
 
2,387,479
Mexico — 13.7%
 
 
America Movil SAB de CV ADR
127,834
2,385,382
Fomento Economico Mexicano SAB de CV
241,403
3,155,991
Grupo Financiero Banorte SAB de CV Class O
23,016
247,671
Grupo Mexico SAB de CV
Series B
1,010,194
5,994,346
Wal-Mart de Mexico SAB de CV
757,455
3,085,687
 
 
14,869,077
Netherlands — 0.6%
 
 
Argenx SE ADR (a)
1,778
700,034
Peru — 1.3%
 
 
Credicorp Ltd.
8,115
1,374,924
Philippines — 1.6%
 
 
SM Investments Corp.
87,660
1,522,605
SM Prime Holdings, Inc.
337,700
196,748
 
 
1,719,353
Poland — 0.2%
 
 
Allegro.eu SA (a) (b)
19,491
161,526
Portugal — 1.6%
 
 
Galp Energia SGPS SA
105,502
1,746,371
Republic of Korea — 11.3%
 
 
Kakao Corp.
10,460
422,881
LG Chem Ltd.
3,148
1,029,301
LG H&H Co. Ltd.
891
255,859
NAVER Corp.
3,788
526,657
 
The accompanying notes are an integral part of the financial statements.
88
 

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MassMutual Strategic Emerging Markets Fund — Portfolio of Investments (Continued)
     
 
Number of Shares
Value
Samsung Biologics Co. Ltd. (a) (b)
3,287
$2,034,245
Samsung Electronics Co. Ltd.
118,288
7,082,473
SK Hynix, Inc.
7,054
937,456
 
 
12,288,872
Russia — 0.0%
 
 
Novatek PJSC GDR (a) (b) (c) (d)
3,739
Sberbank of Russia PJSC (c) (d)
18,062
 
 
South Africa — 0.8%
 
 
FirstRand Ltd. (e)
279,865
912,151
Switzerland — 2.2%
 
 
Cie Financiere Richemont SA Registered Class A
14,441
2,209,101
Galderma Group AG (a)
3,205
225,133
 
 
2,434,234
Taiwan — 9.8%
 
 
MediaTek, Inc.
5,000
181,636
Taiwan Semiconductor Manufacturing Co. Ltd.
431,000
10,384,485
Voltronic Power Technology Corp.
2,000
103,226
 
 
10,669,347
Turkey — 1.0%
 
 
Akbank TAS
222,340
321,906
BIM Birlesik Magazalar AS
17,063
185,448
KOC Holding AS
57,036
358,757
Migros Ticaret AS
11,636
147,044
Yapi ve Kredi Bankasi AS
147,527
125,483
 
 
1,138,638
United Arab Emirates — 0.3%
 
 
Americana Restaurants International PLC
370,896
335,303
United Kingdom — 1.0%
 
 
AstraZeneca PLC
8,376
1,127,754
TOTAL COMMON STOCK
(Cost $98,867,810)
 
105,160,170
Preferred Stock — 1.1%
 
 
Brazil — 1.1%
 
 
Itau Unibanco Holding SA 3.699%
166,582
1,150,537
TOTAL PREFERRED STOCK
(Cost $926,985)
 
1,150,537
TOTAL EQUITIES
(Cost $99,794,795)
 
106,310,707
TOTAL LONG-TERM INVESTMENTS
(Cost $99,794,795)
 
106,310,707
 
Principal Amount
Value
Short-Term Investments — 1.8%
Repurchase Agreement — 1.8%
 
 
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (f)
$ 2,021,558
$2,021,558
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,021,558)
 
2,021,558
TOTAL INVESTMENTS — 99.5%
(Cost $101,816,353) (g)
 
108,332,265
Other Assets/(Liabilities) — 0.5%
 
555,131
NET ASSETS — 100.0%
 
$108,887,396
Abbreviation Legend
ADR
American Depositary Receipt
GDR
Global Depositary Receipt
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a)
Non-income producing security.
(b)
Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2024, the aggregate market value of these securities amounted to $3,333,407 or 3.06% of net assets.
(c)
This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2024, these securities amounted to a value of $260,983 or 0.24% of net assets.
(d)
Investment is valued using significant unobservable inputs.
(e)
Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $721,423 or 0.66% of net assets. The Fund received $752,441 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).
(f)
Maturity value of $2,021,918. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $2,062,067.
(g)
See Note 6 for aggregate cost for federal tax purposes.
The accompanying notes are an integral part of the financial statements.
 
 
89

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MassMutual Strategic Emerging Markets Fund — Portfolio of Investments (Continued)
     
Sector weightings, as a percentage of net assets, is as follows:
Information Technology
20.9%
Financials
17.8%
Consumer Discretionary
13.0%
Consumer Staples
12.1%
Communication Services
8.2%
Materials
7.8%
Health Care
6.6%
Industrials
6.2%
Energy
3.1%
Real Estate
2.0%
Total Long-Term Investments
97.7%
Short-Term Investments and Other Assets and Liabilities
2.3%
Net Assets
100.0%
 
The accompanying notes are an integral part of the financial statements.
90
 

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TABLE OF CONTENTS

MassMutual Funds
Statements of Assets and Liabilities
March 31, 2024 (Unaudited)
 
MassMutual
U.S.
Government
Money Market
Fund
MassMutual
Short-
Duration Bond
Fund
Assets:
 
 
Investments, at value (Note 2) (a)
$141,701,500
$169,413,892
Repurchase agreements, at value (Note 2) (b)
25,000,000
3,556,963
Total investments (c)
166,701,500
172,970,855
Cash
47,707
146,387
Foreign currency, at value (d)
184
Receivables from:
 
 
Investments sold
 
 
Regular delivery
1,111,259
Cash collateral pledged for open derivatives (Note 2)
3,042,000
Open forward contracts (Note 2)
Fund shares sold
169,975
15,261
Variation margin on open derivative instruments (Note 2)
Interest and dividends
484,936
1,134,913
Foreign tax reclaims
Open swap agreements, at value (Note 2)
Prepaid expenses
16,259
82,621
Total assets
167,420,377
178,503,480
Liabilities:
 
 
Payables for:
 
 
Investments purchased
 
 
Regular delivery
474,278
Delayed delivery
2,636,993
Cash collateral held for open derivatives (Note 2)
Distributions (Note 2)
587
10,788
Open forward contracts (Note 2)
Interest and dividends
Fund shares redeemed
403,661
650,971
Cash collateral held for securities on loan (Note 2)
775,860
Trustees’ fees and expenses (Note 3)
27,407
31,975
Variation margin on open derivative instruments (Note 2)
44
Affiliates (Note 3):
 
 
Administration fees
32,175
71,974
Investment advisory fees
43,136
21,500
Service fees
38,707
Distribution fees
4,284
Due to custodian
Accrued expense and other liabilities
58,108
135,474
Total liabilities
565,074
4,852,848
Net assets
$ 166,855,303
$ 173,650,632
Net assets consist of:
 
 
Paid-in capital
$166,886,243
$342,718,778
Accumulated earnings (loss)
(30,940)
(169,068,146)
Net assets
$166,855,303
$173,650,632
 
(a) Cost of investments:
$141,701,500
$182,877,413
(b) Cost of repurchase agreements:
$25,000,000
$3,556,963
(c) Securities on loan with market value of:
$
$760,298
(d) Cost of foreign currency:
$
$186
 
The accompanying notes are an integral part of the financial statements.
92
 

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MassMutual
Inflation-
Protected and
Income Fund
MassMutual
Core Bond
Fund
MassMutual
Diversified
Bond Fund
MassMutual
High Yield
Fund
MassMutual
Balanced
Fund
 
$250,898,784
$726,747,089
$144,956,246
$387,363,856
$108,987,681
759,401
1,349,910
2,843,776
2,392,938
251,658,185
728,096,999
147,800,022
387,363,856
111,380,619
317,854
2,771,912
40,889
21,848
2
4,267
 
 
297,289
5,843,940
121,839
920,000
70,217
254,223
815,360
3,172,501
418,324
35,422
48
458,182
5,089,429
1,109,106
6,385,196
312,042
14,428
460,557
4,684,654
70,115
61,613
63,456
65,903
69,850
258,363,213
736,835,363
152,572,175
400,537,776
111,941,620
 
 
 
1,070,067
4,914,562
412,321
79,336,625
13,470,781
2,982,216
1,650,000
684
1,264
339
656
59,374
2,593,394
383,818
240,142
12,002
198,043
5,929
4,602,658
1,506,933
15,162,615
18,449
81,708
11,708
21,350
9,374
929
53
1,798
 
32,497
55,017
35,184
47,857
30,795
73,504
168,964
40,799
134,965
39,292
7,869
13,527
4,919
29,332
17,559
1,381
99
693
14,907
6,189
27,765
51,810
71,610
52,249
72,821
58,143
4,814,335
85,641,681
15,195,034
20,624,873
3,563,616
$253,548,878
$651,193,682
$137,377,141
$379,912,903
$108,378,004
 
$293,415,188
$810,006,718
$175,213,007
$458,926,304
$98,002,918
(39,866,310)
(158,813,036)
(37,835,866)
(79,013,401)
10,375,086
$ 253,548,878
$ 651,193,682
$ 137,377,141
$ 379,912,903
$ 108,378,004
 
$256,429,867
$778,726,580
$157,061,743
$396,436,766
$97,411,924
$759,401
$1,349,910
$2,843,776
$
$2,392,938
$
$4,506,455
$1,499,888
$16,569,214
$
$
$2
$4,336
$
$
The accompanying notes are an integral part of the financial statements.
 
 
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MassMutual Funds (Continued)
Statements of Assets and Liabilities
March 31, 2024 (Unaudited)
 
MassMutual
U.S.
Government
Money Market Fund
MassMutual
Short-
Duration Bond
Fund
Class I shares:
 
 
Net assets
 
$51,873,102
Shares outstanding (a)
 
5,787,592
Net asset value, offering price and redemption price per share
 
$8.96
Class R5 shares:
 
 
Net assets
$ 166,855,303
$ 12,093,146
Shares outstanding (a)
167,057,123
1,342,919
Net asset value, offering price and redemption price per share
$1.00
$9.01
Service Class shares:
 
 
Net assets
 
$1,434,746
Shares outstanding (a)
 
160,508
Net asset value, offering price and redemption price per share
 
$8.94
Administrative Class shares:
 
 
Net assets
 
$10,696,127
Shares outstanding (a)
 
1,200,141
Net asset value, offering price and redemption price per share
 
$8.91
Class R4 shares:
 
 
Net assets
 
$8,433,779
Shares outstanding (a)
 
939,076
Net asset value, offering price and redemption price per share
 
$8.98
Class A shares:
 
 
Net assets
 
$6,265,812
Shares outstanding (a)
 
706,324
Net asset value, and redemption price per share
 
$8.87
Offering price per share (100/[100-maximum sales charge] of net asset value)
 
$9.10
Class R3 shares:
 
 
Net assets
 
$6,141,037
Shares outstanding (a)
 
689,767
Net asset value, offering price and redemption price per share
 
$8.90
Class Y shares:
 
 
Net assets
 
$32,843,584
Shares outstanding (a)
 
3,660,766
Net asset value, offering price and redemption price per share
 
$8.97
Class L shares:
 
 
Net assets
 
$43,114,836
Shares outstanding (a)
 
4,825,128
Net asset value, offering price and redemption price per share
 
$8.94
Class C shares:
 
 
Net assets
 
$754,463
Shares outstanding (a)
 
83,751
Net asset value, offering price and redemption price per share
 
$9.01
(a) Authorized unlimited number of shares with no par value.
 
 
 
The accompanying notes are an integral part of the financial statements.
94
 

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MassMutual
Inflation-
Protected and
Income Fund
MassMutual
Core Bond
Fund
MassMutual
Diversified
Bond Fund
MassMutual
High Yield
Fund
MassMutual
Balanced
Fund
 
$ 167,981,327
$ 473,368,504
$ 48,341,717
$ 231,107,444
$ 43,344,826
18,134,588
52,674,983
5,501,661
29,223,812
3,627,274
$9.26
$8.99
$8.79
$7.91
$11.95
 
$47,981,389
$97,094,761
$74,148,516
$37,816,411
$25,121,774
5,177,789
10,758,514
9,352,019
4,748,740
2,102,635
$9.27
$9.02
$7.93
$7.96
$11.95
 
$17,841,335
$24,736,447
$4,012,859
$22,146,398
$9,211,604
1,930,620
2,756,736
496,609
2,779,032
713,288
$9.24
$8.97
$8.08
$7.97
$12.91
 
$6,487,757
$33,561,366
$3,520,548
$13,075,728
$1,306,677
693,018
3,778,901
436,104
1,671,122
108,781
$9.36
$8.88
$8.07
$7.82
$12.01
 
$2,845,430
$1,412,840
$2,165,456
$17,043,043
$5,450,844
314,996
160,730
272,296
2,216,535
479,932
$9.03
$8.79
$7.95
$7.69
$11.36
 
$7,925,605
$20,757,362
$3,993,446
$6,721,174
$13,412,531
868,579
2,347,695
492,187
859,304
1,163,025
$9.12
$8.84
$8.11
$7.82
$11.53
$9.52
$9.23
$8.47
$8.17
$12.20
 
$2,386,387
$165,657
$1,099,025
$24,658,817
$10,416,361
263,415
18,118
136,537
3,112,163
923,830
$9.06
$9.14
$8.05
$7.92
$11.28
 
$99,648
$96,745
$95,574
$27,240,995
$113,387
10,741
10,718
12,048
3,435,246
9,488
$9.28
$9.03
$7.93
$7.93
$11.95
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$102,893
 
 
 
 
12,923
 
 
 
 
$7.96
 
The accompanying notes are an integral part of the financial statements.
 
 
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MassMutual Funds (Continued)
Statements of Assets and Liabilities
March 31, 2024 (Unaudited)
 
MassMutual
Disciplined
Value Fund
MassMutual
Main Street
Fund
Assets:
 
 
Investments, at value (Note 2) (a)
$43,926,819
$72,229,812
Repurchase agreements, at value (Note 2) (b)
122,830
330,759
Total investments (c)
44,049,649
72,560,571
Cash
7,283
19,180
Foreign currency, at value (d)
Receivables from:
 
 
Investments sold
 
 
Regular delivery
752,581
Fund shares sold
11,791
393,545
Interest and dividends
43,333
45,762
Foreign tax reclaims
2,730
Prepaid expenses
66,551
61,513
Total assets
44,178,607
73,835,882
Liabilities:
 
 
Payables for:
 
 
Investments purchased
 
 
Regular delivery
359,721
Fund shares redeemed
6,632
18,387
Cash collateral held for securities on loan (Note 2)
55,539
379,665
Trustees’ fees and expenses (Note 3)
12,976
8,483
Affiliates (Note 3):
 
 
Administration fees
16,772
17,058
Investment advisory fees
14,842
30,192
Service fees
4,001
9,537
Distribution fees
1,233
334
Accrued expense and other liabilities
61,034
36,555
Total liabilities
173,029
859,932
Net assets
$ 44,005,578
$ 72,975,950
Net assets consist of:
 
 
Paid-in capital
$36,381,161
$51,904,684
Accumulated earnings (loss)
7,624,417
21,071,266
Net assets
$44,005,578
$72,975,950
 
(a) Cost of investments:
$36,769,887
$54,155,197
(b) Cost of repurchase agreements:
$122,830
$330,759
(c) Securities on loan with market value of:
$104,712
$369,886
(d) Cost of foreign currency:
$
$
 
The accompanying notes are an integral part of the financial statements.
96
 

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MassMutual
Disciplined
Growth Fund
MassMutual
Small Cap Opportunities
Fund
MassMutual Global Fund
MassMutual International
Equity Fund
MassMutual
Strategic
Emerging
Markets Fund
 
$190,741,044
$388,205,064
$202,919,225
$115,888,306
$106,310,707
1,474,639
5,144,370
1,433,512
2,783,022
2,021,558
192,215,683
393,349,434
204,352,737
118,671,328
108,332,265
18,129
3,739
12,176
11,898
10,872
33,857
90,507
492,815
 
 
326,761
300,336
1,532,668
119,333
115,456
921,989
88,567
24,205
31,777
29,326
316,259
41,616
295,347
216,963
297,776
712,921
50,199
63,141
75,934
61,940
82,268
54,683
192,441,735
395,001,249
205,180,568
121,421,420
109,309,933
 
 
 
1,541,867
884,752
692,446
198,253
23,006
3,556
664,731
1,656,800
599,797
17,157
16,058
19,932
30,016
9,111
 
30,517
39,760
32,949
19,445
8,564
65,075
163,355
115,816
76,358
67,077
12,800
37,763
18,667
7,832
596
3,164
5,334
5,042
1,490
312
68,996
49,445
1,041,219
80,441
333,321
1,747,192
1,004,161
3,088,678
2,380,252
422,537
$ 190,694,543
$ 393,997,088
$ 202,091,890
$ 119,041,168
$ 108,887,396
 
$133,511,639
$300,398,212
$100,446,577
$112,300,918
$128,216,566
57,182,904
93,598,876
101,645,313
6,740,250
(19,329,170)
$190,694,543
$393,997,088
$202,091,890
$119,041,168
$108,887,396
 
$143,753,190
$305,374,329
$106,057,461
$109,292,190
$99,794,795
$1,474,639
$5,144,370
$1,433,512
$2,783,022
$2,021,558
$651,580
$18,857,265
$4,431,173
$2,083,558
$721,423
$
$10,851
$34,058
$90,728
$495,915
The accompanying notes are an integral part of the financial statements.
 
 
97

TABLE OF CONTENTS

MassMutual Funds (Continued)
Statements of Assets and Liabilities
March 31, 2024 (Unaudited)
 
MassMutual
Disciplined
Value Fund
MassMutual
Main Street
Fund
Class I shares:
 
 
Net assets
$9,829,425
$2,612,776
Shares outstanding (a)
697,232
241,880
Net asset value, offering price and redemption price per share
$14.10
$10.80
Class R5 shares:
 
 
Net assets
$ 16,760,012
$ 36,610,434
Shares outstanding (a)
1,183,369
3,389,016
Net asset value, offering price and redemption price per share
$14.16
$10.80
Service Class shares:
 
 
Net assets
$9,676,659
$128,554
Shares outstanding (a)
692,702
11,121
Net asset value, offering price and redemption price per share
$13.97
$11.56
Administrative Class shares:
 
 
Net assets
$1,048,310
$17,466,644
Shares outstanding (a)
72,401
1,621,406
Net asset value, offering price and redemption price per share
$14.48
$10.77
Class R4 shares:
 
 
Net assets
$464,350
$7,304,261
Shares outstanding (a)
33,624
709,842
Net asset value, offering price and redemption price per share
$13.81
$10.29
Class A shares:
 
 
Net assets
$3,951,716
$8,328,950
Shares outstanding (a)
286,778
796,387
Net asset value, and redemption price per share
$13.78
$10.46
Offering price per share (100/[100-maximum sales charge] of net asset value)
$14.58
$11.07
Class R3 shares:
 
 
Net assets
$2,168,221
$524,331
Shares outstanding (a)
154,613
49,967
Net asset value, offering price and redemption price per share
$14.02
$10.49
Class Y shares:
 
 
Net assets
$106,885
 
Shares outstanding (a)
7,547
 
Net asset value, offering price and redemption price per share
$14.16
 
 
(a) Authorized unlimited number of shares with no par value.
 
 
 
The accompanying notes are an integral part of the financial statements.
98
 

TABLE OF CONTENTS

MassMutual
Disciplined
Growth Fund
MassMutual
Small Cap
Opportunities
Fund
MassMutual
Global Fund
MassMutual
International
Equity Fund
MassMutual
Strategic
Emerging
Markets Fund
 
$ 42,260,164
$ 169,105,734
$ 59,396,231
$ 72,450,395
$ 105,823,110
3,867,876
9,269,308
5,502,508
8,500,352
10,382,224
$10.93
$18.24
$10.79
$8.52
$10.19
 
$94,533,470
$117,235,741
$55,345,161
$29,130,856
$128,097
8,656,498
6,453,157
5,146,710
3,414,333
12,305
$10.92
$18.17
$10.75
$8.53
$10.41
 
$9,201,930
$17,648,229
$4,509,654
$2,752,489
$1,631,961
836,916
975,673
429,599
323,508
159,998
$11.00
$18.09
$10.50
$8.51
$10.20
 
$23,221,311
$23,068,644
$51,810,380
$2,133,214
$279,049
2,063,090
1,287,741
4,881,376
253,348
27,292
$11.26
$17.91
$10.61
$8.42
$10.22
 
$6,632,095
$15,175,312
$9,754,653
$599,290
$425,511
648,519
885,662
981,944
77,003
42,256
$10.23
$17.13
$9.93
$7.78
$10.07
 
$9,179,106
$42,100,099
$12,938,574
$9,376,741
$64,583
882,936
2,441,197
1,270,375
1,186,039
6,368
$10.40
$17.25
$10.18
$7.91
$10.14
$11.01
$18.25
$10.77
$8.37
$10.73
 
$5,528,079
$9,554,274
$8,337,237
$2,495,044
$535,085
548,393
567,888
835,812
325,761
54,032
$10.08
$16.82
$9.98
$7.66
$9.90
 
$138,388
$109,055
 
$103,139
 
12,674
5,999
 
12,092
 
$10.92
$18.18
 
$8.53
 
The accompanying notes are an integral part of the financial statements.
 
 
99

TABLE OF CONTENTS

MassMutual Funds (Continued)
Statements of Operations
For the Six Months Ended March 31, 2024 (Unaudited)
 
MassMutual
U.S.
Government
Money
Market Fund
MassMutual
Short-
Duration
Bond Fund
Investment income (Note 2):
 
 
Dividends (a)
$
$
Interest (b)
5,028,818
4,249,516
Securities lending net income
7,930
Total investment income
5,028,818
4,257,446
Expenses (Note 3):
 
 
Investment advisory fees
326,279
319,403
Custody fees
3,440
25,747
Trustee reporting
5,266
Audit and tax fees
18,179
25,246
Legal fees
3,448
11,373
Proxy fees
1,506
1,245
Accounting & Administration fees
27,440
35,110
Shareholder reporting fees
4,916
11,686
Trustees’ fees
6,748
6,244
Registration and filing fees
16,009
82,615
Transfer agent fees
1,478
19,100
 
409,443
543,035
Administration fees:
 
 
Class R5
93,222
5,939
Service Class 
2,094
Administrative Class 
16,416
Class R4
4,519
Class A
8,576
Class R3
6,170
Class Y
18,863
Class L
10,872
Class C
193
Distribution and Service fees:
 
 
Class R4
5,649
Class A
7,553
Class R3
15,424
Class L
54,359
Class C
1,932
Total expenses
502,665
701,594
Expenses waived (Note 3):
 
 
Class I fees reimbursed by adviser
(52,227)
Class R5 fees reimbursed by adviser
(2,406)
(2,655)
Service Class fees reimbursed by adviser
(359)
Administrative Class fees reimbursed by adviser
(2,205)
Class R4 fees reimbursed by adviser
(1,612)
Class A fees reimbursed by adviser
(1,280)
Class R3 fees reimbursed by adviser
(1,261)
Class Y fees reimbursed by adviser
(49,824)
Class L fees reimbursed by adviser
(45,892)
Class C fees reimbursed by adviser
(821)
Net expenses:
500,259
543,458
Net investment income (loss)
4,528,559
3,713,988
 
The accompanying notes are an integral part of the financial statements.
100
 

TABLE OF CONTENTS

MassMutual
Inflation-
Protected
and Income
Fund
MassMutual
Core Bond
Fund
MassMutual
Diversified
Bond Fund
MassMutual
High Yield
Fund
MassMutual
Balanced
Fund
 
$
$
$35,334
$
$576,254
6,268,347
17,907,312
3,699,920
15,411,836
692,328
49
4,318
6,931
66,239
6,268,396
17,911,630
3,742,185
15,478,075
1,268,582
 
474,670
1,263,055
266,577
941,437
245,094
21,976
34,649
24,259
38,780
27,852
8,495
25,695
25,619
26,792
25,031
24,887
5,019
12,809
2,493
5,960
2,382
1,245
1,245
1,245
1,245
1,245
26,526
39,966
34,801
38,719
27,928
23,566
32,896
18,756
23,310
17,316
8,695
22,459
5,008
13,284
3,453
55,446
55,307
53,692
67,948
52,738
1,478
1,478
1,478
18,231
1,478
644,316
1,489,483
435,101
1,182,440
404,373
 
24,368
46,462
32,494
17,133
12,026
18,839
25,376
3,834
20,714
8,473
9,715
46,915
5,690
19,693
3,473
2,873
1,402
3,521
16,438
5,213
11,265
29,833
6,209
9,769
17,737
2,178
167
1,121
23,096
9,560
49
47
47
6,646
52
 
3,591
1,752
4,401
20,548
6,516
9,901
26,217
5,433
8,584
15,634
5,444
416
2,802
57,740
23,900
492
732,539
1,668,070
500,653
1,383,293
506,957
 
(23,461)
(19,362)
(5,087)
(2,714)
(1,290)
(1,594)
(1,760)
(1,008)
(73)
(1,232)
(1,098)
(502)
(9)
(1,798)
(5)
(2,014)
(8)
732,539
1,635,287
500,653
1,353,061
506,957
5,535,857
16,276,343
3,241,532
14,125,014
761,625
The accompanying notes are an integral part of the financial statements.
 
 
101

TABLE OF CONTENTS

MassMutual Funds (Continued)
Statements of Operations
For the Six Months Ended March 31, 2024 (Unaudited)
 
MassMutual
U.S.
Government
Money
Market Fund
MassMutual
Short-
Duration
Bond Fund
Realized and unrealized gain (loss):
 
 
Net realized gain (loss) on:
 
 
Investment transactions
105
(17,293,658)
Futures contracts
(63,258)
Written options
Swap agreements
(541,074)
Foreign currency transactions
Forward contracts
Net realized gain (loss)
105
(17,897,990)
Net change in unrealized appreciation (depreciation) on:
 
 
Investment transactions
23,736,132
Futures contracts
(414,430)
Written options
Swap agreements
16,313
Translation of assets and liabilities in foreign currencies
4
Forward contracts
Net change in unrealized appreciation (depreciation)
23,338,019
Net realized gain (loss) and change in unrealized appreciation (depreciation)
105
5,440,029
Net increase (decrease) in net assets resulting from operations
$ 4,528,664
$9,154,017
 
(a) Net of foreign withholding tax of:
$
$
(b) Net of foreign withholding tax of:
$
$664
 
The accompanying notes are an integral part of the financial statements.
102
 

TABLE OF CONTENTS

MassMutual
Inflation-
Protected
and Income
Fund
MassMutual
Core Bond
Fund
MassMutual
Diversified
Bond Fund
MassMutual
High Yield
Fund
MassMutual
Balanced
Fund
 
 
(1,470,581)
(10,827,148)
(6,018,189)
(7,713,615)
1,887,295
45,462
(1,750,273)
(273,009)
(14,122)
17,276
(6,495,180)
(2,939,699)
(559,032)
(11,832)
(82,346)
(7,920,299)
(15,517,120)
(6,927,132)
(7,713,615)
1,873,173
 
5,890,830
44,389,078
11,628,364
27,112,666
13,245,229
(333,193)
3,946,184
1,197,122
(52,218)
(8,689)
9,876,055
190,143
(14,889)
1,473
1,254
62,519
15,433,692
48,525,405
12,865,900
27,113,920
13,193,011
7,513,393
33,008,285
5,938,768
19,400,305
15,066,184
$13,049,250
$49,284,628
$9,180,300
$33,525,319
$15,827,809
 
$
$
$
$
$95
$
$
$
$
$
The accompanying notes are an integral part of the financial statements.
 
 
103

TABLE OF CONTENTS

MassMutual Funds (Continued)
Statements of Operations
For the Six Months Ended March 31, 2024 (Unaudited)
 
MassMutual
Disciplined
Value Fund
MassMutual
Main Street
Fund
Investment income (Note 2):
 
 
Dividends (a)
$  526,492
$  457,164
Interest
1,858
6,389
Securities lending net income
436
1,848
Total investment income
528,786
465,401
Expenses (Note 3):
 
 
Investment advisory fees
99,782
183,914
Custody fees
20,565
15,683
Audit and tax fees
22,881
23,442
Legal fees
1,448
1,538
Proxy fees
1,245
1,245
Accounting & Administration fees
13,506
11,876
Shareholder reporting fees
6,844
11,236
Trustees’ fees
1,942
2,263
Registration and filing fees
53,055
49,904
Transfer agent fees
1,478
1,478
 
222,746
302,579
Administration fees:
 
 
Class R5
8,005
16,483
Service Class 
9,756
116
Administrative Class 
1,409
24,573
Class R4
303
6,395
Class A
5,833
11,106
Class R3
1,895
514
Class Y
48
Distribution and Service fees:
 
 
Class R4
379
7,994
Class A
5,129
9,775
Class R3
4,738
1,284
Total expenses
260,241
380,819
Expenses waived (Note 3):
 
 
Class I fees reimbursed by adviser
Class R5 fees reimbursed by adviser
Service Class fees reimbursed by adviser
Administrative Class fees reimbursed by adviser
Class R4 fees reimbursed by adviser
Class A fees reimbursed by adviser
Class R3 fees reimbursed by adviser
Investment advisory fees waived
Net expenses:
260,241
380,819
Net investment income (loss)
268,545
84,582
 
The accompanying notes are an integral part of the financial statements.
104
 

TABLE OF CONTENTS

MassMutual
Disciplined
Growth
Fund
MassMutual
Small Cap
Opportunities
Fund
MassMutual
Global
Fund
MassMutual
International
Equity
Fund
MassMutual
Strategic
Emerging
Markets
Fund
 
$  526,051
$ 2,209,315
$  501,411
$ 1,206,479
$  967,396
9,638
51,840
8,726
25,783
25,776
4,364
12,991
4,201
7,763
770
540,053
2,274,146
514,338
1,240,025
993,942
 
383,180
980,062
692,987
489,566
491,209
13,613
12,469
33,139
48,873
64,263
22,921
23,051
28,879
27,218
19,606
2,556
6,014
3,713
2,328
1,652
1,245
1,245
1,245
1,248
1,245
14,326
15,093
12,517
14,671
10,629
6,978
20,494
14,568
12,375
13,643
5,424
10,890
6,107
3,995
3,395
52,757
56,385
50,485
53,224
49,441
1,478
1,478
1,478
1,284
1,478
504,478
1,127,181
845,118
654,782
656,561
 
41,049
53,225
24,822
14,358
92
10,151
15,738
4,046
2,929
1,435
31,511
31,806
75,343
2,980
403
6,122
14,042
9,315
556
385
12,564
51,885
16,308
13,760
120
4,773
8,077
7,776
2,306
484
61
48
49
 
7,652
17,553
11,644
695
482
11,104
45,743
14,411
12,083
104
11,932
20,192
19,442
5,764
1,210
641,397
1,385,490
1,028,225
710,262
661,276
 
(1,198)
(89,020)
(843)
(173)
(126)
(1,339)
(172)
(250)
(107)
(360)
(299)
(77)
(63)
(452)
(29,492)
641,397
1,382,682
1,028,225
680,770
569,605
(101,344)
891,464
(513,887)
559,255
424,337
The accompanying notes are an integral part of the financial statements.
 
 
105

TABLE OF CONTENTS

MassMutual Funds (Continued)
Statements of Operations
For the Six Months Ended March 31, 2024 (Unaudited)
 
MassMutual
Disciplined
Value Fund
MassMutual
Main Street
Fund
Realized and unrealized gain (loss):
 
 
Net realized gain (loss) on:
 
 
Investment transactions
532,386
3,599,945
Foreign currency transactions
(317)
Net realized gain (loss)
532,386
3,599,628
Net change in unrealized appreciation (depreciation) on:
 
 
Investment transactions
5,861,665
10,899,527
Translation of assets and liabilities in foreign currencies
131
Net change in unrealized appreciation (depreciation)
5,861,665
10,899,658
Net realized gain (loss) and change in unrealized appreciation (depreciation)
6,394,051
14,499,286
Net increase (decrease) in net assets resulting from operations
$ 6,662,596
$ 14,583,868
 
(a) Net of foreign withholding tax of:
$
$775
*Net of net increase (decrease) in accrued foreign capital gains tax of:
$
$
 
The accompanying notes are an integral part of the financial statements.
106
 

TABLE OF CONTENTS

MassMutual
Disciplined
Growth
Fund
MassMutual
Small Cap
Opportunities
Fund
MassMutual
Global
Fund
MassMutual
International
Equity
Fund
MassMutual
Strategic
Emerging
Markets
Fund
 
 
11,452,841
10,622,927
13,059,455
2,557,139
1,024,647
(1,715)
(2,137)
321
(29,588)
11,452,841
10,621,212
13,057,318
2,557,460
995,059
 
33,077,452
56,453,965
32,363,845 *
9,497,132
7,259,559 *
20
4,225
14,244
777
33,077,452
56,453,985
32,368,070
9,511,376
7,260,336
44,530,293
67,075,197
45,425,388
12,068,836
8,255,395
$ 44,428,949
$ 67,966,661
$ 44,911,501
$ 12,628,091
$ 8,679,732
 
$
$4,009
$43,430
$118,110
$133,438
$
$
$(486,403)
$
$93,990
The accompanying notes are an integral part of the financial statements.
 
 
107

TABLE OF CONTENTS

MassMutual Funds (Continued)
Statements of Changes in Net Assets
 
MassMutual
U.S. Government Money Market Fund
 
Six Months
Ended
March 31, 2024
(Unaudited)
Year
Ended
September 30, 2023
Increase (Decrease) in Net Assets:
 
 
Operations:
 
 
Net investment income (loss)
$4,528,559
$7,696,118
Net realized gain (loss)
105
321
Net change in unrealized appreciation (depreciation)
Net increase (decrease) in net assets resulting from operations
4,528,664
7,696,439
Distributions to shareholders (Note 2):
 
 
Class I
Class R5
(4,528,057)
(7,696,593)
Service Class 
Administrative Class 
Class R4
Class A
Class R3
Class Y
Class L
Class C
Total distributions
(4,528,057)
(7,696,593)
Tax return of capital:
 
 
Class I
Class R5
Service Class 
Administrative Class 
Class R4
Class A
Class R3
Class Y
Class L
Class C
Total tax return of capital
Net fund share transactions (Note 5):
 
 
Class I
Class R5
(5,253,676)
(33,219,795)
Service Class 
Administrative Class 
Class R4
Class A
Class R3
Class Y
Class L
Class C
Increase (decrease) in net assets from fund share transactions
(5,253,676)
(33,219,795)
Total increase (decrease) in net assets
(5,253,069)
(33,219,949)
Net assets
 
 
Beginning of period
172,108,372
205,328,321
End of period
$ 166,855,303
$ 172,108,372
 
* Commenced operations on February 1, 2023.
 
 
 
The accompanying notes are an integral part of the financial statements.
108
 

TABLE OF CONTENTS

MassMutual
Short-Duration Bond Fund
MassMutual
Inflation-Protected and Income Fund
Six Months
Ended
March 31, 2024
(Unaudited)
Year
Ended
September 30, 2023
Six Months
Ended
March 31, 2024
(Unaudited)
Year
Ended
September 30, 2023
 
 
$3,713,988
$10,009,542
$5,535,857
$10,561,885
(17,897,990)
(37,538,076)
(7,920,299)
(24,267,730)
23,338,019
37,179,707
15,433,692
19,176,541
9,154,017
9,651,173
13,049,250
5,470,696
 
(1,095,932)
(3,308,878)
(6,573,931)
(6,485,045)
(207,236)
(876,994)
(1,924,402)
(2,502,538)
(35,232)
(102,714)
(656,755)
(1,108,108)
(180,016)
(324,168)
(240,054)
(279,683)
(72,955)
(184,942)
(87,743)
(151,257)
(92,331)
(202,700)
(260,744)
(277,944)
(89,043)
(197,586)
(68,147)
(69,335)
(700,727)
(3,736,266)
(3,750)
(752,675)
(1,945,558)
(12,405)
(32,732)
(3,238,552)
(10,912,538)
(9,815,526)
(10,873,910)
 
(39,122)
(10,369)
(1,214)
(3,833)
(2,187)
(2,397)
(2,336)
(44,174)
(23,003)
(387)
(129,022)
 
(27,632,345)
(53,385,498)
(2,950,431)
3,108,492
340,491
(19,277,163)
(2,292,013)
(15,484,149)
(2,064,156)
453,367
(3,924,011)
(9,153,994)
(1,381,535)
1,139,234
(480,342)
(744,313)
5,076,676
(5,426,682)
(759,071)
(681,621)
11,731
(1,541,741)
(111,165)
(802,215)
(803,123)
(918,891)
248,379
(270,924)
(14,407,448)
(175,479,422)
226
100,000*
(4,245,725)
(30,588,796)
(141,264)
(226,678)
(45,246,698)
(285,252,270)
(10,268,428)
(23,928,724)
(39,331,233)
(286,642,657)
(7,034,704)
(29,331,938)
 
212,981,865
499,624,522
260,583,582
289,915,520
$ 173,650,632
$ 212,981,865
$ 253,548,878
$ 260,583,582
The accompanying notes are an integral part of the financial statements.
 
 
109

TABLE OF CONTENTS

MassMutual Funds (Continued)
Statements of Changes in Net Assets
 
MassMutual
Core Bond Fund
 
Six Months Ended
March 31, 2024
(Unaudited)
Year
Ended
September 30, 2023
Increase (Decrease) in Net Assets:
 
 
Operations:
 
 
Net investment income (loss)
$16,276,343
$32,777,099
Net realized gain (loss)
(15,517,120)
(44,206,762)
Net change in unrealized appreciation (depreciation)
48,525,405
19,529,329
Net increase (decrease) in net assets resulting from operations
49,284,628
8,099,666
Distributions to shareholders (Note 2):
 
 
Class I
(28,548,842)
(18,947,053)
Class R5
(5,335,625)
(5,049,706)
Service Class 
(1,310,240)
(1,323,476)
Administrative Class 
(1,737,784)
(1,260,653)
Class R4
(74,682)
(58,399)
Class A
(1,057,798)
(772,091)
Class R3
(8,390)
(5,295)
Class Y
(5,442)
Class C
Total distributions
(38,078,803)
(27,416,673)
Net fund share transactions (Note 5):
 
 
Class I
(27,115,988)
21,198,419
Class R5
3,090,466
(39,642,243)
Service Class 
(5,484,762)
(6,333,157)
Administrative Class 
2,275,334
(3,493,050)
Class R4
(35,912)
(834,390)
Class A
(1,497,249)
(1,400,222)
Class R3
(7,500)
(3,658)
Class Y
100,000 *
Class C
Increase (decrease) in net assets from fund share transactions
(28,775,611)
(30,408,301)
Total increase (decrease) in net assets
(17,569,786)
(49,725,308)
Net assets
 
 
Beginning of period
668,763,468
718,488,776
End of period
$ 651,193,682
$ 668,763,468
 
* Commenced operations on February 1, 2023.
 
The accompanying notes are an integral part of the financial statements.
110
 

TABLE OF CONTENTS

MassMutual
Diversified Bond Fund
MassMutual
High Yield Fund
Six Months
Ended
March 31, 2024 (Unaudited)
Year
Ended
September 30, 2023
Six Months
Ended
March 31, 2024 (Unaudited)
Year
Ended
September 30, 2023
 
 
$3,241,532
$7,284,900
$14,125,014
$25,114,192
(6,927,132)
(9,858,082)
(7,713,615)
(20,871,649)
12,865,900
4,031,077
27,113,920
33,949,166
9,180,300
1,457,895
33,525,319
38,191,709
 
(2,900,803)
(3,066,113)
(9,080,447)
(16,023,785)
(4,180,936)
(2,434,368)
(1,186,258)
(2,147,884)
(250,599)
(190,793)
(705,972)
(1,399,388)
(228,615)
(338,479)
(440,483)
(805,064)
(244,093)
(150,025)
(539,270)
(1,415,359)
(263,941)
(189,315)
(222,158)
(493,437)
(63,397)
(50,765)
(729,941)
(1,394,875)
(6,217)
(925,411)
(1,711,818)
(2,960)
(5,020)
(8,138,601)
(6,419,858)
(13,832,900)
(25,396,630)
 
(28,189,073)
3,113,199
(41,009,951)
23,134,345
11,552,336
6,269,488
3,320,518
(2,543,088)
141,316
(992,171)
166,546
(2,005,567)
(1,317,477)
(3,181,064)
24,082
(733,839)
(2,268,786)
783,745
(765,727)
(14,766,226)
(543,793)
(498,374)
(746,435)
(1,519,440)
(21,508)
(198,615)
340,175
(2,442,085)
100,000 *
(3,277,813)
5,082,253
1,526
12,873
(20,646,985)
5,396,208
(41,947,079)
4,219,226
(19,605,286)
434,245
(22,254,660)
17,014,305
 
156,982,427
156,548,182
402,167,563
385,153,258
$ 137,377,141
$ 156,982,427
$ 379,912,903
$ 402,167,563
The accompanying notes are an integral part of the financial statements.
 
 
111

TABLE OF CONTENTS

MassMutual Funds (Continued)
Statements of Changes in Net Assets
 
MassMutual
Balanced Fund
 
Six Months
Ended
March 31, 2024
(Unaudited)
Year
Ended
September 30, 2023
Increase (Decrease) in Net Assets:
 
 
Operations:
 
 
Net investment income (loss)
$761,625
$1,776,033
Net realized gain (loss)
1,873,173
(1,290,556)
Net change in unrealized appreciation (depreciation)
13,193,011
11,790,990
Net increase (decrease) in net assets resulting from operations
15,827,809
12,276,467
Distributions to shareholders (Note 2):
 
 
Class I
(723,616)
(834,824)
Class R5
(396,171)
(506,260)
Service Class 
(130,066)
(114,812)
Administrative Class 
(53,892)
(91,105)
Class R4
(76,162)
(65,417)
Class A
(157,071)
(167,111)
Class R3
(112,924)
(108,827)
Class Y
(1,775)
Total distributions
(1,651,677)
(1,888,356)
Net fund share transactions (Note 5):
 
 
Class I
(742,171)
(10,052,972)
Class R5
(4,194,327)
(5,639,482)
Service Class 
(63,571)
(259,810)
Administrative Class 
(2,276,088)
(3,510,700)
Class R4
(212,920)
(25,310)
Class A
(401,546)
(2,260,526)
Class R3
(175,398)
(1,260,911)
Class Y
100,000 *
Increase (decrease) in net assets from fund share transactions
(8,066,021)
(22,909,711)
Total increase (decrease) in net assets
6,110,111
(12,521,600)
Net assets
 
 
Beginning of period
102,267,893
114,789,493
End of period
$ 108,378,004
$ 102,267,893
 
* Commenced operations on February 1, 2023.
 
The accompanying notes are an integral part of the financial statements.
112
 

TABLE OF CONTENTS

MassMutual
Disciplined Value Fund
MassMutual
Main Street Fund
Six Months
Ended
March 31, 2024
(Unaudited)
Year
Ended
September 30, 2023
Six Months
Ended
March 31, 2024
(Unaudited)
Year
Ended
September 30, 2023
 
 
$268,545
$833,586
$84,582
$337,977
532,386
1,977,748
3,599,628
5,555,886
5,861,665
7,544,162
10,899,658
6,695,534
6,662,596
10,355,496
14,583,868
12,589,397
 
(632,068)
(2,730,325)
(285,744)
(380,210)
(1,110,403)
(2,040,561)
(2,928,683)
(4,211,164)
(732,368)
(1,301,070)
(10,539)
(13,467)
(60,562)
(119,698)
(1,489,330)
(2,320,099)
(12,495)
(137,935)
(613,772)
(775,352)
(286,793)
(437,484)
(760,715)
(1,041,080)
(116,304)
(388,059)
(49,424)
(96,841)
(7,162)
(2,958,155)
(7,155,132)
(6,138,207)
(8,838,213)
 
(16,937,032)
257,915
(630,708)
(375,600)
(3,082,288)
(2,594,356)
(2,146,222)
1,407,842
(1,746,344)
(1,961,343)
(1,209)
1,158
(361,263)
105,908
(1,502,135)
(1,976,934)
45,848
(998,296)
560,054
(236,949)
(623,457)
(249,420)
(411,996)
(528,124)
118,402
(2,168,024)
(24,207)
(319,354)
100,000 *
(22,586,134)
(7,507,616)
(4,156,423)
(2,027,961)
(18,881,693)
(4,307,252)
4,289,238
1,723,223
 
62,887,271
67,194,523
68,686,712
66,963,489
$ 44,005,578
$ 62,887,271
$ 72,975,950
$ 68,686,712
The accompanying notes are an integral part of the financial statements.
 
 
113

TABLE OF CONTENTS

MassMutual Funds (Continued)
Statements of Changes in Net Assets
 
MassMutual
Disciplined Growth Fund
 
Six Months
Ended
March 31, 2024 (Unaudited)
Year
Ended
September 30, 2023
Increase (Decrease) in Net Assets:
 
 
Operations:
 
 
Net investment income (loss)
$(101,344)
$166,428
Net realized gain (loss)
11,452,841
6,445,246
Net change in unrealized appreciation (depreciation)
33,077,452
27,318,816
Net increase (decrease) in net assets resulting from operations
44,428,949
33,930,490
Distributions to shareholders (Note 2):
 
 
Class I
(1,615,353)
(916,567)
Class R5
(3,517,567)
(3,740,607)
Service Class 
(356,459)
(712,618)
Administrative Class 
(877,160)
(1,134,152)
Class R4
(300,501)
(305,507)
Class A
(402,264)
(744,187)
Class R3
(219,465)
(206,964)
Class Y
(5,349)
Total distributions
(7,294,118)
(7,760,602)
Net fund share transactions (Note 5):
 
 
Class I
(213,358)
12,682,155
Class R5
3,185,503
(13,137,877)
Service Class 
(5,533,457)
(4,241,389)
Administrative Class 
(1,355,090)
(7,365,749)
Class R4
(1,007,303)
(986,886)
Class A
(809,965)
(8,570,392)
Class R3
58,580
(178,596)
Class Y
100,000 *
Increase (decrease) in net assets from fund share transactions
(5,675,090)
(21,698,734)
Total increase (decrease) in net assets
31,459,741
4,471,154
Net assets
 
 
Beginning of period
159,234,802
154,763,648
End of period
$ 190,694,543
$ 159,234,802
 
* Commenced operations on February 1, 2023.
 
 
 
The accompanying notes are an integral part of the financial statements.
114
 

TABLE OF CONTENTS

MassMutual
Small Cap Opportunities Fund
MassMutual
Global Fund
Six Months
Ended
March 31, 2024
(Unaudited)
Year
Ended
September 30, 2023
Six Months
Ended
March 31, 2024
(Unaudited)
Year
Ended
September 30, 2023
 
 
$891,464
$1,569,331
$(513,887)
$(358,314)
10,621,212
14,217,264
13,057,318
39,566,304
56,453,985
22,002,464
32,368,070
15,219,762
67,966,661
37,789,059
44,911,501
54,427,752
 
(6,676,666)
(1,468,645)
(12,522,119)
(12,546,325)
(5,186,500)
(1,410,819)
(11,551,942)
(13,889,612)
(766,370)
(207,096)
(950,873)
(1,359,215)
(1,035,678)
(242,408)
(11,606,738)
(10,936,495)
(720,788)
(128,301)
(2,340,010)
(2,097,768)
(1,811,705)
(357,876)
(2,779,676)
(2,182,359)
(406,374)
(61,858)
(1,893,964)
(1,873,279)
(4,792)
(16,608,873)
(3,877,003)
(43,645,322)
(44,885,053)
 
21,408,244
19,726,109
10,939,132
(11,792,685)
(3,438,240)
(7,603,679)
10,415,509
(17,628,169)
(340,497)
(2,169,683)
815,510
(2,115,174)
(1,309,239)
(1,184,446)
609,235
2,705,642
(754,294)
729,008
915,448
(96,932)
274,904
(6,761,451)
2,358,930
1,243,342
695,210
(334,449)
972,112
(818,187)
100,000 *
16,536,088
2,501,409
27,025,876
(28,502,163)
67,893,876
36,413,465
28,292,055
(18,959,464)
 
326,103,212
289,689,747
173,799,835
192,759,299
$ 393,997,088
$ 326,103,212
$ 202,091,890
$ 173,799,835
The accompanying notes are an integral part of the financial statements.
 
 
115

TABLE OF CONTENTS

MassMutual Funds (Continued)
Statements of Changes in Net Assets
 
MassMutual
International Equity Fund
MassMutual
Strategic Emerging Markets Fund
 
Six Months
Ended
March 31, 2024
(Unaudited)
Year
Ended
September 30, 2023
Six Months
Ended
March 31, 2024
(Unaudited)
Year
Ended
September 30, 2023
Increase (Decrease) in Net Assets:
 
 
 
 
Operations:
 
 
 
 
Net investment income (loss)
$559,255
$2,164,000
$424,337
$806,348
Net realized gain (loss)
2,557,460
325,214
995,059
(12,173,908)
Net change in unrealized appreciation (depreciation)
9,511,376
17,836,400
7,260,336
28,094,437
Net increase (decrease) in net assets resulting from operations
12,628,091
20,325,614
8,679,732
16,726,877
Distributions to shareholders (Note 2):
 
 
 
 
Class I
(2,460,099)
(4,199,952)
(116,712)
(454,812)
Class R5
(972,915)
(1,950,265)
(56)
Service Class 
(95,641)
(154,615)
(2,309)
Administrative Class 
(62,526)
(141,221)
(69)
Class R4
(18,101)
(33,604)
Class A
(312,344)
(544,895)
Class R3
(71,282)
(130,573)
Class Y
(3,327)
Total distributions
(3,996,235)
(7,155,125)
(116,768)
(457,190)
Net fund share transactions (Note 5):
 
 
 
 
Class I
(3,198,543)
(3,620,656)
(1,163,721)
(22,442,122)
Class R5
(3,221,817)
(4,249,875)
(156,883)
10,933
Service Class 
(936,095)
594,398
138,606
(180,384)
Administrative Class 
93,935
(644,826)
(32,438)
22,198
Class R4
22,023
(265,108)
13,045
30,814
Class A
(1,182,526)
(151,139)
(94,922)
(6,554)
Class R3
96,993
(60,727)
1,034
(135,227)
Class Y
100,000*
Increase (decrease) in net assets from fund share transactions
(8,326,030)
(8,297,933)
(1,295,279)
(22,700,342)
Total increase (decrease) in net assets
305,826
4,872,556
7,267,685
(6,430,655)
Net assets
 
 
 
 
Beginning of period
118,735,342
113,862,786
101,619,711
108,050,366
End of period
$ 119,041,168
$ 118,735,342
$ 108,887,396
$ 101,619,711
                         
* Commenced operations on February 1, 2023.
 
 
 
The accompanying notes are an integral part of the financial statements.
116
 

TABLE OF CONTENTS

MassMutual Funds (Continued)
Financial Highlights (For a share outstanding throughout each period)
MassMutual U.S. Government Money Market Fund
 
 
Income (loss) from investment
operations
Less distributions to shareholders
 
 
Ratios / Supplemental Data
 
Net
asset
value,
beginning
of the
period
Net
investment
income
(loss)c,j
Net
realized
and
unrealized
gain (loss)
on
investments
Total
income
(loss) from
investment
operations
From net
investment
income
From net
realized
gains
Total
distributions
Net
asset
value,
end of
the
period
Total
returnl
Net
assets,
end of
the
period
(000’s)
Ratio of
expenses
to average
daily net
assets
before
expense
waiversq
Ratio of
expenses
to average
daily net
assets
after
expense
waiversj,q
Net
investment
income
(loss) to
average
daily net
assets
Class R5
 
 
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$  1.00
$0.02
$0.00d
$0.02
$(0.02)
$
$(0.02)
$  1.00
2.45%b
$166,855
0.54%a
0.54%a,k
4.86%a
9/30/23
1.00
0.04
0.00d
0.04
(0.04)
(0.04)
1.00
4.08%
172,108
0.61%
N/A
3.95%
9/30/22
1.00
0.00d
0.00d
0.00d
(0.00)d
(0.00)d
1.00
0.44%
205,328
0.54%
0.27%
0.39%
9/30/21
1.00
(0.00)d
0.00d
0.00d
1.00
0.00%e
235,578
0.51%
0.07%
0.00%e
9/30/20
1.00
0.01
0.00d
0.01
(0.01)
(0.01)
1.00
0.56%
277,991
0.51%
0.40%
0.59%
9/30/19
1.00
0.02
0.00d
0.02
(0.02)
(0.00)d
(0.02)
1.00
1.85%
333,574
0.52%
N/A
1.83%
a
Annualized.
b
Percentage represents the results for the period and is not annualized.
c
Per share amount calculated on the average shares method.
d
Amount is less than $0.005 per share.
e
Amount is less than 0.005%.
j
Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.
k
Amount waived had no impact on the ratio of expenses to average daily net assets.
l
Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.
q
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.
r
Unaudited.
The accompanying notes are an integral part of the financial statements.
 
 
117

TABLE OF CONTENTS

MassMutual Funds (Continued)
Financial Highlights (For a share outstanding throughout each period)
MassMutual Short-Duration Bond Fund
 
 
Income (loss) from investment
operations
Less distributions to shareholders
 
 
 
Ratios / Supplemental Data
 
Net
asset
value,
beginning
of the
period
Net
investment
income
(loss)c,j
Net
realized
and
unrealized
gain (loss)
on
investments
Total
income
(loss) from
investment
operations
From net
investment
income
Tax
return
of
capital
Total
distributions
Net
asset
value,
end of
the
period
Total
returnl,m
Net
assets,
end of
the
period
(000’s)
Ratio of
expenses
to average
daily net
assets
before
expense
waiversq
Ratio of
expenses
to average
daily net
assets
after
expense
waiversj,q
Net
investment
income
(loss) to
average
daily net
assets
Class I
 
 
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$  8.68
$0.18
$0.26
$0.44
$(0.16)
$
$(0.16)
$  8.96
5.13%b
$51,873
0.59%a
0.42%a
4.24%a
9/30/23
8.67
0.30
0.04aa
0.34
(0.33)
(0.00)d
(0.33)
8.68
3.96%
77,614
0.70%
0.46%
3.47%
9/30/22
10.10
0.20
(1.19)
(0.99)
(0.44)
(0.44)
8.67
(10.11%)
131,484
0.40%
0.39%
2.08%
9/30/21
10.09
0.24
0.22
0.46
(0.45)
(0.45)
10.10
4.69%
211,826
0.44%
N/A
2.41%
9/30/20
10.31
0.34
(0.21)
0.13
(0.35)
(0.35)
10.09
1.26%
189,805
0.42%
N/A
3.41%
9/30/19
10.30
0.32
0.08
0.40
(0.39)
(0.39)
10.31
4.05%
204,282
0.43%
N/A
3.13%
Class R5
 
 
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$8.72
$0.17
$0.27
$0.44
$(0.15)
$
$(0.15)
$9.01
5.11%b
$12,093
0.70%a
0.65%a
4.00%a
9/30/23
8.70
0.27
0.05aa
0.32
(0.30)
(0.00)d
(0.30)
8.72
3.71%
11,359
0.82%
N/A
3.09%
9/30/22
10.13
0.19
(1.20)
(1.01)
(0.42)
(0.42)
8.70
(10.26%)
30,546
0.50%
N/A
1.95%
9/30/21
10.12
0.24
0.21
0.45
(0.44)
(0.44)
10.13
4.56%
66,938
0.54%
N/A
2.34%
9/30/20
10.34
0.33
(0.21)
0.12
(0.34)
(0.34)
10.12
1.15%
110,813
0.52%
N/A
3.31%
9/30/19
10.33
0.31
0.08
0.39
(0.38)
(0.38)
10.34
3.92%
158,895
0.53%
N/A
3.03%
Service Class
 
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$8.65
$0.17
$0.27
$0.44
$(0.15)
$
$(0.15)
$8.94
5.08%b
$1,435
0.79%a
0.76%a
3.91%a
9/30/23
8.65
0.26
0.03aa
0.29
(0.29)
(0.00)d
(0.29)
8.65
3.37%
3,437
0.91%
N/A
3.02%
9/30/22
10.06
0.17
(1.18)
(1.01)
(0.40)
(0.40)
8.65
(10.30%)
2,981
0.62%
N/A
1.82%
9/30/21
10.04
0.23
0.21
0.44
(0.42)
(0.42)
10.06
4.51%
16,282
0.64%
N/A
2.25%
9/30/20
10.26
0.32
(0.22)
0.10
(0.32)
(0.32)
10.04
1.00%
38,559
0.62%
N/A
3.19%
9/30/19
10.25
0.30
0.08
0.38
(0.37)
(0.37)
10.26
3.82%
51,201
0.63%
N/A
2.92%
 
Six Months Ended
March 31, 2024b,r
Year Ended September 30
 
2023
2022
2021
2020
2019
Portfolio turnover rate
15%
16%
20%
72%
37%
55%
a
Annualized.
b
Percentage represents the results for the period and is not annualized.
c
Per share amount calculated on the average shares method.
d
Amount is less than $0.005 per share.
g
For the period December 13, 2021 (commencement of operations) through September 30, 2022.
j
Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.
l
Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.
m
Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.
q
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.
r
Unaudited.
aa
The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.
 
The accompanying notes are an integral part of the financial statements.
118
 

TABLE OF CONTENTS

 
 
Income (loss) from investment
operations
Less distributions to shareholders
 
 
 
Ratios / Supplemental Data
 
Net
asset
value,
beginning
of the
period
Net
investment
income
(loss)c,j
Net
realized
and
unrealized
gain (loss)
on
investments
Total
income
(loss) from
investment
operations
From net
investment
income
Tax
return
of
capital
Total
distributions
Net
asset
value,
end of
the
period
Total
returnl,m
Net
assets,
end of
the
period
(000’s)
Ratio of
expenses
to average
daily net
assets
before
expense
waiversq
Ratio of
expenses
to average
daily net
assets
after
expense
waiversj,q
Net
investment
income
(loss) to
average
daily net
assets
Administrative Class
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$8.63
$0.16
$0.26
$0.42
$(0.14)
$
$(0.14)
$8.91
4.92%b
$10,696
0.90%a
0.86%a
3.82%a
9/30/23
8.62
0.25
0.04aa
0.29
(0.28)
(0.00)d
(0.28)
8.63
3.39%
11,719
1.01%
N/A
2.96%
9/30/22
10.01
0.17
(1.18)
(1.01)
(0.38)
(0.38)
8.62
(10.38%)
10,582
0.70%
N/A
1.78%
9/30/21
10.00
0.21
0.22
0.43
(0.42)
(0.42)
10.01
4.40%
16,920
0.74%
N/A
2.16%
9/30/20
10.22
0.31
(0.21)
0.10
(0.32)
(0.32)
10.00
0.94%
27,628
0.72%
N/A
3.12%
9/30/19
10.21
0.29
0.08
0.37
(0.36)
(0.36)
10.22
3.76%
31,270
0.73%
N/A
2.83%
Class R4
 
 
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$8.69
$0.17
$0.26
$0.43
$(0.14)
$
$(0.14)
$8.98
4.94%b
$8,434
1.05%a
0.97%a
3.81%a
9/30/23
8.69
0.23
0.04aa
0.27
(0.27)
(0.00)d
(0.27)
8.69
3.11%
3,225
1.16%
N/A
2.63%
9/30/22
10.07
0.15
(1.18)
(1.03)
(0.35)
(0.35)
8.69
(10.46%)
8,688
0.85%
N/A
1.63%
9/30/21
10.05
0.20
0.22
0.42
(0.40)
(0.40)
10.07
4.30%
11,743
0.89%
N/A
1.97%
9/30/20
10.27
0.29
(0.21)
0.08
(0.30)
(0.30)
10.05
0.79%
11,525
0.87%
N/A
2.96%
9/30/19
10.26
0.27
0.08
0.35
(0.34)
(0.34)
10.27
3.57%
12,494
0.88%
N/A
2.67%
Class A
 
 
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$8.59
$0.15
$0.26
$0.41
$(0.13)
$
$(0.13)
$8.87
4.82%b
$6,266
1.13%a
1.09%a
3.58%a
9/30/23
8.58
0.23
0.03aa
0.26
(0.25)
(0.00)d
(0.25)
8.59
3.13%
6,055
1.26%
N/A
2.65%
9/30/22
9.93
0.14
(1.18)
(1.04)
(0.31)
(0.31)
8.58
(10.63%)
7,588
0.95%
N/A
1.44%
9/30/21
9.92
0.19
0.21
0.40
(0.39)
(0.39)
9.93
4.15%
36,186
0.99%
N/A
1.90%
9/30/20
10.14
0.28
(0.21)
0.07
(0.29)
(0.29)
9.92
0.71%
41,913
0.97%
N/A
2.87%
9/30/19
10.14
0.26
0.08
0.34
(0.34)
(0.34)
10.14
3.44%
55,315
0.98%
N/A
2.58%
Class R3
 
 
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$8.62
$0.15
$0.25
$0.40
$(0.12)
$
$(0.12)
$8.90
4.72%b
$6,141
1.30%a
1.25%a
3.41%a
9/30/23
8.61
0.21
0.04aa
0.25
(0.24)
(0.00)d
(0.24)
8.62
2.98%
6,742
1.41%
N/A
2.49%
9/30/22
9.99
0.13
(1.19)
(1.06)
(0.32)
(0.32)
8.61
(10.80%)
7,665
1.10%
N/A
1.37%
9/30/21
9.98
0.17
0.22
0.39
(0.38)
(0.38)
9.99
4.04%
11,652
1.14%
N/A
1.70%
9/30/20
10.20
0.27
(0.22)
0.05
(0.27)
(0.27)
9.98
0.53%
7,737
1.12%
N/A
2.72%
9/30/19
10.20
0.24
0.09
0.33
(0.33)
(0.33)
10.20
3.29%
7,040
1.13%
N/A
2.43%
Class Y
 
 
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$8.69
$0.18
$0.26
$0.44
$(0.16)
$
$(0.16)
$8.97
5.12%b
$32,844
0.69%a
0.43%a
4.23%a
9/30/23
8.68
0.30
0.04aa
0.34
(0.33)
(0.00)d
(0.33)
8.69
3.96%
46,025
0.81%
0.46%
3.43%
9/30/22g
9.86
0.15
(1.09)
(0.94)
(0.24)
(0.24)
8.68
(9.66%)b
222,385
0.48%a
0.40%a
2.05%a
Class L
 
 
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$8.65
$0.17
$0.27
$0.44
$(0.15)
$
$(0.15)
$8.94
5.12%b
$43,115
0.90%a
0.68%a
3.98%a
9/30/23
8.64
0.28
0.03aa
0.31
(0.30)
(0.00)d
(0.30)
8.65
3.70%
45,936
1.00%
0.71%
3.22%
9/30/22g
9.82
0.14
(1.10)
(0.96)
(0.22)
(0.22)
8.64
(9.87%)b
76,609
0.69%a
0.65%a
1.86%a
Class C
 
 
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$8.72
$0.16
$0.27
$0.43
$(0.14)
$
$(0.14)
$9.01
4.96%b
$754
1.15%a
0.93%a
3.74%a
9/30/23
8.71
0.26
0.04aa
0.30
(0.29)
(0.00)d
(0.29)
8.72
3.44%
871
1.26%
0.96%
2.95%
9/30/22g
9.90
0.12
(1.11)
(0.99)
(0.20)
(0.20)
8.71
(10.07%)b
1,097
0.94%a
0.90%a
1.64%a
The accompanying notes are an integral part of the financial statements.
 
 
119

TABLE OF CONTENTS

MassMutual Funds (Continued)
Financial Highlights (For a share outstanding throughout each period)
Mass Mutual Inflation-Protected and Income Fund
 
 
Income (loss) from investment
operations
Less distributions to shareholders
 
 
 
Ratios / Supplemental Data
 
Net
asset
value,
beginning
of the
period
Net
investment
income
(loss)c,j
Net
realized
and
unrealized
gain (loss)
on
investments
Total
income
(loss) from
investment
operations
From net
investment
income
From net
realized
gains
Total
distributions
Net
asset
value,
end of
the
period
Total
returnl,m
Net
assets,
end of
the
period
(000’s)
Ratio of
expenses
to average
daily net
assets
before
expense
waivers
(including
interest
expense)p,q
Ratio of
expenses
to average
daily net
assets
after
expense
waivers
(including
interest
expense)j,p,q
Ratio of
expenses
to average
daily net
assets
after
expense
waivers
(excluding
interest
expense)j,q
Net
investment
income
(loss) to
average
daily net
assets
(including
interest
expense)p
Class I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$9.15
$0.20
$0.27
$0.47
$(0.36)
$
$(0.36)
$9.26
5.22%b
$167,981
0.52%a
N/A
N/A
4.51%a
9/30/23
9.35
0.35
(0.19)
0.16
(0.36)
(0.36)
9.15
1.67%
168,966
0.51%
N/A
N/A
3.74%
9/30/22
11.46
0.27
(1.57)
(1.30)
(0.20)
(0.61)
(0.81)
9.35
(12.28%)
169,362
0.47%
N/A
N/A
2.60%
9/30/21
11.40
0.19
0.48
0.67
(0.12)
(0.49)
(0.61)
11.46
6.12%
187,579
0.47%
0.47%n
0.47%n
1.73%
9/30/20
10.59
0.20
0.83
1.03
(0.22)
(0.22)
11.40
9.93%
176,809
0.47%
0.47%n
0.47%n
1.86%
9/30/19
10.24
0.25
0.42
0.67
(0.32)
(0.32)
10.59
6.80%
154,260
0.50%
0.49%
0.46%
2.40%
Class R5
3/31/24r
$9.15
$0.20
$0.28
$0.48
$(0.36)
$
$(0.36)
$9.27
5.25%b
$47,981
0.62%a
N/A
N/A
4.39%a
9/30/23
9.35
0.34
(0.19)
0.15
(0.35)
(0.35)
9.15
1.56%
49,635
0.61%
N/A
N/A
3.63%
9/30/22
11.47
0.25
(1.57)
(1.32)
(0.19)
(0.61)
(0.80)
9.35
(12.44%)
66,136
0.57%
N/A
N/A
2.40%
9/30/21
11.41
0.18
0.48
0.66
(0.11)
(0.49)
(0.60)
11.47
6.01%
93,318
0.57%
0.57%n
0.57%n
1.63%
9/30/20
10.59
0.19
0.84
1.03
(0.21)
(0.21)
11.41
9.92%
86,369
0.57%
0.57%n
0.57%n
1.75%
9/30/19
10.24
0.24
0.42
0.66
(0.31)
(0.31)
10.59
6.68%
73,365
0.60%
0.59%
0.56%
2.30%
Service Class
3/31/24r
$9.12
$0.20
$0.27
$0.47
$(0.35)
$
$(0.35)
$9.24
5.15%b
$17,841
0.71%a
N/A
N/A
4.31%a
9/30/23
9.31
0.32
(0.17)
0.15
(0.34)
(0.34)
9.12
1.55%
21,436
0.71%
N/A
N/A
3.48%
9/30/22
11.42
0.23
(1.55)
(1.32)
(0.18)
(0.61)
(0.79)
9.31
(12.51%)
31,069
0.67%
N/A
N/A
2.19%
9/30/21
11.37
0.17
0.47
0.64
(0.10)
(0.49)
(0.59)
11.42
5.84%
55,836
0.67%
0.67%n
0.67%n
1.53%
9/30/20
10.55
0.18
0.84
1.02
(0.20)
(0.20)
11.37
9.82%
54,729
0.67%
0.67%n
0.67%n
1.66%
9/30/19
10.20
0.22
0.43
0.65
(0.30)
(0.30)
10.55
6.60%
50,873
0.71%
0.70%
0.67%
2.17%
 
Six Months Ended
March 31, 2024b,r
Year Ended September 30
 
2023
2022
2021
2020
2019
Portfolio turnover rate
49%
80%
77%
100%
110%
42%
a
Annualized.
b
Percentage represents the results for the period and is not annualized.
c
Per share amount calculated on the average shares method.
g
For the period February 1, 2023 (commencement of operations) through September 30, 2023.
j
Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.
l
Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.
m
Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.
n
Expenses incurred during the period fell under the expense cap.
p
Interest expense incurred as a result of entering into reverse repurchase agreements and Treasury roll transactions is included in the Fund’s net expenses in the Statements of Operations. Income earned on investing proceeds from reverse repurchase agreements and Treasury roll transactions is included in interest income in the Statements of Operations.
q
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.
r
Unaudited.
 
The accompanying notes are an integral part of the financial statements.
120
 

TABLE OF CONTENTS

 
 
Income (loss) from investment
operations
Less distributions to shareholders
 
 
 
Ratios / Supplemental Data
 
Net
asset
value,
beginning
of the
period
Net
investment
income
(loss)c,j
Net
realized
and
unrealized
gain (loss)
on
investments
Total
income
(loss) from
investment
operations
From net
investment
income
From net
realized
gains
Total
distributions
Net
asset
value,
end of
the
period
Total
returnl,m
Net
assets,
end of
the
period
(000’s)
Ratio of
expenses
to average
daily net
assets
before
expense
waivers
(including
interest
expense)p,q
Ratio of
expenses
to average
daily net
assets
after
expense
waivers
(including
interest
expense)j,p,q
Ratio of
expenses
to average
daily net
assets
after
expense
waivers
(excluding
interest
expense)j,q
Net
investment
income
(loss) to
average
daily net
assets
(including
interest
expense)p
Administrative Class
 
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$9.24
$0.19
$0.27
$0.46
$(0.34)
$
$(0.34)
$9.36
5.05%b
$6,488
0.82%a
N/A
N/A
4.18%a
9/30/23
9.43
0.33
(0.19)
0.14
(0.33)
(0.33)
9.24
1.40%
6,883
0.81%
N/A
N/A
3.45%
9/30/22
11.55
0.23
(1.58)
(1.35)
(0.16)
(0.61)
(0.77)
9.43
(12.59%)
7,759
0.77%
N/A
N/A
2.15%
9/30/21
11.49
0.16
0.48
0.64
(0.09)
(0.49)
(0.58)
11.55
5.74%
14,073
0.77%
0.77%n
0.77%n
1.42%
9/30/20
10.66
0.17
0.85
1.02
(0.19)
(0.19)
11.49
9.70%
15,288
0.77%
0.77%n
0.77%n
1.56%
9/30/19
10.30
0.21
0.44
0.65
(0.29)
(0.29)
10.66
6.53%
16,168
0.80%
0.79%
0.76%
2.03%
Class R4
3/31/24r
$8.88
$0.18
$0.27
$0.45
$(0.30)
$
$(0.30)
$9.03
5.03%b
$2,845
0.96%a
N/A
N/A
4.07%a
9/30/23
9.08
0.30
(0.18)
0.12
(0.32)
(0.32)
8.88
1.24%
3,557
0.96%
N/A
N/A
3.26%
9/30/22
11.16
0.22
(1.54)
(1.32)
(0.15)
(0.61)
(0.76)
9.08
(12.75%)
4,316
0.92%
N/A
N/A
2.10%
9/30/21
11.12
0.14
0.47
0.61
(0.08)
(0.49)
(0.57)
11.16
5.65%
5,234
0.92%
0.92%n
0.92%n
1.31%
9/30/20
10.33
0.15
0.82
0.97
(0.18)
(0.18)
11.12
9.51%
4,358
0.92%
0.92%n
0.92%n
1.40%
9/30/19
10.00
0.19
0.42
0.61
(0.28)
(0.28)
10.33
6.27%
6,949
0.96%
0.95%
0.92%
1.95%
Class A
3/31/24r
$8.98
$0.18
$0.26
$0.44
$(0.30)
$
$(0.30)
$9.12
4.93%b
$7,926
1.05%a
N/A
N/A
3.96%a
9/30/23
9.17
0.29
(0.18)
0.11
(0.30)
(0.30)
8.98
1.15%
7,905
1.06%
N/A
N/A
3.17%
9/30/22
11.23
0.20
(1.54)
(1.34)
(0.11)
(0.61)
(0.72)
9.17
(12.81%)
8,860
1.02%
N/A
N/A
1.94%
9/30/21
11.19
0.12
0.48
0.60
(0.07)
(0.49)
(0.56)
11.23
5.54%
13,244
1.02%
1.02%n
1.02%n
1.12%
9/30/20
10.39
0.14
0.82
0.96
(0.16)
(0.16)
11.19
9.42%
22,018
1.02%
1.02%n
1.02%n
1.30%
9/30/19
10.05
0.18
0.42
0.60
(0.26)
(0.26)
10.39
6.16%
16,136
1.06%
1.05%
1.02%
1.78%
Class R3
3/31/24r
$8.91
$0.17
$0.27
$0.44
$(0.29)
$
$(0.29)
$9.06
4.93%b
$2,386
1.22%a
N/A
N/A
3.80%a
9/30/23
9.09
0.27
(0.17)
0.10
(0.28)
(0.28)
8.91
1.07%
2,103
1.21%
N/A
N/A
3.01%
9/30/22
11.17
0.19
(1.54)
(1.35)
(0.12)
(0.61)
(0.73)
9.09
(12.98%)
2,414
1.17%
N/A
N/A
1.89%
9/30/21
11.12
0.11
0.47
0.58
(0.04)
(0.49)
(0.53)
11.17
5.40%
2,940
1.17%
1.17%n
1.17%n
1.02%
9/30/20
10.33
0.12
0.82
0.94
(0.15)
(0.15)
11.12
9.20%
3,256
1.17%
1.17%n
1.17%n
1.16%
9/30/19
9.99
0.17
0.41
0.58
(0.24)
(0.24)
10.33
6.03%
4,297
1.21%
1.20%
1.17%
1.68%
Class Y
3/31/24r
$9.16
$0.20
$0.27
$0.47
$(0.35)
$
$(0.35)
$9.28
5.21%b
$100
0.62%a
N/A
N/A
4.39%a
9/30/23g
9.33
0.26
(0.43)
(0.17)
9.16
(1.82%)b
98
0.61%a
N/A
N/A
4.16%a
The accompanying notes are an integral part of the financial statements.
 
 
121

TABLE OF CONTENTS

MassMutual Funds (Continued)
Financial Highlights (For a share outstanding throughout each period)
MassMutual Core Bond Fund
 
 
Income (loss) from investment
operations
Less distributions to shareholders
 
 
Ratios / Supplemental Data
 
Net
asset
value,
beginning
of the
period
Net
investment
income
(loss)c
Net
realized
and
unrealized
gain (loss)
on
investments
Total
income
(loss) from
investment
operations
From net
investment
income
From net
realized
gains
Total
distributions
Net
asset
value,
end of
the
period
Total
returnl,m
Net
assets,
end of
the
period
(000’s)
Ratio of
expenses
to average
daily net
assets
before
expense
waiversq
Ratio of
expenses
to average
daily net
assets
after
expense
waiversq
Net
investment
income (loss)
to average
daily net
assets
Class I
3/31/24r
$8.84
$0.22
$0.45
$0.67
$(0.52)
$
$(0.52)
$8.99
7.71%b
$473,369
0.45%a
0.44%a
4.95%a
9/30/23
9.10
0.41
(0.32)
0.09
(0.35)
(0.35)
8.84
0.92%
492,575
0.45%
N/A
4.53%
9/30/22
11.33
0.27
(2.07)
(1.80)
(0.26)
(0.17)
(0.43)
9.10
(16.47%)
485,216
0.42%
N/A
2.62%
9/30/21
11.64
0.27
0.11
0.38
(0.43)
(0.26)
(0.69)
11.33
3.31%
679,036
0.42%
N/A
2.39%
9/30/20
11.33
0.37
0.32
0.69
(0.38)
(0.38)
11.64
6.28%
786,360
0.42%
N/A
3.27%
9/30/19
10.66
0.37
0.66
1.03
(0.36)
(0.36)
11.33
9.98%
847,736
0.43%
N/A
3.42%
Class R5
3/31/24r
$8.88
$0.21
$0.44
$0.65
$(0.51)
$
$(0.51)
$9.02
7.47%b
$97,095
0.55%a
0.54%a
4.86%a
9/30/23
9.13
0.40
(0.31)
0.09
(0.34)
(0.34)
8.88
0.91%
92,389
0.55%
N/A
4.41%
9/30/22
11.37
0.25
(2.07)
(1.82)
(0.25)
(0.17)
(0.42)
9.13
(16.60%)
135,050
0.52%
N/A
2.43%
9/30/21
11.68
0.26
0.11
0.37
(0.42)
(0.26)
(0.68)
11.37
3.19%
306,648
0.52%
N/A
2.29%
9/30/20
11.37
0.36
0.32
0.68
(0.37)
(0.37)
11.68
6.16%
316,359
0.52%
N/A
3.17%
9/30/19
10.69
0.36
0.67
1.03
(0.35)
(0.35)
11.37
9.92%
317,805
0.53%
N/A
3.32%
Service Class
3/31/24r
$8.82
$0.21
$0.44
$0.65
$(0.50)
$
$(0.50)
$8.97
7.53%b
$24,736
0.65%a
0.64%a
4.76%a
9/30/23
9.07
0.39
(0.31)
0.08
(0.33)
(0.33)
8.82
0.81%
29,605
0.65%
N/A
4.31%
9/30/22
11.30
0.25
(2.07)
(1.82)
(0.24)
(0.17)
(0.41)
9.07
(16.72%)
36,797
0.62%
N/A
2.40%
9/30/21
11.60
0.25
0.10
0.35
(0.39)
(0.26)
(0.65)
11.30
3.11%
58,047
0.62%
N/A
2.19%
9/30/20
11.29
0.35
0.31
0.66
(0.35)
(0.35)
11.60
6.06%
83,876
0.62%
N/A
3.08%
9/30/19
10.63
0.35
0.64
0.99
(0.33)
(0.33)
11.29
9.67%
86,988
0.63%
N/A
3.22%
 
Six Months Ended
March 31, 2024b,r
Year Ended September 30
 
2023
2022
2021
2020
2019
Portfolio turnover rate
115%
206%
239%
256%
231%
261%
a
Annualized.
b
Percentage represents the results for the period and is not annualized.
c
Per share amount calculated on the average shares method.
g
For the period February 1, 2023 (commencement of operations) through September 30, 2023.
l
Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.
m
Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.
q
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.
r
Unaudited.
 
The accompanying notes are an integral part of the financial statements.
122
 

TABLE OF CONTENTS

 
 
Income (loss) from investment
operations
Less distributions to shareholders
 
 
Ratios / Supplemental Data
 
Net
asset
value,
beginning
of the
period
Net
investment
income
(loss)c
Net
realized
and
unrealized
gain (loss)
on
investments
Total
income
(loss) from
investment
operations
From net
investment
income
From net
realized
gains
Total
distributions
Net
asset
value,
end of
the
period
Total
returnl,m
Net
assets,
end of
the
period
(000’s)
Ratio of
expenses
to average
daily net
assets
before
expense
waiversq
Ratio of
expenses
to average
daily net
assets
after
expense
waiversq
Net
investment
income (loss)
to average
daily net
assets
Administrative Class
3/31/24r
$8.74
$0.20
$0.44
$0.64
$(0.50)
$
$(0.50)
$8.88
7.42%b
$ 33,561
0.75%a
0.74%a
4.67%a
9/30/23
8.99
0.38
(0.31)
0.07
(0.32)
(0.32)
8.74
0.70%
30,750
0.75%
N/A
4.22%
9/30/22
11.19
0.24
(2.05)
(1.81)
(0.22)
(0.17)
(0.39)
8.99
(16.75%)
35,207
0.72%
N/A
2.30%
9/30/21
11.51
0.24
0.10
0.34
(0.40)
(0.26)
(0.66)
11.19
2.97%
55,178
0.72%
N/A
2.11%
9/30/20
11.21
0.33
0.32
0.65
(0.35)
(0.35)
11.51
5.94%
76,597
0.72%
N/A
2.97%
9/30/19
10.55
0.33
0.66
0.99
(0.33)
(0.33)
11.21
9.65%
67,239
0.73%
N/A
3.13%
Class R4
3/31/24r
$8.62
$0.19
$0.44
$0.63
$(0.46)
$
$(0.46)
$8.79
7.40%b
$1,413
0.90%a
0.89%a
4.51%a
9/30/23
8.84
0.36
(0.30)
0.06
(0.28)
(0.28)
8.62
0.57%
1,420
0.90%
N/A
4.05%
9/30/22
11.01
0.20
(2.00)
(1.80)
(0.20)
(0.17)
(0.37)
8.84
(16.92%)
2,295
0.87%
N/A
1.99%
9/30/21
11.33
0.21
0.10
0.31
(0.37)
(0.26)
(0.63)
11.01
2.82%
8,557
0.87%
N/A
1.95%
9/30/20
11.04
0.31
0.31
0.62
(0.33)
(0.33)
11.33
5.80%
10,444
0.87%
N/A
2.80%
9/30/19
10.39
0.31
0.64
0.95
(0.30)
(0.30)
11.04
9.47%
14,011
0.88%
N/A
2.98%
Class A
3/31/24r
$8.66
$0.19
$0.44
$0.63
$(0.45)
$
$(0.45)
$8.84
7.28%b
$20,757
0.98%a
0.97%a
4.43%a
9/30/23
8.91
0.35
(0.31)
0.04
(0.29)
(0.29)
8.66
0.34%
21,761
1.00%
N/A
3.97%
9/30/22
11.09
0.20
(2.01)
(1.81)
(0.20)
(0.17)
(0.37)
8.91
(16.91%)
23,746
0.97%
N/A
1.97%
9/30/21
11.40
0.21
0.09
0.30
(0.35)
(0.26)
(0.61)
11.09
2.70%
57,351
0.97%
N/A
1.83%
9/30/20
11.10
0.30
0.32
0.62
(0.32)
(0.32)
11.40
5.70%
58,572
0.97%
N/A
2.72%
9/30/19
10.45
0.30
0.65
0.95
(0.30)
(0.30)
11.10
9.32%
97,070
0.98%
N/A
2.87%
Class R3
3/31/24r
$8.94
$0.19
$0.45
$0.64
$(0.44)
$
$(0.44)
$9.14
7.29%b
$166
1.15%a
1.14%a
4.26%a
9/30/23
9.18
0.35
(0.32)
0.03
(0.27)
(0.27)
8.94
0.23%
169
1.15%
N/A
3.81%
9/30/22
11.34
0.20
(2.09)
(1.89)
(0.10)
(0.17)
(0.27)
9.18
(17.05%)
177
1.12%
N/A
1.88%
9/30/21
11.63
0.19
0.10
0.29
(0.32)
(0.26)
(0.58)
11.34
2.54%
352
1.12%
N/A
1.70%
9/30/20
11.34
0.29
0.32
0.61
(0.32)
(0.32)
11.63
5.54%
867
1.12%
N/A
2.57%
9/30/19
10.67
0.29
0.67
0.96
(0.29)
(0.29)
11.34
9.24%
1,225
1.13%
N/A
2.72%
Class Y
3/31/24r
$8.87
$0.21
$0.46
$0.67
$(0.51)
$
$(0.51)
$9.03
7.68%b
$97
0.55%a
0.54%a
4.86%a
9/30/23g
9.33
0.28
(0.74)
(0.46)
8.87
(4.93%)b
95
0.55%a
N/A
4.59%a
The accompanying notes are an integral part of the financial statements.
 
 
123

TABLE OF CONTENTS

MassMutual Funds (Continued)
Financial Highlights (For a share outstanding throughout each period)
MassMutual Diversified Bond Fund
 
 
Income (loss) from investment
operations
Less distributions to shareholders
 
 
Ratios / Supplemental Data
 
Net
asset
value,
beginning
of the
period
Net
investment
income
(loss)c,j
Net
realized
and
unrealized
gain (loss)
on
investments
Total
income
(loss) from
investment
operations
From net
investment
income
From net
realized
gains
Total
distributions
Net
asset
value,
end of
the
period
Total
returnl,m
Net
assets,
end of
the
period
(000’s)
Ratio of
expenses
to average
daily net
assets
before
expense
waiversq
Ratio of
expenses
to average
daily net
assets
after
expense
waiversj,q
Net
investment
income
(loss) to
average
daily net
assets
Class I
 
 
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$8.68
$0.21
$0.44
$0.65
$(0.54)
$
$(0.54)
$8.79
7.61%b
$48,342
0.65%a
N/A
4.96%a
9/30/23
8.93
0.41
(0.30)
0.11
(0.36)
(0.36)
8.68
1.13%
76,296
0.61%
N/A
4.65%
9/30/22
11.33
0.31
(2.27)
(1.96)
(0.30)
(0.14)
(0.44)
8.93
(18.00%)
75,455
0.54%
N/A
3.07%
9/30/21
11.51
0.32
0.33
0.65
(0.46)
(0.37)
(0.83)
11.33
5.89%
111,411
0.52%
N/A
2.85%
9/30/20
11.28
0.39
0.20
0.59
(0.36)
(0.00)d
(0.36)
11.51
5.43%
97,183
0.51%
N/A
3.54%
9/30/19
10.59
0.38
0.64
1.02
(0.33)
(0.33)
11.28
9.98%
60,965
0.55%
0.55%n
3.54%
Class R5
 
 
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$7.87
$0.19
$0.39
$0.58
$(0.52)
$
$(0.52)
$7.93
7.57%b
$74,149
0.75%a
N/A
4.86%a
9/30/23
8.13
0.37
(0.28)
0.09
(0.35)
(0.35)
7.87
1.00%
61,990
0.71%
N/A
4.55%
9/30/22
10.35
0.28
(2.07)
(1.79)
(0.29)
(0.14)
(0.43)
8.13
(18.05%)
57,774
0.64%
N/A
2.99%
9/30/21
10.58
0.28
0.31
0.59
(0.45)
(0.37)
(0.82)
10.35
5.79%
80,079
0.62%
N/A
2.75%
9/30/20
10.40
0.35
0.18
0.53
(0.35)
(0.00)d
(0.35)
10.58
5.30%
78,289
0.61%
N/A
3.46%
9/30/19
9.78
0.34
0.60
0.94
(0.32)
(0.32)
10.40
9.99%
109,659
0.65%
0.65%n
3.46%
Service Class
 
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$8.00
$0.19
$0.41
$0.60
$(0.52)
$
$(0.52)
$8.08
7.62%b
$4,013
0.85%a
N/A
4.76%a
9/30/23
8.27
0.37
(0.30)
0.07
(0.34)
(0.34)
8.00
0.73%
3,836
0.81%
N/A
4.44%
9/30/22
10.51
0.27
(2.10)
(1.83)
(0.27)
(0.14)
(0.41)
8.27
(18.11%)
4,963
0.74%
N/A
2.81%
9/30/21
10.73
0.28
0.31
0.59
(0.44)
(0.37)
(0.81)
10.51
5.71%
11,853
0.72%
N/A
2.66%
9/30/20
10.54
0.35
0.18
0.53
(0.34)
(0.00)d
(0.34)
10.73
5.20%
12,067
0.71%
N/A
3.36%
9/30/19
9.91
0.33
0.61
0.94
(0.31)
(0.31)
10.54
9.80%
12,976
0.75%
0.75%n
3.35%
 
Six Months Ended
March 31, 2024b,r
Year Ended September 30
 
2023
2022
2021
2020
2019
Portfolio turnover rate
58%
107%
198%
192%
186%
236%
a
Annualized.
b
Percentage represents the results for the period and is not annualized.
c
Per share amount calculated on the average shares method.
d
Amount is less than $0.005 per share.
g
For the period February 1, 2023 (commencement of operations) through September 30, 2023.
j
Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.
l
Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.
m
Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.
n
Expenses incurred during the period fell under the expense cap.
q
Excludes fees and expenses incurred indirectly as a result of investments inunderlying funds, as applicable.
r
Unaudited.
 
The accompanying notes are an integral part of the financial statements.
124
 

TABLE OF CONTENTS

 
 
Income (loss) from investment
operations
Less distributions to shareholders
 
 
Ratios / Supplemental Data
 
Net
asset
value,
beginning
of the
period
Net
investment
income
(loss)c,j
Net
realized
and
unrealized
gain (loss)
on
investments
Total
income
(loss) from
investment
operations
From net
investment
income
From net
realized
gains
Total
distributions
Net
asset
value,
end of
the
period
Total
returnl,m
Net
assets,
end of
the
period
(000’s)
Ratio of
expenses
to average
daily net
assets
before
expense
waiversq
Ratio of
expenses
to average
daily net
assets
after
expense
waiversj,q
Net
investment
income
(loss) to
average
daily net
assets
Administrative Class
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$  7.99
$0.18
$0.40
$0.58
$(0.50)
$
$(0.50)
$  8.07
7.46%b
$3,521
0.95%a
N/A
4.63%a
9/30/23
8.25
0.35
(0.28)
0.07
(0.33)
(0.33)
7.99
0.76%
4,797
0.91%
N/A
4.31%
9/30/22
10.49
0.26
(2.10)
(1.84)
(0.26)
(0.14)
(0.40)
8.25
(18.21%)
8,149
0.84%
N/A
2.76%
9/30/21
10.71
0.27
0.30
0.57
(0.42)
(0.37)
(0.79)
10.49
5.52%
12,621
0.82%
N/A
2.57%
9/30/20
10.52
0.34
0.18
0.52
(0.33)
(0.00)d
(0.33)
10.71
5.10%
17,108
0.81%
N/A
3.25%
9/30/19
9.88
0.32
0.62
0.94
(0.30)
(0.30)
10.52
9.79%
21,870
0.85%
0.85%n
3.25%
Class R4
 
 
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$7.86
$0.17
$0.40
$0.57
$(0.48)
$
$(0.48)
$7.95
7.46%b
$2,165
1.10%a
N/A
4.46%a
9/30/23
8.12
0.34
(0.28)
0.06
(0.32)
(0.32)
7.86
0.64%
4,395
1.06%
N/A
4.20%
9/30/22
10.33
0.25
(2.08)
(1.83)
(0.24)
(0.14)
(0.38)
8.12
(18.37%)
3,754
0.99%
N/A
2.63%
9/30/21
10.57
0.25
0.29
0.54
(0.41)
(0.37)
(0.78)
10.33
5.35%
5,253
0.97%
N/A
2.42%
9/30/20
10.38
0.32
0.19
0.51
(0.32)
(0.00)d
(0.32)
10.57
5.05%
6,233
0.96%
N/A
3.10%
9/30/19
9.78
0.31
0.59
0.90
(0.30)
(0.30)
10.38
9.49%
6,925
1.00%
1.00%n
3.12%
Class A
 
 
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$8.01
$0.17
$0.40
$0.57
$(0.47)
$
$(0.47)
$8.11
7.14%b
$3,993
1.19%a
N/A
4.40%a
9/30/23
8.26
0.34
(0.29)
0.05
(0.30)
(0.30)
8.01
0.54%
4,468
1.16%
N/A
4.09%
9/30/22
10.49
0.24
(2.10)
(1.86)
(0.23)
(0.14)
(0.37)
8.26
(18.40%)
5,106
1.09%
N/A
2.46%
9/30/21
10.69
0.24
0.30
0.54
(0.37)
(0.37)
(0.74)
10.49
5.23%
9,381
1.07%
N/A
2.33%
9/30/20
10.48
0.31
0.20
0.51
(0.30)
(0.00)d
(0.30)
10.69
4.96%
14,756
1.06%
N/A
2.99%
9/30/19
9.85
0.30
0.60
0.90
(0.27)
(0.27)
10.48
9.45%
28,973
1.10%
1.10%n
3.01%
Class R3
 
 
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$7.93
$0.17
$0.40
$0.57
$(0.45)
$
$(0.45)
$8.05
7.33%b
$1,099
1.35%a
N/A
4.24%a
9/30/23
8.20
0.32
(0.29)
0.03
(0.30)
(0.30)
7.93
0.29%
1,106
1.31%
N/A
3.94%
9/30/22
10.30
0.22
(2.08)
(1.86)
(0.10)
(0.14)
(0.24)
8.20
(18.45%)
1,347
1.24%
N/A
2.35%
9/30/21
10.53
0.22
0.30
0.52
(0.38)
(0.37)
(0.75)
10.30
5.14%
3,255
1.22%
N/A
2.16%
9/30/20
10.34
0.29
0.17
0.46
(0.27)
(0.00)d
(0.27)
10.53
4.61%
3,881
1.21%
N/A
2.85%
9/30/19
9.72
0.28
0.60
0.88
(0.26)
(0.26)
10.34
9.35%
3,553
1.25%
1.25%n
2.85%
Class Y
 
 
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$7.87
$0.19
$0.39
$0.58
$(0.52)
$
$(0.52)
$7.93
7.52%b
$96
0.76%a
N/A
4.86%a
9/30/23g
8.30
0.25
(0.68)
(0.43)
7.87
(5.18%)b
95
0.71%a
N/A
4.63%a
The accompanying notes are an integral part of the financial statements.
 
 
125

TABLE OF CONTENTS

MassMutual Funds (Continued)
Financial Highlights (For a share outstanding throughout each period)
MassMutual High Yield Fund
 
 
Income (loss) from investment
operations
Less distributions to shareholders
 
 
Ratios / Supplemental Data
 
Net
asset
value,
beginning
of the
period
Net
investment
income
(loss)c,j
Net
realized
and
unrealized
gain (loss)
on
investments
Total
income
(loss) from
investment
operations
From net
investment
income
Total
distributions
Net
asset
value,
end of
the
period
Total
returnl,m
Net
assets,
end
of the
period
(000’s)
Ratio of
expenses
to average
daily net
assets
before
expense
waiversq
Ratio of
expenses
to average
daily net
assets
after
expense
waiversj,q
Net
investment
income
(loss) to
average
daily net
assets
Class I
3/31/24r
$  7.53
$0.27
$0.38
$0.65
$(0.27)
$(0.27)
$  7.91
8.70%b
$231,107
0.59%a
0.58%a
7.15%a
9/30/23
7.28
0.49
0.25
0.74
(0.49)
(0.49)
7.53
10.39%
259,513
0.68%
N/A
6.47%
9/30/22
9.34
0.47
(1.64)
(1.17)
(0.89)
(0.89)
7.28
(13.59%)
228,970
0.55%
N/A
5.61%
9/30/21
8.63
0.49
0.70
1.19
(0.48)
(0.48)
9.34
14.20%
351,942
0.54%
N/A
5.50%
9/30/20
9.21
0.50
(0.52)
(0.02)
(0.56)
(0.56)
8.63
(0.28%)
375,807
0.53%
N/A
5.79%
9/30/19
9.27
0.56
(0.10)
0.46
(0.52)
(0.52)
9.21
5.45%
326,836
0.54%
0.54%n
6.31%
Class R5
3/31/24r
$7.58
$0.27
$0.37
$0.64
$(0.26)
$(0.26)
$7.96
8.62%b
$37,816
0.69%a
0.68%a
7.09%a
9/30/23
7.33
0.49
0.25
0.74
(0.49)
(0.49)
7.58
10.26%
32,778
0.78%
N/A
6.37%
9/30/22
9.40
0.47
(1.66)
(1.19)
(0.88)
(0.88)
7.33
(13.74%)
34,164
0.65%
N/A
5.52%
9/30/21
8.68
0.49
0.70
1.19
(0.47)
(0.47)
9.40
14.13%
46,518
0.64%
N/A
5.39%
9/30/20
9.25
0.49
(0.51)
(0.02)
(0.55)
(0.55)
8.68
(0.28%)
49,116
0.63%
N/A
5.69%
9/30/19
9.31
0.56
(0.11)
0.45
(0.51)
(0.51)
9.25
5.29%
41,369
0.64%
0.64%n
6.23%
Service Class
3/31/24r
$7.58
$0.27
$0.38
$0.65
$(0.26)
$(0.26)
$7.97
8.70%b
$22,146
0.79%a
0.78%a
6.98%a
9/30/23
7.33
0.48
0.25
0.73
(0.48)
(0.48)
7.58
10.15%
20,937
0.88%
N/A
6.26%
9/30/22
9.39
0.46
(1.66)
(1.20)
(0.86)
(0.86)
7.33
(13.81%)
22,158
0.75%
N/A
5.44%
9/30/21
8.67
0.48
0.70
1.18
(0.46)
(0.46)
9.39
14.00%
29,097
0.74%
N/A
5.31%
9/30/20
9.25
0.48
(0.52)
(0.04)
(0.54)
(0.54)
8.67
(0.48%)
33,897
0.73%
N/A
5.58%
9/30/19
9.31
0.55
(0.11)
0.44
(0.50)
(0.50)
9.25
5.20%
49,174
0.74%
0.74%n
6.13%
 
Six Months Ended
March 31, 2024b,r
Year Ended September 30
 
2023
2022
2021
2020
2019
Portfolio turnover rate
36%
38%
53%
68%
79%
54%
a
Annualized.
b
Percentage represents the results for the period and is not annualized.
c
Per share amount calculated on the average shares method.
g
For the period December 13, 2021 (commencement of operations) through September 30, 2022.
j
Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.
l
Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.
m
Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.
n
Expenses incurred during the period fell under the expense cap.
q
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.
r
Unaudited.
 
The accompanying notes are an integral part of the financial statements.
126
 

TABLE OF CONTENTS

 
 
Income (loss) from investment
operations
Less distributions to shareholders
 
 
Ratios / Supplemental Data
 
Net
asset
value,
beginning
of the
period
Net
investment
income
(loss)c,j
Net
realized
and
unrealized
gain (loss)
on
investments
Total
income
(loss) from
investment
operations
From net
investment
income
Total
distributions
Net
asset
value,
end of
the
period
Total
returnl,m
Net
assets,
end
of the
period
(000’s)
Ratio of
expenses
to average
daily net
assets
before
expense
waiversq
Ratio of
expenses
to average
daily net
assets
after
expense
waiversj,q
Net
investment
income
(loss) to
average
daily net
assets
Administrative Class
3/31/24r
$  7.45
$0.26
$0.36
$0.62
$(0.25)
$(0.25)
$  7.82
8.46%b
$13,076
0.89%a
0.88%a
6.86%a
9/30/23
7.20
0.46
0.26
0.72
(0.47)
(0.47)
7.45
10.10%
12,382
0.98%
N/A
6.17%
9/30/22
9.22
0.44
(1.62)
(1.18)
(0.84)
(0.84)
7.20
(13.85%)
12,693
0.85%
N/A
5.28%
9/30/21
8.53
0.46
0.68
1.14
(0.45)
(0.45)
9.22
13.79%
23,211
0.84%
N/A
5.20%
9/30/20
9.10
0.47
(0.51)
(0.04)
(0.53)
(0.53)
8.53
(0.55%)
23,549
0.83%
N/A
5.49%
9/30/19
9.16
0.53
(0.10)
0.43
(0.49)
(0.49)
9.10
5.13%
25,980
0.84%
0.84%n
6.03%
Class R4
3/31/24r
$7.32
$0.25
$0.36
$0.61
$(0.24)
$(0.24)
$7.69
8.48%b
$17,043
1.04%a
1.03%a
6.72%a
9/30/23
7.07
0.44
0.26
0.70
(0.45)
(0.45)
7.32
10.01%
16,984
1.13%
N/A
6.00%
9/30/22
9.06
0.42
(1.60)
(1.18)
(0.81)
(0.81)
7.07
(14.05%)
30,615
1.00%
N/A
5.19%
9/30/21
8.38
0.44
0.68
1.12
(0.44)
(0.44)
9.06
13.73%
39,125
0.99%
N/A
5.05%
9/30/20
8.97
0.45
(0.51)
(0.06)
(0.53)
(0.53)
8.38
(0.75%)
40,160
0.98%
N/A
5.34%
9/30/19
9.04
0.51
(0.10)
0.41
(0.48)
(0.48)
8.97
4.97%
47,055
0.99%
0.99%n
5.88%
Class A
3/31/24r
$7.44
$0.25
$0.37
$0.62
$(0.24)
$(0.24)
$7.82
8.49%b
$6,721
1.13%a
1.11%a
6.62%a
9/30/23
7.20
0.44
0.25
0.69
(0.45)
(0.45)
7.44
9.68%
7,116
1.23%
N/A
5.91%
9/30/22
9.19
0.42
(1.63)
(1.21)
(0.78)
(0.78)
7.20
(14.10%)
8,335
1.10%
N/A
5.06%
9/30/21
8.49
0.44
0.69
1.13
(0.43)
(0.43)
9.19
13.65%
13,444
1.09%
N/A
4.97%
9/30/20
9.07
0.44
(0.50)
(0.06)
(0.52)
(0.52)
8.49
(0.81%)
24,556
1.08%
N/A
5.24%
9/30/19
9.13
0.51
(0.10)
0.41
(0.47)
(0.47)
9.07
4.89%
31,392
1.09%
1.09%n
5.77%
Class R3
3/31/24r
$7.54
$0.25
$0.37
$0.62
$(0.24)
$(0.24)
$7.92
8.33%b
$24,659
1.29%a
1.28%a
6.48%a
9/30/23
7.29
0.44
0.25
0.69
(0.44)
(0.44)
7.54
9.62%
23,159
1.38%
N/A
5.76%
9/30/22
9.31
0.41
(1.65)
(1.24)
(0.78)
(0.78)
7.29
(14.27%)
24,740
1.25%
N/A
4.93%
9/30/21
8.60
0.43
0.69
1.12
(0.41)
(0.41)
9.31
13.41%
33,334
1.24%
N/A
4.79%
9/30/20
9.17
0.44
(0.52)
(0.08)
(0.49)
(0.49)
8.60
(0.96%)
35,047
1.23%
N/A
5.09%
9/30/19
9.23
0.50
(0.10)
0.40
(0.46)
(0.46)
9.17
4.71%
42,509
1.24%
1.24%n
5.63%
Class Y
3/31/24r
$7.55
$0.27
$0.38
$0.65
$(0.27)
$(0.27)
$7.93
8.67%b
$27,241
0.64%a
0.63%a
7.11%a
9/30/23
7.30
0.49
0.25
0.74
(0.49)
(0.49)
7.55
10.33%
29,201
0.73%
N/A
6.43%
9/30/22g
8.86
0.38
(1.56)
(1.18)
(0.38)
(0.38)
7.30
(13.66%)b
23,397
0.60%a
N/A
5.81%a
Class C
3/31/24r
$7.58
$0.24
$0.37
$0.61
$(0.23)
$(0.23)
$7.96
8.15%b
$103
1.59%a
1.57%a
6.18%a
9/30/23
7.33
0.42
0.25
0.67
(0.42)
(0.42)
7.58
9.27%
96
1.69%
N/A
5.47%
9/30/22g
8.89
0.32
(1.56)
(1.24)
(0.32)
(0.32)
7.33
(14.28%)b
81
1.55%a
N/A
4.78%a
The accompanying notes are an integral part of the financial statements.
 
 
127

TABLE OF CONTENTS

MassMutual Funds (Continued)
Financial Highlights (For a share outstanding throughout each period)
MassMutual Balanced Fund
 
 
Income (loss) from investment
operations
Less distributions to shareholders
 
 
Ratios / Supplemental Data
 
Net
asset
value,
beginning
of the
period
Net
investment
income
(loss)c,j
Net
realized
and
unrealized
gain (loss)
on
investments
Total
income
(loss) from
investment
operations
From net
investment
income
From net
realized
gains
Total
distributions
Net
asset
value,
end of
the
period
Total
returnl,m
Net
assets,
end
of the
period
(000’s)
Ratio of
expenses
to average
daily net
assets
before
expense
waiversq
Ratio of
expenses
to average
daily net
assets
after
expense
waiversj,q
Net
investment
income
(loss) to
average
daily net
assets
Class I
3/31/24r
$  10.43
$0.09
$1.63
$1.72
$(0.20)
$
$(0.20)
$  11.95
16.63%b
$43,345
0.79%a
N/A
1.69%a
9/30/23
9.57
0.18
0.86
1.04
(0.18)
(0.18)
10.43
10.88%
38,571
0.77%
N/A
1.73%
9/30/22
14.34
0.16
(1.45)
(1.29)
(0.22)
(3.26)
(3.48)
9.57
(13.65%)
44,532
0.70%
N/A
1.37%
9/30/21
12.40
0.16
2.21
2.37
(0.21)
(0.22)
(0.43)
14.34
19.60%
54,692
0.69%
N/A
1.21%
9/30/20
12.07
0.21
0.90
1.11
(0.27)
(0.51)
(0.78)
12.40
9.49%
42,455
0.71%
N/A
1.75%
9/30/19
12.86
0.24
(0.09)aa
0.15
(0.22)
(0.72)
(0.94)
12.07
1.91%
31,567
0.76%
0.74%
2.06%
Class R5
3/31/24r
$10.43
$0.09
$1.62
$1.71
$(0.19)
$
$(0.19)
$11.95
16.56%b
$25,122
0.89%a
N/A
1.59%a
9/30/23
9.57
0.17
0.86
1.03
(0.17)
(0.17)
10.43
10.76%
26,032
0.87%
N/A
1.62%
9/30/22
14.34
0.15
(1.46)
(1.31)
(0.20)
(3.26)
(3.46)
9.57
(13.74%)
28,960
0.80%
N/A
1.26%
9/30/21
12.39
0.15
2.22
2.37
(0.20)
(0.22)
(0.42)
14.34
19.58%
39,742
0.79%
N/A
1.10%
9/30/20
12.07
0.20
0.89
1.09
(0.26)
(0.51)
(0.77)
12.39
9.29%
42,199
0.81%
N/A
1.66%
9/30/19
12.85
0.23
(0.09)aa
0.14
(0.20)
(0.72)
(0.92)
12.07
1.88%
45,321
0.86%
0.83%
1.94%
Service Class
3/31/24r
$11.26
$0.09
$1.75
$1.84
$(0.19)
$
$(0.19)
$12.91
16.44%b
$9,212
0.99%a
N/A
1.49%a
9/30/23
10.31
0.17
0.94
1.11
(0.16)
(0.16)
11.26
10.74%
8,093
0.97%
N/A
1.52%
9/30/22
15.20
0.14
(1.58)
(1.44)
(0.19)
(3.26)
(3.45)
10.31
(13.87%)
7,659
0.90%
N/A
1.16%
9/30/21
13.12
0.14
2.35
2.49
(0.19)
(0.22)
(0.41)
15.20
19.40%
10,330
0.89%
N/A
1.00%
9/30/20
12.73
0.19
0.95
1.14
(0.24)
(0.51)
(0.75)
13.12
9.22%
8,637
0.91%
N/A
1.56%
9/30/19
13.50
0.23
(0.09)aa
0.14
(0.19)
(0.72)
(0.91)
12.73
1.73%
6,045
0.96%
0.92%
1.84%
 
Six Months Ended
March 31, 2024b,r
Year Ended September 30
 
2023
2022
2021
2020
2019
Portfolio turnover rate
63%
155%
215%
343%
113%
161%
a
Annualized.
b
Percentage represents the results for the period and is not annualized.
c
Per share amount calculated on the average shares method.
g
For the period February 1, 2023 (commencement of operations) through September 30, 2023.
j
Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.
l
Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.
m
Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.
q
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.
r
Unaudited.
aa
The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.
 
The accompanying notes are an integral part of the financial statements.
128
 

TABLE OF CONTENTS

 
 
Income (loss) from investment
operations
Less distributions to shareholders
 
 
Ratios / Supplemental Data
 
Net
asset
value,
beginning
of the
period
Net
investment
income
(loss)c,j
Net
realized
and
unrealized
gain (loss)
on
investments
Total
income
(loss) from
investment
operations
From net
investment
income
From net
realized
gains
Total
distributions
Net
asset
value,
end of
the
period
Total
returnl,m
Net
assets,
end
of the
period
(000’s)
Ratio of
expenses
to average
daily net
assets
before
expense
waivers
Ratio of
expenses
to average
daily net
assets
after
expense
waiversj
Net
investment
income
(loss) to
average
daily net
assets
Administrative Class
3/31/24r
$  10.48
$0.08
$1.62
$1.70
$(0.17)
$
$(0.17)
$  12.01
16.40%b
$1,307
1.09%a
N/A
1.39%a
9/30/23
9.61
0.15
0.87
1.02
(0.15)
(0.15)
10.48
10.57%
3,247
1.07%
N/A
1.44%
9/30/22
14.39
0.12
(1.46)
(1.34)
(0.18)
(3.26)
(3.44)
9.61
(13.95%)
6,318
1.00%
N/A
1.07%
9/30/21
12.44
0.12
2.23
2.35
(0.18)
(0.22)
(0.40)
14.39
19.30%
7,411
0.99%
N/A
0.90%
9/30/20
12.11
0.17
0.90
1.07
(0.23)
(0.51)
(0.74)
12.44
9.13%
5,849
1.01%
N/A
1.44%
9/30/19
12.89
0.20
(0.09)aa
0.11
(0.17)
(0.72)
(0.89)
12.11
1.62%
6,981
1.06%
1.02%
1.73%
Class R4
3/31/24r
$9.90
$0.06
$1.55
$1.61
$(0.15)
$
$(0.15)
$11.36
16.41%b
$5,451
1.24%a
N/A
1.24%a
9/30/23
9.09
0.13
0.81
0.94
(0.13)
(0.13)
9.90
10.37%
4,937
1.22%
N/A
1.27%
9/30/22
13.77
0.10
(1.37)
(1.27)
(0.15)
(3.26)
(3.41)
9.09
(14.06%)
4,554
1.15%
N/A
0.92%
9/30/21
11.92
0.10
2.13
2.23
(0.16)
(0.22)
(0.38)
13.77
19.12%
5,984
1.14%
N/A
0.76%
9/30/20
11.64
0.15
0.86
1.01
(0.22)
(0.51)
(0.73)
11.92
8.94%
2,994
1.16%
N/A
1.31%
9/30/19
12.42
0.18
(0.08)aa
0.10
(0.16)
(0.72)
(0.88)
11.64
1.52%
2,853
1.21%
1.17%
1.59%
Class A
3/31/24r
$10.04
$0.06
$1.56
$1.62
$(0.13)
$
$(0.13)
$11.53
16.30%b
$13,413
1.33%a
N/A
1.16%a
9/30/23
9.21
0.12
0.83
0.95
(0.12)
(0.12)
10.04
10.32%
12,044
1.32%
N/A
1.17%
9/30/22
13.91
0.09
(1.41)
(1.32)
(0.12)
(3.26)
(3.38)
9.21
(14.22%)
13,123
1.25%
N/A
0.80%
9/30/21
12.03
0.09
2.16
2.25
(0.15)
(0.22)
(0.37)
13.91
19.07%
20,919
1.24%
N/A
0.67%
9/30/20
11.74
0.14
0.86
1.00
(0.20)
(0.51)
(0.71)
12.03
8.80%
26,626
1.26%
N/A
1.21%
9/30/19
12.51
0.17
(0.08)aa
0.09
(0.14)
(0.72)
(0.86)
11.74
1.44%
26,981
1.31%
1.27%
1.49%
Class R3
3/31/24r
$9.82
$0.05
$1.53
$1.58
$(0.12)
$
$(0.12)
$11.28
16.22%b
$10,416
1.49%a
N/A
0.99%a
9/30/23
9.01
0.10
0.81
0.91
(0.10)
(0.10)
9.82
10.14%
9,244
1.47%
N/A
1.02%
9/30/22
13.69
0.07
(1.36)
(1.29)
(0.13)
(3.26)
(3.39)
9.01
(14.27%)
9,643
1.40%
N/A
0.66%
9/30/21
11.85
0.07
2.11
2.18
(0.12)
(0.22)
(0.34)
13.69
18.81%
12,390
1.39%
N/A
0.50%
9/30/20
11.57
0.12
0.85
0.97
(0.18)
(0.51)
(0.69)
11.85
8.66%
7,503
1.41%
N/A
1.06%
9/30/19
12.36
0.15
(0.08)aa
0.07
(0.14)
(0.72)
(0.86)
11.57
1.27%
7,236
1.46%
1.42%
1.35%
Class Y
3/31/24r
$10.43
$0.09
$1.62
$1.71
$(0.19)
$
$(0.19)
$11.95
16.52%b
$113
0.89%a
N/A
1.59%a
9/30/23g
10.54
0.11
(0.22)aa
(0.11)
10.43
(1.04%)b
99
0.87%a
N/A
1.61%a
The accompanying notes are an integral part of the financial statements.
 
 
129

TABLE OF CONTENTS

MassMutual Funds (Continued)
Financial Highlights (For a share outstanding throughout each period)
MassMutual Disciplined Value Fund
 
 
Income (loss) from investment
operations
Less distributions to shareholders
 
 
Ratios / Supplemental Data
 
Net
asset
value,
beginning
of the
period
Net investment
income
(loss)c
Net
realized
and
unrealized
gain (loss)
on
investments
Total
income
(loss) from
investment
operations
From net investment income
From net
realized
gains
Total distributions
Net
asset
value,
end of
the
period
Total
returnl,m
Net
assets,
end of
the
period
(000’s)
Ratio of
expenses
to average
daily net
assetsq
Net
investment
income
(loss) to
average
daily net
assets
Class I
3/31/24r
$  12.81
$0.08
$2.17
$2.25
$(0.35)
$(0.61)
$(0.96)
$  14.10
18.60%b
$9,829
1.00%a
1.25%a
9/30/23
12.29
0.17
1.70
1.87
(0.17)
(1.18)
(1.35)
12.81
15.25%
26,343
0.81%
1.31%
9/30/22
16.30
0.20
(1.43)
(1.23)
(0.22)
(2.56)
(2.78)
12.29
(10.19%)
24,938
0.76%
1.40%
9/30/21
12.08
0.22
4.28
4.50
(0.28)
(0.28)
16.30
37.75%
31,848
0.74%
1.46%
9/30/20
13.98
0.28
(1.16)
(0.88)
(0.31)
(0.71)
(1.02)
12.08
(7.26%)
20,650
0.72%
2.20%
9/30/19
17.06
0.28
(0.76)
(0.48)
(0.40)
(2.20)
(2.60)
13.98
(1.20%)
16,781
0.64%
2.03%
Class R5
3/31/24r
$12.85
$0.08
$2.18
$2.26
$(0.34)
$(0.61)
$(0.95)
$14.16
18.62%b
$16,760
1.11%a
1.32%a
9/30/23
12.33
0.16
1.70
1.86
(0.16)
(1.18)
(1.34)
12.85
15.06%
18,288
0.91%
1.21%
9/30/22
16.34
0.19
(1.44)
(1.25)
(0.20)
(2.56)
(2.76)
12.33
(10.28%)
19,907
0.85%
1.27%
9/30/21
12.11
0.21
4.28
4.49
(0.26)
(0.26)
16.34
37.57%
35,564
0.84%
1.39%
9/30/20
14.01
0.27
(1.17)
(0.90)
(0.29)
(0.71)
(1.00)
12.11
(7.34%)
32,418
0.82%
2.10%
9/30/19
17.09
0.27
(0.76)
(0.49)
(0.39)
(2.20)
(2.59)
14.01
(1.32%)
53,709
0.74%
1.92%
Service Class
3/31/24r
$12.69
$0.08
$2.14
$2.22
$(0.33)
$(0.61)
$(0.94)
$13.97
18.56%b
$9,677
1.21%a
1.23%a
9/30/23
12.19
0.14
1.68
1.82
(0.14)
(1.18)
(1.32)
12.69
14.95%
10,471
1.01%
1.11%
9/30/22
16.19
0.17
(1.43)
(1.26)
(0.18)
(2.56)
(2.74)
12.19
(10.38%)
11,925
0.96%
1.20%
9/30/21
12.00
0.19
4.25
4.44
(0.25)
(0.25)
16.19
37.48%
16,120
0.94%
1.27%
9/30/20
13.88
0.25
(1.16)
(0.91)
(0.26)
(0.71)
(0.97)
12.00
(7.46%)
11,618
0.92%
1.98%
9/30/19
16.95
0.25
(0.76)
(0.51)
(0.36)
(2.20)
(2.56)
13.88
(1.43%)
20,401
0.84%
1.82%
 
Six Months Ended
March 31, 2024b,r
Year Ended September 30
 
2023
2022
2021
2020
2019
Portfolio turnover rate
33%
70%
40%
189%
57%
53%
a
Annualized.
b
Percentage represents the results for the period and is not annualized.
c
Per share amount calculated on the average shares method.
g
For the period February 1, 2023 (commencement of operations) through September 30, 2023.
l
Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.
m
Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.
q
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.
r
Unaudited.
aa
The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.
 
The accompanying notes are an integral part of the financial statements.
130
 

TABLE OF CONTENTS

 
 
Income (loss) from investment
operations
Less distributions to shareholders
 
 
Ratios / Supplemental Data
 
Net
asset
value,
beginning
of the
period
Net investment
income
(loss)c
Net
realized
and
unrealized
gain (loss)
on
investments
Total
income
(loss) from
investment
operations
From net investment income
From net
realized
gains
Total distributions
Net
asset
value,
end of
the
period
Total
returnl,m
Net
assets,
end of
the
period
(000’s)
Ratio of
expenses
to average
daily net
assetsq
Net
investment
income
(loss) to
average
daily net
assets
Administrative Class
3/31/24r
$  13.12
$0.07
$2.22
$2.29
$(0.32)
$(0.61)
$(0.93)
$  14.48
18.47%b
$1,048
1.31%a
1.08%a
9/30/23
12.55
0.13
1.74
1.87
(0.12)
(1.18)
(1.30)
13.12
14.90%
1,314
1.11%
1.01%
9/30/22
16.57
0.16
(1.47)
(1.31)
(0.15)
(2.56)
(2.71)
12.55
(10.45%)
1,154
1.06%
1.10%
9/30/21
12.28
0.18
4.35
4.53
(0.24)
(0.24)
16.57
37.32%
1,652
1.04%
1.23%
9/30/20
14.20
0.24
(1.20)
(0.96)
(0.25)
(0.71)
(0.96)
12.28
(7.62%)
4,214
1.02%
1.88%
9/30/19
17.27
0.25
(0.76)
(0.51)
(0.36)
(2.20)
(2.56)
14.20
(1.46%)
5,731
0.94%
1.72%
Class R4
3/31/24r
$12.35
$0.06
$2.11
$2.17
$(0.10)
$(0.61)
$(0.71)
$13.81
18.33%b
$464
1.46%a
1.03%a
9/30/23
11.89
0.10
1.65
1.75
(0.11)
(1.18)
(1.29)
12.35
14.67%
378
1.26%
0.80%
9/30/22
15.85
0.13
(1.39)
(1.26)
(0.14)
(2.56)
(2.70)
11.89
(10.62%)
1,293
1.20%
0.87%
9/30/21
11.76
0.15
4.16
4.31
(0.22)
(0.22)
15.85
37.08%
2,731
1.19%
1.06%
9/30/20
13.63
0.21
(1.13)
(0.92)
(0.24)
(0.71)
(0.95)
11.76
(7.70%)
2,707
1.17%
1.73%
9/30/19
16.67
0.22
(0.75)
(0.53)
(0.31)
(2.20)
(2.51)
13.63
(1.65%)
4,039
1.09%
1.58%
Class A
3/31/24r
$12.50
$0.06
$2.10
$2.16
$(0.27)
$(0.61)
$(0.88)
$13.78
18.30%b
$3,952
1.54%a
0.89%a
9/30/23
12.01
0.10
1.66
1.76
(0.09)
(1.18)
(1.27)
12.50
14.59%
4,164
1.36%
0.76%
9/30/22
15.98
0.12
(1.41)
(1.29)
(0.12)
(2.56)
(2.68)
12.01
(10.68%)
4,245
1.30%
0.83%
9/30/21
11.85
0.14
4.20
4.34
(0.21)
(0.21)
15.98
37.00%
6,784
1.29%
0.93%
9/30/20
13.73
0.21
(1.15)
(0.94)
(0.23)
(0.71)
(0.94)
11.85
(7.77%)
5,569
1.27%
1.66%
9/30/19
16.78
0.20
(0.74)
(0.54)
(0.31)
(2.20)
(2.51)
13.73
(1.75%)
6,012
1.19%
1.48%
Class R3
3/31/24r
$12.63
$0.05
$2.14
$2.19
$(0.19)
$(0.61)
$(0.80)
$14.02
18.21%b
$2,168
1.71%a
0.73%a
9/30/23
12.13
0.07
1.68
1.75
(0.07)
(1.18)
(1.25)
12.63
14.41%
1,833
1.51%
0.57%
9/30/22
16.12
0.10
(1.43)
(1.33)
(0.10)
(2.56)
(2.66)
12.13
(10.86%)
3,732
1.46%
0.72%
9/30/21
11.95
0.12
4.24
4.36
(0.19)
(0.19)
16.12
36.87%
4,873
1.44%
0.79%
9/30/20
13.85
0.19
(1.17)
(0.98)
(0.21)
(0.71)
(0.92)
11.95
(7.98%)
3,988
1.42%
1.50%
9/30/19
16.90
0.18
(0.74)
(0.56)
(0.29)
(2.20)
(2.49)
13.85
(1.85%)
4,346
1.34%
1.33%
Class Y
3/31/24r
$12.85
$0.09
$2.17
$2.26
$(0.34)
$(0.61)
$(0.95)
$14.16
18.59%b
$107
1.11%a
1.33%a
9/30/23g
13.25
0.11
(0.51)aa
(0.40)
12.85
(3.02%)b
97
0.91%a
1.27%a
The accompanying notes are an integral part of the financial statements.
 
 
131

TABLE OF CONTENTS

MassMutual Funds (Continued)
Financial Highlights (For a share outstanding throughout each period)
MassMutual Main Street Fund
 
 
Income (loss) from investment
operations
Less distributions to shareholders
 
 
Ratios / Supplemental Data
 
Net
asset
value,
beginning
of the
period
Net
investment
income
(loss)c
Net
realized
and
unrealized
gain (loss)
on
investments
Total
income
(loss) from
investment
operations
From net
investment
income
From net
realized
gains
Total
distributions
Net
asset
value,
end of
the
period
Total
returnl,m
Net
assets,
end of
the
period
(000’s)
Ratio of
expenses
to average
daily net
assetsq
Net
investment
income
(loss) to
average
daily net
assets
Class I
3/31/24r
$  9.58
$0.02
$2.15
$2.17
$
$(0.95)
$(0.95)
$  10.80
24.13%b
$2,613
0.90%a
0.47%a
9/30/23
9.12
0.07
1.62
1.69
(0.10)
(1.13)
(1.23)
9.58
19.52%
2,937
0.89%
0.71%
9/30/22
14.00
0.09
(1.98)
(1.89)
(0.11)
(2.88)
(2.99)
9.12
(18.90%)
3,154
0.78%
0.75%
9/30/21
11.28
0.11
3.00
3.11
(0.12)
(0.27)
(0.39)
14.00
28.21%
27,948
0.75%
0.84%
9/30/20
11.07
0.11
1.19
1.30
(0.13)
(0.96)
(1.09)
11.28
12.22%
30,273
0.74%
1.03%
9/30/19
12.04
0.14
0.30
0.44
(0.13)
(1.28)
(1.41)
11.07
5.60%
24,639
0.73%
1.29%
Class R5
3/31/24r
$9.58
$0.02
$2.15
$2.17
$
$(0.95)
$(0.95)
$10.80
24.13%b
$36,610
1.00%a
0.39%a
9/30/23
9.12
0.06
1.62
1.68
(0.09)
(1.13)
(1.22)
9.58
19.37%
34,533
0.99%
0.60%
9/30/22
13.99
0.08
(1.97)
(1.89)
(0.10)
(2.88)
(2.98)
9.12
(18.90%)
31,307
0.88%
0.66%
9/30/21
11.27
0.10
2.99
3.09
(0.10)
(0.27)
(0.37)
13.99
28.11%
47,342
0.85%
0.74%
9/30/20
11.06
0.10
1.18
1.28
(0.11)
(0.96)
(1.07)
11.27
12.10%
45,358
0.84%
0.93%
9/30/19
12.03
0.13
0.29
0.42
(0.11)
(1.28)
(1.39)
11.06
5.47%
48,226
0.83%
1.19%
Service Class
3/31/24r
$10.20
$0.02
$2.29
$2.31
$
$(0.95)
$(0.95)
$11.56
24.03%b
$129
1.10%a
0.29%a
9/30/23
9.63
0.05
1.73
1.78
(0.08)
(1.13)
(1.21)
10.20
19.37%
115
1.09%
0.51%
9/30/22
14.62
0.07
(2.09)
(2.02)
(0.09)
(2.88)
(2.97)
9.63
(19.00%)
107
0.98%
0.57%
9/30/21
11.75
0.08
3.14
3.22
(0.08)
(0.27)
(0.35)
14.62
28.00%
160
0.95%
0.62%
9/30/20
11.50
0.09
1.22
1.31
(0.10)
(0.96)
(1.06)
11.75
11.88%
182
0.94%
0.82%
9/30/19
12.44
0.12
0.32
0.44
(0.10)
(1.28)
(1.38)
11.50
5.38%
652
0.93%
1.08%
 
Six Months Ended
March 31, 2024b,r
Year Ended September 30
 
2023
2022
2021
2020
2019
Portfolio turnover rate
26%
69%
48%
46%
38%
55%
a
Annualized.
b
Percentage represents the results for the period and is not annualized.
c
Per share amount calculated on the average shares method.
d
Amount is less than $0.005 per share.
e
Amount is less than 0.005%.
l
Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.
m
Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.
q
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.
r
Unaudited.
bb
The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund’s expense structure.
 
The accompanying notes are an integral part of the financial statements.
132
 

TABLE OF CONTENTS

 
 
Income (loss) from investment
operations
Less distributions to shareholders
 
 
Ratios / Supplemental Data
 
Net
asset
value,
beginning
of the
period
Net
investment
income
(loss)c
Net
realized
and
unrealized
gain (loss)
on
investments
Total
income
(loss) from
investment
operations
From net
investment
income
From net
realized
gains
Total
distributions
Net
asset
value,
end of
the
period
Total
returnl,m
Net
assets,
end of
the
period
(000’s)
Ratio of
expenses
to average
daily net
assetsq
Net
investment
income
(loss) to
average
daily net
assets
Administrative Class
3/31/24r
$  9.57
$0.01
$2.14
$2.15
$
$(0.95)
$(0.95)
$  10.77
23.93%b
$17,467
1.20%a
0.19%a
9/30/23
9.10
0.04
1.63
1.67
(0.07)
(1.13)
(1.20)
9.57
19.25%
16,880
1.19%
0.41%
9/30/22
13.97
0.05
(1.97)
(1.92)
(0.07)
(2.88)
(2.95)
9.10
(19.11%)
17,867
1.08%
0.45%
9/30/21
11.25
0.07
3.00
3.07
(0.08)
(0.27)
(0.35)
13.97
27.91%
24,389
1.05%
0.53%
9/30/20
11.05
0.08
1.17
1.25
(0.09)
(0.96)
(1.05)
11.25
11.79%
21,264
1.04%
0.73%
9/30/19
12.01
0.10
0.31
0.41
(0.09)
(1.28)
(1.37)
11.05
5.30%
24,458
1.03%
0.98%
Class R4
3/31/24r
$9.18
$0.00d
$2.06
$2.06
$
$(0.95)
$(0.95)
$10.29
23.96%b
$7,304
1.36%a
0.04%a
9/30/23
8.78
0.02
1.56
1.58
(0.05)
(1.13)
(1.18)
9.18
18.95%
5,941
1.34%
0.26%
9/30/22
13.56
0.03
(1.88)
(1.85)
(0.05)
(2.88)
(2.93)
8.78
(19.16%)
5,889
1.23%
0.31%
9/30/21
10.94
0.05
2.91
2.96
(0.07)
(0.27)
(0.34)
13.56
27.64%
8,266
1.20%
0.38%
9/30/20
10.77
0.06
1.15
1.21
(0.08)
(0.96)
(1.04)
10.94
11.68%
6,418
1.19%
0.58%
9/30/19
11.75
0.09
0.29
0.38
(0.08)
(1.28)
(1.36)
10.77
5.08%
6,379
1.18%
0.83%
Class A
3/31/24r
$9.32
$(0.00)d,bb
$2.09
$2.09
$
$(0.95)
$(0.95)
$10.46
23.92%b
$8,329
1.44%a
(0.05%)a
9/30/23
8.90
0.01
1.59
1.60
(0.05)
(1.13)
(1.18)
9.32
18.79%
7,795
1.44%
0.15%
9/30/22
13.70
0.02
(1.91)
(1.89)
(0.03)
(2.88)
(2.91)
8.90
(19.22%)
7,887
1.33%
0.21%
9/30/21
11.04
0.04
2.94
2.98
(0.05)
(0.27)
(0.32)
13.70
27.56%
10,628
1.30%
0.31%
9/30/20
10.86
0.05
1.15
1.20
(0.06)
(0.96)
(1.02)
11.04
11.53%
12,086
1.29%
0.48%
9/30/19
11.83
0.08
0.29
0.37
(0.06)
(1.28)
(1.34)
10.86
5.01%
12,843
1.28%
0.74%
Class R3
3/31/24r
$9.36
$(0.01)bb
$2.09
$2.08
$
$(0.95)
$(0.95)
$10.49
23.71%b
$524
1.61%a
(0.21%)a
9/30/23
8.93
(0.00)d,bb
1.59
1.59
(0.03)
(1.13)
(1.16)
9.36
18.62%
485
1.59%
(0.00%)e
9/30/22
13.73
0.01
(1.93)
(1.92)
(2.88)
(2.88)
8.93
(19.37%)
752
1.48%
0.06%
9/30/21
11.07
0.02
2.95
2.97
(0.04)
(0.27)
(0.31)
13.73
27.36%
1,277
1.45%
0.14%
9/30/20
10.88
0.03
1.16
1.19
(0.04)
(0.96)
(1.00)
11.07
11.41%
1,219
1.44%
0.33%
9/30/19
11.85
0.06
0.30
0.36
(0.05)
(1.28)
(1.33)
10.88
4.87%
1,239
1.43%
0.61%
The accompanying notes are an integral part of the financial statements.
 
 
133

TABLE OF CONTENTS

MassMutual Funds (Continued)
Financial Highlights (For a share outstanding throughout each period)
MassMutual Disciplined Growth Fund
 
 
Income (loss) from investment
operations
Less distributions to shareholders
 
 
Ratios / Supplemental Data
 
Net
asset
value,
beginning
of the period
Net
investment
income
(loss)c
Net
realized
and
unrealized
gain (loss)
on
investments
Total
income
(loss) from
investment
operations
From net
investment
income
From net
realized
gains
Total
distributions
Net
asset
value,
end of
the
period
Total
returnl,m
Net
assets,
end of
the
period
(000’s)
Ratio of
expenses
to average
daily net
assetsq
Net
investment
income
(loss) to
average
daily net
assets
Class I
 
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$  8.83
$0.00d,bb
$2.53
$2.53
$(0.01)
$(0.42)
$(0.43)
$  10.93
29.43%b
$42,260
0.59%a
0.04%a
9/30/23
7.49
0.02
1.71
1.73
(0.02)
(0.37)
(0.39)
8.83
23.88%
34,334
0.63%
0.25%
9/30/22
15.56
0.02bb
(1.93)
(1.91)
(6.16)
(6.16)
7.49
(24.92%)
18,483
0.58%
0.18%
9/30/21
12.85
0.04
3.27
3.31
(0.06)
(0.54)
(0.60)
15.56
26.75%
31,388
0.57%
0.26%
9/30/20
11.00
0.09
3.18
3.27
(0.11)
(1.31)
(1.42)
12.85
32.63%
35,702
0.56%
0.77%
9/30/19
14.37
0.10
(0.47)
(0.37)
(0.15)
(2.85)
(3.00)
11.00
0.99%
28,367
0.55%
0.89%
Class R5
 
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$8.82
$0.00d,bb
$2.52
$2.52
$
$(0.42)
$(0.42)
$10.92
29.39%b
$94,533
0.69%a
(0.06%)a
9/30/23
7.49
0.02
1.69
1.71
(0.01)
(0.37)
(0.38)
8.82
23.60%
73,393
0.73%
0.19%
9/30/22
15.57
0.01bb
(1.93)
(1.92)
(6.16)
(6.16)
7.49
(24.92%)
73,291
0.68%
0.09%
9/30/21
12.85
0.02
3.29
3.31
(0.05)
(0.54)
(0.59)
15.57
26.72%
108,948
0.67%
0.15%
9/30/20
11.00
0.07
3.19
3.26
(0.10)
(1.31)
(1.41)
12.85
32.48%
101,466
0.66%
0.67%
9/30/19
14.37
0.09
(0.48)
(0.39)
(0.13)
(2.85)
(2.98)
11.00
0.85%
100,651
0.65%
0.79%
Service Class
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$8.88
$(0.01)
$2.55
$2.54
$
$(0.42)
$(0.42)
$11.00
29.41%b
$9,202
0.79%a
(0.14%)a
9/30/23
7.54
0.01
1.70
1.71
(0.37)
(0.37)
8.88
23.44%
12,529
0.83%
0.12%
9/30/22
15.65
(0.00)d
(1.95)
(1.95)
(6.16)
(6.16)
7.54
(25.04%)
14,309
0.78%
(0.02%)
9/30/21
12.92
0.01
3.30
3.31
(0.04)
(0.54)
(0.58)
15.65
26.53%
25,505
0.77%
0.05%
9/30/20
11.04
0.06
3.20
3.26
(0.07)
(1.31)
(1.38)
12.92
32.33%
25,668
0.76%
0.57%
9/30/19
14.40
0.08
(0.47)
(0.39)
(0.12)
(2.85)
(2.97)
11.04
0.79%
31,895
0.75%
0.71%
 
Six Months Ended
March 31, 2024b,r
Year Ended September 30
 
2023
2022
2021
2020
2019
Portfolio turnover rate
28%
64%
60%
110%
50%
49%
a
Annualized.
b
Percentage represents the results for the period and is not annualized.
c
Per share amount calculated on the average shares method.
d
Amount is less than $0.005 per share.
e
Amount is less than 0.005%.
g
For the period February 1, 2023 (commencement of operations) through September 30, 2023.
l
Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.
m
Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.
q
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.
r
Unaudited.
bb
The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund’s expense structure.
 
The accompanying notes are an integral part of the financial statements.
134
 

TABLE OF CONTENTS

 
 
Income (loss) from investment
operations
Less distributions to shareholders
 
 
Ratios / Supplemental Data
 
Net
asset
value,
beginning
of the period
Net
investment
income
(loss)c
Net
realized
and
unrealized
gain (loss)
on
investments
Total
income
(loss) from
investment
operations
From net
investment
income
From net
realized
gains
Total
distributions
Net
asset
value,
end of
the
period
Total
returnl,m
Net
assets,
end of
the
period
(000’s)
Ratio of
expenses
to average
daily net
assetsq
Net
investment
income
(loss) to
average
daily net
assets
Administrative Class
 
 
 
 
 
 
 
 
 
3/31/24r
$  9.09
$(0.01)
$2.60
$2.59
$
$(0.42)
$(0.42)
$  11.26
29.28%b
$23,221
0.89%a
(0.26%)a
9/30/23
7.71
(0.00)d,bb
1.75
1.75
(0.37)
(0.37)
9.09
23.44%
19,964
0.93%
(0.00%)e
9/30/22
15.89
(0.01)
(2.01)
(2.02)
(6.16)
(6.16)
7.71
(25.13%)
24,021
0.88%
(0.11%)
9/30/21
13.10
(0.01)
3.36
3.35
(0.02)
(0.54)
(0.56)
15.89
26.46%
36,207
0.87%
(0.05%)
9/30/20
11.19
0.05
3.25
3.30
(0.08)
(1.31)
(1.39)
13.10
32.19%
36,957
0.86%
0.47%
9/30/19
14.55
0.07
(0.47)
(0.40)
(0.11)
(2.85)
(2.96)
11.19
0.66%
37,316
0.85%
0.60%
Class R4
 
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$8.30
$(0.02)
$2.37
$2.35
$
$(0.42)
$(0.42)
$10.23
29.17%b
$6,632
1.04%a
(0.42%)a
9/30/23
7.08
(0.01)bb
1.60
1.59
(0.37)
(0.37)
8.30
23.26%
6,373
1.08%
(0.16%)
9/30/22
15.06
(0.03)
(1.79)
(1.82)
(6.16)
(6.16)
7.08
(25.23%)
6,348
1.03%
(0.28%)
9/30/21
12.45
(0.03)
3.18
3.15
(0.54)
(0.54)
15.06
26.20%
12,613
1.02%
(0.22%)
9/30/20
10.70
0.03
3.09
3.12
(0.06)
(1.31)
(1.37)
12.45
31.97%
28,832
1.01%
0.31%
9/30/19
14.05
0.05
(0.46)
(0.41)
(0.09)
(2.85)
(2.94)
10.70
0.59%
24,049
1.00%
0.45%
Class A
 
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$8.43
$(0.02)
$2.41
$2.39
$
$(0.42)
$(0.42)
$10.40
29.19%b
$9,179
1.13%a
(0.49%)a
9/30/23
7.20
(0.02)bb
1.62
1.60
(0.37)
(0.37)
8.43
23.00%
8,081
1.18%
(0.25%)
9/30/22
15.23
(0.04)
(1.83)
(1.87)
(6.16)
(6.16)
7.20
(25.29%)
14,354
1.13%
(0.38%)
9/30/21
12.59
(0.04)
3.22
3.18
(0.54)
(0.54)
15.23
26.12%
26,591
1.12%
(0.30%)
9/30/20
10.80
0.02
3.13
3.15
(0.05)
(1.31)
(1.36)
12.59
31.87%
27,988
1.11%
0.22%
9/30/19
14.15
0.04
(0.47)
(0.43)
(0.07)
(2.85)
(2.92)
10.80
0.42%
29,210
1.10%
0.35%
Class R3
 
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$8.20
$(0.03)
$2.33
$2.30
$
$(0.42)
$(0.42)
$10.08
28.91%b
$5,528
1.29%a
(0.66%)a
9/30/23
7.01
(0.03)bb
1.59
1.56
(0.37)
(0.37)
8.20
23.06%
4,449
1.33%
(0.41%)
9/30/22
15.00
(0.05)
(1.78)
(1.83)
(6.16)
(6.16)
7.01
(25.46%)
3,959
1.28%
(0.51%)
9/30/21
12.43
(0.06)
3.17
3.11
(0.54)
(0.54)
15.00
25.88%
5,002
1.27%
(0.46%)
9/30/20
10.66
0.01
3.09
3.10
(0.02)
(1.31)
(1.33)
12.43
31.78%
5,875
1.26%
0.05%
9/30/19
14.02
0.02
(0.47)
(0.45)
(0.06)
(2.85)
(2.91)
10.66
0.23%
6,015
1.25%
0.20%
Class Y
 
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$8.82
$(0.00)d
$2.52
$2.52
$
$(0.42)
$(0.42)
$10.92
29.38%b
$138
0.69%a
(0.06%)a
9/30/23g
7.89
0.01
0.92
0.93
8.82
11.79%b
112
0.73%a
0.15%a
The accompanying notes are an integral part of the financial statements.
 
 
135

TABLE OF CONTENTS

MassMutual Funds (Continued)
Financial Highlights (For a share outstanding throughout each period)
MassMutual Small Cap Opportunities Fund
 
 
Income (loss) from investment
operations
Less distributions to shareholders
 
 
Ratios / Supplemental Data
 
Net
asset
value,
beginning
of the
period
Net
investment
income
(loss)c,j
Net
realized
and
unrealized
gain (loss)
on
investments
Total
income
(loss) from
investment
operations
From net
investment
income
From net
realized
gains
Total
distributions
Net
asset
value,
end of
the
period
Total
returnl,m
Net
assets,
end of
the
period
(000’s)
Ratio of
expenses
to average
daily net
assets
before
expense
waiversq
Ratio of
expenses
to average
daily net
assets
after
expense
waiversj,q
Net
investment
income
(loss) to
average
daily net
assets
Class I
3/31/24r
$  15.85
$0.06
$3.14
$3.20
$(0.05)
$(0.76)
$(0.81)
$  18.24
20.95%b
$169,106
0.66%a
0.66%a,k
0.68%a
9/30/23
14.20
0.10
1.76
1.86
(0.14)
(0.07)
(0.21)
15.85
13.14%
125,988
0.67%
N/A
0.65%
9/30/22
19.21
0.08
(3.28)
(3.20)
(1.81)
(1.81)
14.20
(18.57%)
95,436
0.66%
N/A
0.48%
9/30/21
13.96
0.06
6.51
6.57
(0.11)
(1.21)
(1.32)
19.21
48.95%
85,183
0.66%
N/A
0.35%
9/30/20
13.72
0.10
0.27
0.37
(0.06)
(0.07)
(0.13)
13.96
2.62%
39,988
0.69%
N/A
0.77%
9/30/19
16.47
0.11
(1.43)
(1.32)
(0.07)
(1.36)
(1.43)
13.72
(7.01%)
35,326
0.70%
N/A
0.82%
Class R5
3/31/24r
$15.79
$0.05
$3.13
$3.18
$(0.04)
$(0.76)
$(0.80)
$18.17
20.91%b
$117,236
0.76%a
0.76%a,k
0.57%a
9/30/23
14.14
0.09
1.76
1.85
(0.13)
(0.07)
(0.20)
15.79
13.08%
104,951
0.77%
N/A
0.55%
9/30/22
19.16
0.06
(3.27)
(3.21)
(1.81)
(1.81)
14.14
(18.68%)
100,585
0.75%
N/A
0.35%
9/30/21
13.93
0.05
6.48
6.53
(0.09)
(1.21)
(1.30)
19.16
48.78%
137,127
0.76%
N/A
0.26%
9/30/20
13.69
0.09
0.27
0.36
(0.05)
(0.07)
(0.12)
13.93
2.56%
92,440
0.79%
N/A
0.68%
9/30/19
16.44
0.10
(1.43)
(1.33)
(0.06)
(1.36)
(1.42)
13.69
(7.14%)
61,826
0.80%
N/A
0.71%
Service Class
3/31/24r
$15.72
$0.04
$3.12
$3.16
$(0.03)
$(0.76)
$(0.79)
$18.09
20.87%b
$17,648
0.86%a
0.86%a,k
0.46%a
9/30/23
14.08
0.07
1.75
1.82
(0.11)
(0.07)
(0.18)
15.72
12.95%
15,707
0.87%
N/A
0.45%
9/30/22
19.11
0.04
(3.26)
(3.22)
(1.81)
(1.81)
14.08
(18.78%)
15,851
0.85%
N/A
0.24%
9/30/21
13.89
0.03
6.48
6.51
(0.08)
(1.21)
(1.29)
19.11
48.72%
24,560
0.86%
N/A
0.17%
9/30/20
13.66
0.08
0.25
0.33
(0.03)
(0.07)
(0.10)
13.89
2.37%
17,146
0.89%
N/A
0.58%
9/30/19
16.39
0.08
(1.41)
(1.33)
(0.04)
(1.36)
(1.40)
13.66
(7.16%)
17,073
0.90%
N/A
0.61%
 
Six Months Ended
March 31, 2024b,r
Year Ended September 30
 
2023
2022
2021
2020
2019
Portfolio turnover rate
16%
46%
39%
40%
47%
34%
a
Annualized.
b
Percentage represents the results for the period and is not annualized.
c
Per share amount calculated on the average shares method.
d
Amount is less than $0.005 per share.
e
Amount is less than 0.005%.
g
For the period February 1, 2023 (commencement of operations) through September 30, 2023.
j
Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.
k
Amount waived had no impact on the ratio of expenses to average daily net assets.
l
Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.
m
Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.
q
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.
r
Unaudited.
aa
The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.
bb
The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund’s expense structure.
 
The accompanying notes are an integral part of the financial statements.
136
 

TABLE OF CONTENTS

 
 
Income (loss) from investment
operations
Less distributions to shareholders
 
 
Ratios / Supplemental Data
 
Net
asset
value,
beginning
of the
period
Net
investment
income
(loss)c,j
Net
realized
and
unrealized
gain (loss)
on
investments
Total
income
(loss) from
investment
operations
From net
investment
income
From net
realized
gains
Total
distributions
Net
asset
value,
end of
the
period
Total
returnl,m
Net
assets,
end of
the
period
(000’s)
Ratio of
expenses
to average
daily net
assets
before
expense
waiversq
Ratio of
expenses
to average
daily net
assets
after
expense
waiversj,q
Net
investment
income
(loss) to
average
daily net
assets
Administrative Class
3/31/24r
$  15.58
$0.03
$3.09
$3.12
$(0.03)
$(0.76)
$(0.79)
$  17.91
20.74%b
$23,069
0.96%a
0.96%a,k
0.36%a
9/30/23
13.95
0.05
1.75
1.80
(0.10)
(0.07)
(0.17)
15.58
12.88%
21,277
0.97%
N/A
0.35%
9/30/22
18.97
0.02
(3.23)
(3.21)
(1.81)
(1.81)
13.95
(18.88%)
20,100
0.95%
N/A
0.15%
9/30/21
13.80
0.01
6.44
6.45
(0.07)
(1.21)
(1.28)
18.97
48.54%
26,314
0.96%
N/A
0.07%
9/30/20
13.57
0.06
0.26
0.32
(0.02)
(0.07)
(0.09)
13.80
2.27%
18,422
0.99%
N/A
0.48%
9/30/19
16.29
0.07
(1.41)
(1.34)
(0.02)
(1.36)
(1.38)
13.57
(7.28%)
20,377
1.00%
N/A
0.51%
Class R4
3/31/24r
$14.92
$0.02
$2.95
$2.97
$
$(0.76)
$(0.76)
$17.13
20.66%b
$15,175
1.11%a
1.11%a,k
0.21%a
9/30/23
13.37
0.03
1.67
1.70
(0.08)
(0.07)
(0.15)
14.92
12.69%
13,888
1.12%
N/A
0.20%
9/30/22
18.28
(0.00)d,bb
(3.10)
(3.10)
(1.81)
(1.81)
13.37
(18.99%)
11,835
1.10%
N/A
(0.00%)e
9/30/21
13.34
(0.02)
6.22
6.20
(0.05)
(1.21)
(1.26)
18.28
48.31%
15,682
1.11%
N/A
(0.09%)
9/30/20
13.12
0.04
0.25
0.29
(0.07)
(0.07)
13.34
2.16%
9,413
1.14%
N/A
0.32%
9/30/19
15.81
0.05
(1.38)
(1.33)
(0.00)d
(1.36)
(1.36)
13.12
(7.43%)
10,591
1.15%
N/A
0.36%
Class A
3/31/24r
$15.02
$0.01
$2.98
$2.99
$
$(0.76)
$(0.76)
$17.25
20.66%b
$42,100
1.19%a
1.19%a,k
0.13%a
9/30/23
13.46
0.02
1.67
1.69
(0.06)
(0.07)
(0.13)
15.02
12.53%
36,525
1.22%
N/A
0.10%
9/30/22
18.40
(0.02)bb
(3.11)
(3.13)
(1.81)
(1.81)
13.46
(19.04%)
38,730
1.20%
N/A
(0.11%)
9/30/21
13.42
(0.03)
6.25
6.22
(0.03)
(1.21)
(1.24)
18.40
48.15%
55,207
1.21%
N/A
(0.18%)
9/30/20
13.21
0.03
0.25
0.28
(0.07)
(0.07)
13.42
2.07%
42,491
1.24%
N/A
0.22%
9/30/19
15.92
0.03
(1.38)
(1.35)
(1.36)
(1.36)
13.21
(7.54%)
50,524
1.25%
N/A
0.26%
Class R3
3/31/24r
$14.68
$(0.00)d,bb
$2.90
$2.90
$
$(0.76)
$(0.76)
$16.82
20.52%b
$9,554
1.36%a
1.36%a,k
(0.03%)a
9/30/23
13.16
(0.01)bb
1.64
1.63
(0.04)
(0.07)
(0.11)
14.68
12.40%
7,672
1.37%
N/A
(0.05%)
9/30/22
18.06
(0.04)bb
(3.05)
(3.09)
(1.81)
(1.81)
13.16
(19.19%)
7,153
1.35%
N/A
(0.26%)
9/30/21
13.18
(0.06)
6.15
6.09
(1.21)
(1.21)
18.06
48.00%
9,695
1.36%
N/A
(0.34%)
9/30/20
13.00
0.01
0.24
0.25
(0.07)
(0.07)
13.18
1.87%
6,048
1.39%
N/A
0.07%
9/30/19
15.71
0.01
(1.36)
(1.35)
(1.36)
(1.36)
13.00
(7.66%)
8,551
1.40%
N/A
0.11%
Class Y
3/31/24r
$15.79
$0.05
$3.14
$3.19
$(0.04)
$(0.76)
$(0.80)
$18.18
20.92%b
$109
0.76%a
0.76%a,k
0.57%a
9/30/23g
16.67
0.06
(0.94)aa
(0.88)
15.79
(5.28%)b
95
0.77%a
N/A
0.55%a
The accompanying notes are an integral part of the financial statements.
 
 
137

TABLE OF CONTENTS

MassMutual Funds (Continued)
Financial Highlights (For a share outstanding throughout each period)
MassMutual Global Fund
 
 
Income (loss) from investment
operations
Less distributions to shareholders
 
 
Ratios / Supplemental Data
 
Net
asset
value,
beginning
of the period
Net
investment
income
(loss)c
Net
realized
and
unrealized
gain (loss)
on
investments
Total
income
(loss) from
investment
operations
From net
investment
income
From net
realized
gains
Total
distributions
Net
asset
value,
end of
the
period
Total
returnl,m
Net
assets,
end of
the
period
(000’s)
Ratio of
expenses
to average
daily net
assetsq
Net
investment
income
(loss) to
average
daily net
assets
Class I
3/31/24r
$  11.02
$(0.02)
$2.58
$2.56
$
$(2.79)
$(2.79)
$  10.79
27.16%b
$59,396
0.92%a
(0.36%)a
9/30/23
10.72
0.00d,bb
2.84
2.84
(2.54)
(2.54)
11.02
29.05%
48,335
0.91%
0.02%
9/30/22
18.79
(0.01)
(6.02)
(6.03)
(2.04)
(2.04)
10.72
(36.28%)
56,931
0.86%
(0.06%)
9/30/21
15.04
(0.05)
4.64
4.59
(0.84)
(0.84)
18.79
31.36%
99,959
0.84%
(0.29%)
9/30/20
12.35
0.00d
2.81
2.81
(0.09)
(0.03)
(0.12)
15.04
22.90%
75,893
0.85%
0.00%e
9/30/19
16.08
0.10
(0.83)
(0.73)
(0.11)
(2.89)
(3.00)
12.35
(1.93%)
70,159
0.84%
0.79%
Class R5
3/31/24r
$10.99
$(0.02)
$2.57
$2.55
$
$(2.79)
$(2.79)
$10.75
27.13%b
$55,345
1.01%a
(0.46%)a
9/30/23
10.70
(0.01)
2.84
2.83
(2.54)
(2.54)
10.99
28.99%
44,364
1.02%
(0.08%)
9/30/22
18.78
(0.03)
(6.01)
(6.04)
(2.04)
(2.04)
10.70
(36.36%)
58,808
0.96%
(0.17%)
9/30/21
15.05
(0.07)
4.64
4.57
(0.84)
(0.84)
18.78
31.20%
126,049
0.94%
(0.39%)
9/30/20
12.36
(0.01)
2.81
2.80
(0.08)
(0.03)
(0.11)
15.05
22.77%
111,038
0.95%
(0.09%)
9/30/19
16.09
0.08
(0.83)
(0.75)
(0.09)
(2.89)
(2.98)
12.36
(2.07%)
98,379
0.94%
0.66%
Service Class
3/31/24r
$10.80
$(0.03)
$2.52
$2.49
$
$(2.79)
$(2.79)
$10.50
27.07%b
$4,510
1.12%a
(0.56%)a
9/30/23
10.56
(0.02)
2.80
2.78
(2.54)
(2.54)
10.80
28.90%
3,655
1.12%
(0.20%)
9/30/22
18.58
(0.04)
(5.94)
(5.98)
(2.04)
(2.04)
10.56
(36.43%)
5,579
1.06%
(0.24%)
9/30/21
14.91
(0.08)
4.59
4.51
(0.84)
(0.84)
18.58
31.09%
7,892
1.04%
(0.49%)
9/30/20
12.23
(0.03)
2.80
2.77
(0.06)
(0.03)
(0.09)
14.91
22.75%
6,166
1.05%
(0.19%)
9/30/19
15.94
0.06
(0.82)
(0.76)
(0.06)
(2.89)
(2.95)
12.23
(2.23%)
6,361
1.04%
0.43%
 
Six Months Ended
March 31, 2024b,r
Year Ended September 30
 
2023
2022
2021
2020
2019
Portfolio turnover rate
2%
10%
10%
10%
12%
32%
a
Annualized.
b
Percentage represents the results for the period and is not annualized.
c
Per share amount calculated on the average shares method.
d
Amount is less than $0.005 per share.
e
Amount is less than 0.005%.
l
Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.
m
Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.
q
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.
r
Unaudited.
bb
The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund’s expense structure.
 
The accompanying notes are an integral part of the financial statements.
138
 

TABLE OF CONTENTS

 
 
Income (loss) from investment
operations
Less distributions to shareholders
 
 
Ratios / Supplemental Data
 
Net
asset
value,
beginning
of the period
Net
investment
income
(loss)c
Net
realized
and
unrealized
gain (loss)
on
investments
Total
income
(loss) from
investment
operations
From net
investment
income
From net
realized
gains
Total
distributions
Net
asset
value,
end of
the
period
Total
returnl,m
Net
assets,
end of
the
period
(000’s)
Ratio of
expenses
to average
daily net
assetsq
Net
investment
income
(loss) to
average
daily net
assets
Administrative Class
3/31/24r
$  10.90
$(0.03)
$2.53
$2.50
$
$(2.79)
$(2.79)
$  10.61
26.89%b
$51,810
1.21%a
(0.65%)a
9/30/23
10.64
(0.03)
2.83
2.80
(2.54)
(2.54)
10.90
28.84%
50,587
1.22%
(0.29%)
9/30/22
18.73
(0.06)
(5.99)
(6.05)
(2.04)
(2.04)
10.64
(36.52%)
45,831
1.16%
(0.38%)
9/30/21
15.03
(0.10)
4.64
4.54
(0.84)
(0.84)
18.73
31.03%
88,387
1.14%
(0.59%)
9/30/20
12.34
(0.04)
2.81
2.77
(0.05)
(0.03)
(0.08)
15.03
22.56%
80,607
1.15%
(0.29%)
9/30/19
16.06
0.06
(0.83)
(0.77)
(0.06)
(2.89)
(2.95)
12.34
(2.30%)
77,097
1.14%
0.45%
Class R4
3/31/24r
$10.37
$(0.04)
$2.39
$2.35
$
$(2.79)
$(2.79)
$9.93
26.79%b
$9,755
1.37%a
(0.81%)a
9/30/23
10.24
(0.04)
2.71
2.67
(2.54)
(2.54)
10.37
28.67%
8,921
1.37%
(0.43%)
9/30/22
18.12
(0.07)
(5.77)
(5.84)
(2.04)
(2.04)
10.24
(36.60%)
8,676
1.31%
(0.52%)
9/30/21
14.59
(0.12)
4.49
4.37
(0.84)
(0.84)
18.12
30.79%
15,975
1.29%
(0.72%)
9/30/20
11.98
(0.06)
2.73
2.67
(0.03)
(0.03)
(0.06)
14.59
22.36%
8,878
1.30%
(0.45%)
9/30/19
15.71
0.04
(0.82)
(0.78)
(0.06)
(2.89)
(2.95)
11.98
(2.45%)
7,531
1.29%
0.32%
Class A
3/31/24r
$10.57
$(0.04)
$2.44
$2.40
$
$(2.79)
$(2.79)
$10.18
26.74%b
$12,939
1.45%a
(0.89%)a
9/30/23
10.41
(0.06)
2.76
2.70
(2.54)
(2.54)
10.57
28.47%
10,559
1.47%
(0.54%)
9/30/22
18.40
(0.09)
(5.86)
(5.95)
(2.04)
(2.04)
10.41
(36.64%)
9,014
1.41%
(0.63%)
9/30/21
14.82
(0.14)
4.56
4.42
(0.84)
(0.84)
18.40
30.65%
19,415
1.39%
(0.84%)
9/30/20
12.17
(0.07)
2.77
2.70
(0.02)
(0.03)
(0.05)
14.82
22.22%
22,903
1.40%
(0.55%)
9/30/19
15.87
0.03
(0.82)
(0.79)
(0.02)
(2.89)
(2.91)
12.17
(2.48%)
24,676
1.39%
0.20%
Class R3
3/31/24r
$10.41
$(0.05)
$2.41
$2.36
$
$(2.79)
$(2.79)
$9.98
26.79%b
$8,337
1.62%a
(1.06%)a
9/30/23
10.30
(0.07)
2.72
2.65
(2.54)
(2.54)
10.41
28.24%
7,378
1.62%
(0.69%)
9/30/22
18.25
(0.11)
(5.80)
(5.91)
(2.04)
(2.04)
10.30
(36.73%)
7,920
1.56%
(0.77%)
9/30/21
14.72
(0.17)
4.54
4.37
(0.84)
(0.84)
18.25
30.51%
13,541
1.54%
(0.98%)
9/30/20
12.10
(0.09)
2.75
2.66
(0.01)
(0.03)
(0.04)
14.72
21.99%
9,792
1.55%
(0.69%)
9/30/19
15.80
0.01
(0.82)
(0.81)
(2.89)
(2.89)
12.10
(2.69%)
10,226
1.54%
0.06%
The accompanying notes are an integral part of the financial statements.
 
 
139

TABLE OF CONTENTS

MassMutual Funds (Continued)
Financial Highlights (For a share outstanding throughout each period)
MassMutual International Equity Fund
 
 
Income (loss) from investment
operations
Less distributions to shareholders
 
 
Ratios / Supplemental Data
 
Net
asset
value,
beginning
of the
period
Net
investment
income
(loss)c,j
Net
realized
and
unrealized
gain (loss)
on
investments
Total
income
(loss) from
investment
operations
From net
investment
income
From net
realized
gains
Total
distributions
Net
asset
value,
end of
the
period
Total
returnl,m
Net
assets,
end
of the
period
(000’s)
Ratio of
expenses
to average
daily net
assets
before
expense
waiversq
Ratio of
expenses
to average
daily net
assets
after
expense
waiversj,q
Net
investment
income 
(loss) to
average
daily net
assets
Class I
3/31/24r
$7.94
$0.04
$0.82
$0.86
$(0.17)
$(0.11)
$(0.28)
$8.52
11.05%b
$72,450
1.11%a
1.06%a
1.05%a
9/30/23
7.14
0.14
1.12
1.26
(0.10)
(0.36)
(0.46)
7.94
17.61%
70,386
1.10%
1.05%
1.75%
9/30/22
10.08
0.12
(1.83)
(1.71)
(0.21)
(1.02)
(1.23)
7.14
(19.37%)
66,355
1.09%
1.04%
1.41%
9/30/21
13.08
0.14
1.84
1.98
(0.04)
(4.94)
(4.98)
10.08
17.97%
89,913
1.02%
1.00%
1.31%
9/30/20
12.01
0.03
1.54
1.57
(0.13)
(0.37)
(0.50)
13.08
13.17%
96,308
1.02%
1.00%
0.26%
9/30/19
12.99
0.09
(0.49)
(0.40)
(0.12)
(0.46)
(0.58)
12.01
(2.49%)
149,979
0.93%
0.92%
0.81%
Class R5
3/31/24r
$7.94
$0.04
$0.82
$0.86
$(0.16)
$(0.11)
$(0.27)
$8.53
11.05%b
$29,131
1.21%a
1.16%a
0.94%a
9/30/23
7.14
0.13
1.12
1.25
(0.09)
(0.36)
(0.45)
7.94
17.48%
30,262
1.20%
1.15%
1.62%
9/30/22
10.08
0.12
(1.85)
(1.73)
(0.19)
(1.02)
(1.21)
7.14
(19.47%)
30,827
1.19%
1.14%
1.38%
9/30/21
13.08
0.14
1.83
1.97
(0.03)
(4.94)
(4.97)
10.08
17.79%
50,688
1.12%
1.10%
1.27%
9/30/20
12.00
0.02
1.55
1.57
(0.12)
(0.37)
(0.49)
13.08
13.14%
61,444
1.12%
1.10%
0.20%
9/30/19
12.98
0.10
(0.51)
(0.41)
(0.11)
(0.46)
(0.57)
12.00
(2.63%)
94,827
1.03%
1.02%
0.89%
Service Class
3/31/24r
$7.91
$0.03
$0.83
$0.86
$(0.15)
$(0.11)
$(0.26)
$8.51
11.10%b
$2,752
1.31%a
1.26%a
0.79%a
9/30/23
7.12
0.13
1.10
1.23
(0.08)
(0.36)
(0.44)
7.91
17.26%
3,485
1.30%
1.25%
1.60%
9/30/22
10.05
0.12
(1.85)
(1.73)
(0.18)
(1.02)
(1.20)
7.12
(19.52%)
2,624
1.29%
1.24%
1.35%
9/30/21
13.04
0.12
1.84
1.96
(0.01)
(4.94)
(4.95)
10.05
17.72%
3,469
1.22%
1.20%
1.16%
9/30/20
11.97
0.00d
1.54
1.54
(0.10)
(0.37)
(0.47)
13.04
12.94%
4,524
1.22%
1.20%
0.00%e
9/30/19
12.94
0.07
(0.49)
(0.42)
(0.09)
(0.46)
(0.55)
11.97
(2.74%)
9,393
1.13%
1.12%
0.60%
 
Six Months Ended
March 31, 2024b,r
Year Ended September 30
 
2023
2022
2021
2020
2019
Portfolio turnover rate
12%
20%
22%
30%
106%
52%
a
Annualized.
b
Percentage represents the results for the period and is not annualized.
c
Per share amount calculated on the average shares method.
d
Amount is less than $0.005 per share.
e
Amount is less than 0.005%.
g
For the period February 1, 2023 (commencement of operations) through September 30, 2023.
j
Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.
l
Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.
m
Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.
q
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.
r
Unaudited.
aa
The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.
 
The accompanying notes are an integral part of the financial statements.
140
 

TABLE OF CONTENTS

 
 
Income (loss) from investment
operations
Less distributions to shareholders
 
 
Ratios / Supplemental Data
 
Net
asset
value,
beginning
of the
period
Net
investment
income
(loss)c,j
Net
realized
and
unrealized
gain (loss)
on
investments
Total
income
(loss) from
investment
operations
From net
investment
income
From net
realized
gains
Total
distributions
Net
asset
value,
end of
the
period
Total
returnl,m
Net
assets,
end
of the
period
(000’s)
Ratio of
expenses
to average
daily net
assets
before
expense
waiversq
Ratio of
expenses
to average
daily net
assets
after
expense
waiversj,q
Net
investment
income
(loss) to
average
daily net
assets
Administrative Class
3/31/24r
$7.83
$0.03
$0.81
$0.84
$(0.14)
$(0.11)
$(0.25)
$8.42
10.95%b
$2,133
1.41%a
1.36%a
0.78%a
9/30/23
7.05
0.11
1.10
1.21
(0.07)
(0.36)
(0.43)
7.83
17.21%
1,890
1.40%
1.35%
1.38%
9/30/22
9.96
0.11
(1.83)
(1.72)
(0.17)
(1.02)
(1.19)
7.05
(19.60%)
2,273
1.39%
1.34%
1.26%
9/30/21
12.97
0.11
1.82
1.93
(4.94)
(4.94)
9.96
17.59%
2,436
1.32%
1.30%
1.03%
9/30/20
11.91
(0.00)d
1.52
1.52
(0.09)
(0.37)
(0.46)
12.97
12.81%
3,565
1.32%
1.30%
(0.02%)
9/30/19
12.87
0.08
(0.51)
(0.43)
(0.07)
(0.46)
(0.53)
11.91
(2.77%)
5,465
1.23%
1.22%
0.65%
Class R4
3/31/24r
$7.25
$0.02
$0.75
$0.77
$(0.13)
$(0.11)
$(0.24)
$7.78
10.88%b
$599
1.56%a
1.51%a
0.64%a
9/30/23
6.55
0.08
1.03
1.11
(0.05)
(0.36)
(0.41)
7.25
16.89%
537
1.55%
1.50%
1.14%
9/30/22
9.33
0.08
(1.69)
(1.61)
(0.15)
(1.02)
(1.17)
6.55
(19.69%)
711
1.53%
1.48%
0.93%
9/30/21
12.45
0.09
1.73
1.82
(4.94)
(4.94)
9.33
17.41%
1,639
1.47%
1.45%
0.88%
9/30/20
11.43
(0.04)
1.48
1.44
(0.05)
(0.37)
(0.42)
12.45
12.70%
1,951
1.47%
1.45%
(0.31%)
9/30/19
12.38
0.05
(0.48)
(0.43)
(0.06)
(0.46)
(0.52)
11.43
(2.95%)
4,895
1.38%
1.37%
0.48%
Class A
3/31/24r
$7.36
$0.02
$0.77
$0.79
$(0.13)
$(0.11)
$(0.24)
$7.91
10.88%b
$9,377
1.64%a
1.59%a
0.47%a
9/30/23
6.65
0.09
1.03
1.12
(0.05)
(0.36)
(0.41)
7.36
16.87%
9,847
1.65%
1.60%
1.14%
9/30/22
9.45
0.08
(1.72)
(1.64)
(0.14)
(1.02)
(1.16)
6.65
(19.79%)
9,014
1.64%
1.59%
0.95%
9/30/21
12.56
0.08
1.75
1.83
(4.94)
(4.94)
9.45
17.30%
13,793
1.57%
1.55%
0.82%
9/30/20
11.54
(0.03)
1.48
1.45
(0.06)
(0.37)
(0.43)
12.56
12.61%
18,670
1.57%
1.55%
(0.22%)
9/30/19
12.49
0.05
(0.50)
(0.45)
(0.04)
(0.46)
(0.50)
11.54
(3.09%)
22,004
1.48%
1.47%
0.46%
Class R3
3/31/24r
$7.13
$0.01
$0.75
$0.76
$(0.12)
$(0.11)
$(0.23)
$7.66
10.80%b
$2,495
1.81%a
1.76%a
0.39%a
9/30/23
6.46
0.08
1.00
1.08
(0.05)
(0.36)
(0.41)
7.13
16.65%
2,231
1.80%
1.75%
1.03%
9/30/22
9.22
0.07
(1.67)
(1.60)
(0.14)
(1.02)
(1.16)
6.46
(19.87%)
2,060
1.79%
1.74%
0.89%
9/30/21
12.38
0.07
1.71
1.78
(4.94)
(4.94)
9.22
17.07%
2,294
1.72%
1.70%
0.74%
9/30/20
11.38
(0.06)
1.47
1.41
(0.04)
(0.37)
(0.41)
12.38
12.42%
2,427
1.72%
1.70%
(0.49%)
9/30/19
12.34
0.02
(0.48)
(0.46)
(0.04)
(0.46)
(0.50)
11.38
(3.24%)
5,415
1.63%
1.62%
0.21%
Class Y
3/31/24r
$7.94
$0.04
$0.82
$0.86
$(0.16)
$(0.11)
$(0.27)
$8.53
11.08%b
$103
1.21%a
1.16%a
0.97%a
9/30/23g
8.27
0.12
(0.45)aa
(0.33)
7.94
(3.99%)b
96
1.20%a
1.15%a
2.27%a
The accompanying notes are an integral part of the financial statements.
 
 
141

TABLE OF CONTENTS

MassMutual Funds (Continued)
Financial Highlights (For a share outstanding throughout each period)
MassMutual Strategic Emerging Markets Fund
 
 
Income (loss) from investment
operations
Less distributions to shareholders
 
 
Ratios / Supplemental Data
 
Net
asset
value,
beginning
of the
period
Net
investment
income
(loss)c,j
Net
realized
and
unrealized
gain (loss)
on
investments
Total
income
(loss) from
investment
operations
From net
investment
income
From net
realized
gains
Total
distributions
Net
asset
value,
end of
the
period
Total
returnl,m
Net
assets,
end
of the
period
(000’s)
Ratio of
expenses
to average
daily net
assets
before
expense
waiversq
Ratio of
expenses
to average
daily net
assets
after
expense
waiversj,q
Net
investment
income
(loss) to
average
daily net
assets
Class I
 
 
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$9.36
$0.04
$0.80
$0.84
$(0.01)
$
$(0.01)
$  10.19
9.00%b
$105,823
1.34%a
1.15%a
0.87%a
9/30/23
8.22
0.07
1.11
1.18
(0.04)
(0.04)
9.36
14.31%
98,677
1.38%
1.15%
0.70%
9/30/22
14.93
0.05
(4.73)
(4.68)
(0.20)
(1.83)
(2.03)
8.22
(35.67%)
105,253
1.35%
1.15%
0.43%
9/30/21
13.23
0.04
1.88
1.92
(0.22)
(0.22)
14.93
14.53%
156,998
1.22%
1.15%
0.25%
9/30/20
13.02
0.02
1.33
1.35
(0.08)
(1.06)
(1.14)
13.23
10.33%
169,366
1.27%
1.15%
0.12%
9/30/19
12.75
0.07
0.28
0.35
(0.08)
(0.08)
13.02
2.85%
141,988
1.21%
1.10%
0.55%
Class R5
 
 
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$9.55
$0.03
$0.83
$0.86
$(0.00)d
$
$(0.00)d
$10.41
9.03%b
$128
1.44%a
1.25%a
0.70%a
9/30/23
8.36
0.06
1.13
1.19
9.55
14.23%
267
1.48%
1.25%
0.60%
9/30/22
15.14
0.03
(4.80)
(4.77)
(0.18)
(1.83)
(2.01)
8.36
(35.72%)
225
1.45%
1.23%
0.25%
9/30/21
13.43
0.03
1.90
1.93
(0.22)
(0.22)
15.14
14.38%
2,703
1.32%
1.25%
0.16%
9/30/20
13.20
0.00d
1.35
1.35
(0.06)
(1.06)
(1.12)
13.43
10.23%
3,165
1.37%
1.25%
0.02%
9/30/19
12.92
0.06
0.29
0.35
(0.07)
(0.07)
13.20
2.78%
4,295
1.31%
1.22%
0.45%
Service Class
3/31/24r
$9.36
$0.03
$0.81
$0.84
$
$
$
$10.20
8.97%b
$1,632
1.54%a
1.35%a
0.67%a
9/30/23
8.22
0.05
1.10
1.15
(0.01)
(0.01)
9.36
14.04%
1,364
1.58%
1.35%
0.49%
9/30/22
14.93
0.02
(4.73)
(4.71)
(0.17)
(1.83)
(2.00)
8.22
(35.83%)
1,346
1.55%
1.35%
0.22%
9/30/21
13.25
0.01
1.89
1.90
(0.22)
(0.22)
14.93
14.35%
2,216
1.42%
1.35%
0.05%
9/30/20
13.05
(0.01)
1.33
1.32
(0.06)
(1.06)
(1.12)
13.25
10.12%
2,473
1.47%
1.35%
(0.05%)
9/30/19
12.73
0.05
0.29
0.34
(0.02)
(0.02)
13.05
2.71%
419
1.41%
1.31%
0.42%
 
Six Months Ended
March 31, 2024b,r
Year Ended September 30
 
2023
2022
2021
2020
2019
Portfolio turnover rate
29%
38%
55%
48%
71%
32%
a
Annualized.
b
Percentage represents the results for the period and is not annualized
c
Per share amount calculated on the average shares method.
d
Amount is less than $0.005 per share.
j
Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.
l
Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.
m
Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.
q
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.
r
Unaudited.
bb
The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund’s expense structure.
 
The accompanying notes are an integral part of the financial statements.
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Income (loss) from investment
operations
Less distributions to shareholders
 
 
Ratios / Supplemental Data
 
Net
asset
value,
beginning
of the
period
Net
investment
income
(loss)c,j
Net
realized
and
unrealized
gain (loss)
on
investments
Total
income
(loss) from
investment
operations
From net
investment
income
From net
realized
gains
Total
distributions
Net
asset
value,
end of
the
period
Total
returnl,m
Net
assets,
end
of the
period
(000’s)
Ratio of
expenses
to average
daily net
assets
before
expense
waiversq
Ratio of
expenses
to average
daily net
assets
after
expense
waiversj,q
Net
investment
income
(loss) to
average
daily net
assets
Administrative Class
3/31/24r
$9.39
$0.03
$0.80
$0.83
$
$
$
$  10.22
8.84%b
$279
1.64%a
1.45%a
0.61%a
9/30/23
8.24
0.04
1.11
1.15
(0.00)d
(0.00)d
9.39
13.99%
287
1.68%
1.45%
0.41%
9/30/22
14.96
(0.01)bb
(4.72)
(4.73)
(0.16)
(1.83)
(1.99)
8.24
(35.90%)
233
1.65%
1.45%
(0.06%)
9/30/21
13.29
(0.01)
1.90
1.89
(0.22)
(0.22)
14.96
14.23%
1,017
1.52%
1.45%
(0.03%)
9/30/20
13.08
(0.02)
1.33
1.31
(0.04)
(1.06)
(1.10)
13.29
9.96%
989
1.57%
1.45%
(0.16%)
9/30/19
12.78
0.03
0.30
0.33
(0.03)
(0.03)
13.08
2.61%
927
1.51%
1.41%
0.24%
Class R4
 
 
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$9.26
$0.02
$0.79
$0.81
$
$
$
$10.07
8.75%b
$426
1.79%a
1.60%a
0.43%a
9/30/23
8.13
0.02
1.11
1.13
9.26
13.90%
379
1.83%
1.60%
0.25%
9/30/22
14.71
(0.00)d,bb
(4.69)
(4.69)
(0.06)
(1.83)
(1.89)
8.13
(35.99%)
307
1.80%
1.60%
(0.02%)
9/30/21
13.10
(0.05)
1.88
1.83
(0.22)
(0.22)
14.71
13.98%
443
1.67%
1.60%
(0.32%)
9/30/20
12.90
(0.04)
1.32
1.28
(0.02)
(1.06)
(1.08)
13.10
9.84%
1,237
1.72%
1.60%
(0.30%)
9/30/19
12.63
0.01
0.29
0.30
(0.03)
(0.03)
12.90
2.38%
1,337
1.66%
1.57%
0.05%
Class A
 
 
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$9.33
$0.00d
$0.81
$0.81
$
$
$
$10.14
8.68%b
$65
1.87%a
1.69%a
0.01%a
9/30/23
8.21
0.01
1.11
1.12
9.33
13.64%
153
1.93%
1.70%
0.15%
9/30/22
14.77
(0.02)bb
(4.71)
(4.73)
(1.83)
(1.83)
8.21
(35.99%)
140
1.90%
1.68%
(0.15%)
9/30/21
13.17
(0.06)
1.88
1.82
(0.22)
(0.22)
14.77
13.83%
635
1.77%
1.70%
(0.36%)
9/30/20
12.98
(0.05)
1.32
1.27
(0.02)
(1.06)
(1.08)
13.17
9.75%
2,029
1.82%
1.70%
(0.42%)
9/30/19
12.73
0.01
0.28
0.29
(0.04)
(0.04)
12.98
2.32%
885
1.76%
1.68%
0.09%
Class R3
 
 
 
 
 
 
 
 
 
 
 
3/31/24r
$9.11
$0.01
$0.78
$0.79
$
$
$
$9.90
8.67%b
$535
2.04%a
1.85%a
0.17%a
9/30/23
8.03
0.00d
1.08
1.08
9.11
13.45%
493
2.08%
1.85%
0.01%
9/30/22
14.62
(0.03)bb
(4.64)
(4.67)
(0.09)
(1.83)
(1.92)
8.03
(36.15%)
546
2.05%
1.85%
(0.29%)
9/30/21
13.05
(0.06)
1.85
1.79
(0.22)
(0.22)
14.62
13.72%
1,120
1.92%
1.85%
(0.42%)
9/30/20
12.87
(0.07)
1.31
1.24
(0.00)d
(1.06)
(1.06)
13.05
9.57%
992
1.97%
1.85%
(0.58%)
9/30/19
12.60
(0.02)
0.29
0.27
12.87
2.14%
750
1.91%
1.81%
(0.15%)
The accompanying notes are an integral part of the financial statements.
 
 
143

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Notes to Financial Statements (Unaudited)
1.
The Funds
MassMutual Premier Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated August 1, 1994, as amended and restated as of November 21, 2011, as it may be further amended from time to time. The Trust consists of the following series (each individually referred to as a “Fund” or collectively as the “Funds”):
MassMutual U.S. Government Money Market Fund (“U.S. Government Money Market Fund”)
MassMutual Short-Duration Bond Fund (“Short-Duration Bond Fund”)
MassMutual Inflation-Protected and Income Fund (“Inflation-Protected and Income Fund”)
MassMutual Core Bond Fund (“Core Bond Fund”)
MassMutual Diversified Bond Fund (“Diversified Bond Fund”)
MassMutual High Yield Fund (“High Yield Fund”)
MassMutual Balanced Fund (“Balanced Fund”)
MassMutual Disciplined Value Fund (“Disciplined Value Fund”)
MassMutual Main Street Fund (“Main Street Fund”)
MassMutual Disciplined Growth Fund (“Disciplined Growth Fund”)
MassMutual Small Cap Opportunities Fund (“Small Cap Opportunities Fund”)
MassMutual Global Fund (“Global Fund”)
MassMutual International Equity Fund (“International Equity Fund”)
MassMutual Strategic Emerging Markets Fund (“Strategic Emerging Markets Fund”)
Each share class of a Fund represents an interest in the same portfolio of assets. The principal difference among the classes is the level of service and administration fees, and shareholder and distribution service expenses borne by the classes. Because each class will have different fees and expenses, performance and share prices will vary between the classes. The classes of shares are offered to different types of investors, as outlined in the Funds’ Prospectuses.
2.
Significant Accounting Policies
The following is a summary of significant accounting policies followed consistently by each Fund in the preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles”). The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
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
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Notes to Financial Statements (Unaudited) (Continued)
     
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 (with the exception of debt securities held by the U.S. Government Money Market Fund) 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. The U.S. Government Money Market Fund’s debt securities are typically valued at amortized cost, but may be valued using a vendor quote if MML Advisers determines it more closely approximates current market value, in accordance with Rule 2a-7 under the 1940 Act pursuant to which the U.S. Government Money Market Fund must adhere to certain conditions. It is the intention of the U.S. Government Money Market Fund to maintain a stable net asset value per share of $1.00, although this cannot be assured.
Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, established benchmark yield, and estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche, including, but not limited to, prepayment speed assumptions and attributes of the collateral.
The Board of Trustees (“Trustees”) have designated MML Advisers as the Funds’ “valuation designee,” responsible for determining the fair value, in good faith, of securities and other instruments held by the Funds for which market quotations are not readily available or for which such market quotations or values are considered by MML Advisers or a subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event). It is possible that a significant amount of a Fund’s assets will be subject to fair valuation in accordance with MML Advisers’ fair valuation policy and procedures. The fair value determined for an investment by MML Advisers may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.
The Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds’ portfolio securities may change on days when the prices of the Funds’ shares are not calculated. The prices of the Funds’ shares will reflect any such changes when the prices of the Funds’ shares are next calculated, which is the next business day.  The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds’ investments may be priced based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.
Investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and any other investments fair valued using significant unobservable inputs may be fair valued using alternate valuation approaches including the following:
Market approach: considers factors including the price of recent investments in the same or similar security or financial metrics of comparable securities.
Income approach: considers factors including expected future cash flows, security specific risks, and corresponding discount rates.
Cost approach: considers factors including the value of the security’s underlying assets and liabilities.
 
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Notes to Financial Statements (Unaudited) (Continued)
     
Investments in series of preferred stock issued by Private Companies are typically valued utilizing the Market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as the current value method (“CVM”), an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The CVM allocates value among the various parts of a company’s capital structure assuming that the value of convertible preferred stock is represented by the most favorable claim the preferred stockholders have on the enterprise value as of the valuation date. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Fund. Typically, the most recently available information for a Private Company is as of a date that is earlier than the date a Fund is calculating its net asset value. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.
Level 1 – quoted prices (unadjusted) in active markets for identical investments that the Funds can access at the measurement date
Level 2 – other significant observable inputs (including 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 Small Cap Opportunities Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of March 31, 2024. The U.S. Government Money Market Fund characterized all investments at Level 2, as of March 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.
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Notes to Financial Statements (Unaudited) (Continued)
     
The following is the aggregate value by input level, as of March 31, 2024, for the remaining Funds’ investments:
 
Level 1
Level 2
Level 3
Total
Short-Duration Bond Fund
 
 
 
 
Asset Investments
 
 
 
 
Corporate Debt
$     —
$  79,741,526
$     —
$  79,741,526
Non-U.S. Government Agency Obligations
75,873,305
75,873,305
U.S. Government Agency Obligations and Instrumentalities
63,750
63,750
Short-Term Investments
775,860
16,516,414
17,292,274
Total Investments
$775,860
$172,194,995
$
$172,970,855
Liability Derivatives
 
 
 
 
Futures Contracts
$(208,622)
$
$
$(208,622)
Inflation-Protected and Income Fund
 
 
 
 
Asset Investments
 
 
 
 
Corporate Debt
$
$1,342,035
$
$1,342,035
Non-U.S. Government Agency Obligations
128,401,509
4,146,691
132,548,200
U.S. Government Agency Obligations and Instrumentalities
28,122,958
28,122,958
U.S. Treasury Obligations
50,687,781
50,687,781
Short-Term Investments
38,957,211
38,957,211
Total Investments
$
$247,511,494
$4,146,691
$251,658,185
Asset Derivatives
 
 
 
 
Futures Contracts
$50,371
$
$
$50,371
Swap Agreements
4,744,184
4,744,184
Total
$50,371
$4,744,184
$
$4,794,555
Liability Derivatives
 
 
 
 
Futures Contracts
$(2,463)
$
$
$(2,463)
Swap Agreements
(193,738)
(193,738)
Total
$(2,463)
$(193,738)
$
$(196,201)
Core Bond Fund
 
 
 
 
Asset Investments
 
 
 
 
Corporate Debt
$
$247,616,614
$
$247,616,614
Non-U.S. Government Agency Obligations
151,502,211
151,502,211
Sovereign Debt Obligations
1,479,863
1,479,863
U.S. Government Agency Obligations and Instrumentalities
185,833,048
185,833,048
U.S. Treasury Obligations
55,151,235
55,151,235
Short-Term Investments
4,602,658
81,911,370
86,514,028
Total Investments
$4,602,658
$723,494,341
$
$728,096,999
Asset Derivatives
 
 
 
 
Futures Contracts
$413,413
$
$
$413,413
Liability Derivatives
 
 
 
 
Futures Contracts
$(28,866)
$
$
$(28,866)
Diversified Bond Fund
 
 
 
 
Asset Investments
 
 
 
 
Preferred Stock
$355,040
$
$
$355,040
Corporate Debt
56,162,458
56,162,458
 
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Notes to Financial Statements (Unaudited) (Continued)
     
 
Level 1
Level 2
Level 3
Total
Diversified Bond Fund (Continued)
Asset Investments (Continued)
Non-U.S. Government Agency Obligations
$     —
$  34,159,357
$     —
$  34,159,357
Sovereign Debt Obligations
144,823
144,823
U.S. Government Agency Obligations and Instrumentalities
28,214,663
28,214,663
U.S. Treasury Obligations
7,468,475
7,468,475
Purchased Options
392
392
Warrants
4,148
4,148
Short-Term Investments
1,506,933
19,783,733
21,290,666
Total Investments
$1,861,973
$145,933,901
$4,148
$147,800,022
Asset Derivatives
 
 
 
 
Forward Contracts
$
$70,217
$
$70,217
Futures Contracts
177,917
177,917
Total
$177,917
$70,217
$
$248,134
Liability Derivatives
 
 
 
 
Forward Contracts
$
$(59,374)
$
$(59,374)
Futures Contracts
(27,782)
(27,782)
Total
$(27,782)
$(59,374)
$
$(87,156)
High Yield Fund
 
 
 
 
Asset Investments
 
 
 
 
Bank Loans
$
$36,066,358
$
$36,066,358
Corporate Debt
332,137,293
332,137,293
Short-Term Investments
15,162,615
3,997,590
19,160,205
Total Investments
$15,162,615
$372,201,241
$
$387,363,856
Balanced Fund
 
 
 
 
Asset Investments
 
 
 
 
Common Stock
$69,934,481
$
$
$69,934,481
Corporate Debt
11,522,840
11,522,840
Non-U.S. Government Agency Obligations
4,016,729
4,016,729
U.S. Government Agency Obligations and Instrumentalities
10,485,805
10,485,805
U.S. Treasury Obligations
12,931,110
12,931,110
Short-Term Investments
2,489,655
2,489,655
Total Investments
$69,934,481
$41,446,139
$
$111,380,620
Asset Derivatives
 
 
 
 
Futures Contracts
$681
$
$
$681
Liability Derivatives
 
 
 
 
Futures Contracts
$(10,845)
$
$
$(10,845)
Disciplined Value Fund
 
 
 
 
Asset Investments
 
 
 
 
Common Stock
$43,871,280
$
$
$43,871,280
Short-Term Investments
55,539
122,830
178,369
Total Investments
$43,926,819
$122,830
$
$44,049,649
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Notes to Financial Statements (Unaudited) (Continued)
     
 
Level 1
Level 2
Level 3
Total
Main Street Fund
 
 
 
 
Asset Investments
 
 
 
 
Common Stock
$71,025,082
$825,065*
$
$71,850,147
Short-Term Investments
379,665
330,759
710,424
Total Investments
$71,404,747
$1,155,824
$
$72,560,571
Disciplined Growth Fund
 
 
 
 
Asset Investments
 
 
 
 
Common Stock
$ 190,076,313
$     —
$     —
$ 190,076,313
Short-Term Investments
664,731
1,474,639
2,139,370
Total Investments
$190,741,044
$1,474,639
$
$192,215,683
Global Fund
 
 
 
 
Asset Investments
 
 
 
 
Common Stock*
 
 
 
 
Canada
$1,250,163
$
$
$1,250,163
China
3,831,432
948,300
4,779,732
Denmark
9,797,032
9,797,032
France
23,029,515
23,029,515
Germany
7,184,138
7,184,138
India
2,777,460
11,778,706
14,556,166
Israel
2,842,322
2,842,322
Italy
2,206,591
2,206,591
Japan
8,829,648
8,829,648
Netherlands
4,239,128
4,239,128
Spain
2,309,846
2,309,846
Sweden
9,158,979
9,158,979
Switzerland
1,621,988
1,621,988
United States
109,457,177
109,457,177
Short-Term Investments
1,656,800
1,433,512
3,090,312
Total Investments
$121,815,354
$82,537,383
$
$204,352,737
International Equity Fund
 
 
 
 
Asset Investments
 
 
 
 
Common Stock*
 
 
 
 
Australia
$74,997
$1,434,114
$
$1,509,111
Belgium
216,972
968,696
1,185,668
Canada
7,239,811
7,239,811
Denmark
153,715
153,715
Finland
2,348,598
2,348,598
France
11,798,750
11,798,750
Germany
9,516,015
9,516,015
Hong Kong
3,096,078
3,096,078
Ireland
432,899
719,404
1,152,303
Israel
293,578
293,578
Italy
29,118
104,450
133,568
Japan
18,205,034
18,205,034
Luxembourg
273,737
273,737
Netherlands
5,590,414
5,590,414
Norway
612,773
612,773
 
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Notes to Financial Statements (Unaudited) (Continued)
     
 
Level 1
Level 2
Level 3
Total
International Equity Fund (Continued)
Asset Investments (Continued)
Common Stock* (Continued)
 
 
 
 
Republic of Korea
$     —
$   473,011
$     —
$   473,011
Singapore
377,135
377,135
Spain
4,205,561
4,205,561
Sweden
3,181,875
3,181,875
Switzerland
5,970,769
5,970,769
United Kingdom
21,687,477
21,687,477
United States
569,222
15,531,953
16,101,175
Preferred Stock*
 
 
 
 
Germany
182,353
182,353
Short-Term Investments
599,797
2,783,022
3,382,819
Total Investments
$9,456,394
$109,214,934
$
$118,671,328
Strategic Emerging Markets Fund
 
 
 
 
Asset Investments
 
 
 
 
Common Stock*
 
 
 
 
Brazil
$4,381,254
$2,019,057
$
$6,400,311
Chile
879,528
799,230
1,678,758
China
12,497,019
5,921,352
18,418,371
France
5,872,534
5,872,534
Hong Kong
53,688
53,688
India
17,319,884
17,319,884
Indonesia
1,503,129
1,503,129
Italy
227,646
1,820,786
2,048,432
Japan
2,387,479
2,387,479
Mexico
2,385,382
12,483,695
14,869,077
Netherlands
700,034
700,034
Peru
1,374,924
1,374,924
Philippines
1,719,353
1,719,353
Poland
161,526
161,526
Portugal
1,746,371
1,746,371
Republic of Korea
12,288,872
12,288,872
Russia
+
South Africa
912,151
912,151
Switzerland
2,434,234
2,434,234
Taiwan
10,669,347
10,669,347
Turkey
1,138,638
1,138,638
United Arab Emirates
335,303
335,303
United Kingdom
1,127,754
1,127,754
Preferred Stock*
 
 
 
 
Brazil
1,150,537
1,150,537
Short-Term Investments
2,021,558
2,021,558
Total Investments
$22,445,787
$85,886,478
$
$108,332,265
*
Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their respective foreign markets, as applicable.
+
Represents a security at $0 value as of March 31, 2024.
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Notes to Financial Statements (Unaudited) (Continued)
     
For certain Fund(s) the Statement of Assets and Liabilities shows liabilities for investments purchased on a delayed delivery basis and amounts due to custodian. These amounts approximate fair value and would be categorized at Level 2 for each applicable Fund as of March 31, 2024.
The Funds had no Level 3 transfers during the period ended March 31, 2024.
Following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining value:
Asset Valuation Inputs
 
Investments in Securities
 
Balance
as of
9-30-23
Accrued
Discounts
(Premiums)
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Purchases
(Sales)
Transfers
into
Level 3
Transfers
(out)
of Level 3
Balance
as of
3-31-24
Net Change
in Unrealized
Appreciation
(Depreciation)
from
Investments
Still held
as of 3/31/24
Inflation-Protected and Income Fund
 
Non-U.S. Government Agency Obligations
$   —
$   —
$   —
$   —
$4,500,000
$(353,309)
$   —
$   —
$4,146,691
$   —
The Inflation-Protected and Income Fund may fair value certain of its Level 3 investments using acquisition cost, although the transaction may not have occurred during the current reporting period. These investments are generally privately held investments, but may include defaulted securities and new debt issuances. There may not be a secondary market for such investments, and/or there are a limited number of investors. The determination to fair value such investments at cost is based upon factors consistent with the principles of fair value measurement that are reasonably available to the Valuation Committee. Valuations are reviewed by members of the Valuation Committee utilizing available market information to determine if the carrying value of these investments should be adjusted. Such market data may include, but is not limited to, observations of the trading multiples of public companies considered comparable to the private companies being valued, financial or operational information released by the company, and/or news or corporate events that affect the investment, also referred to as enterprise value (EV) to earnings before interest, taxes, depreciation, and amortization (EBITDA) ratios. Valuations may be adjusted to account for company-specific issues, the lack of liquidity inherent in a nonpublic investment, and the fact that comparable public companies are not identical to the investments being fair valued by the Inflation-Protected and Income Fund. All market variables are assessed on a regular frequency and calibrated as necessary.
The table excludes securities which were classified as level 3 based upon a broker quote.
 
Fair Value
Valuation Technique(s)
Unobservable Input Description
Range of Unobservable Inputs Utilized(a)
Weighted Average of Unobservable Inputs Based on Fair Value
Inflation-Protected and Income Fund
Fixed Income
$4,146,691
Cost approach
Transaction price
$     100
$     100
Total
$4,146,691
 
 
 
 
(a)
A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.
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.
 
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Notes to Financial Statements (Unaudited) (Continued)
     
At March 31, 2024, and during the period then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:
 
Credit Risk
Equity Risk
Foreign
Exchange
Risk
Interest/
Inflation Rate Risk
Total
Short-Duration Bond Fund
 
 
 
 
 
Liability Derivatives
 
 
 
 
 
Futures Contracts^^
$
$
$
$(208,622)
$(208,622)
Realized Gain (Loss)#
 
 
 
 
 
Futures Contracts
$
$
$
$(63,258)
$(63,258)
Swap Agreements
(281,746)
(259,328)
(541,074)
Total Realized Gain (Loss)
$(281,746)
$
$
$(322,586)
$(604,332)
Change in Appreciation (Depreciation)##
Futures Contracts
$
$
$
$(414,430)
$(414,430)
Swap Agreements
(54,163)
70,476
16,313
Total Change in Appreciation (Depreciation)
$(54,163)
$
$
$(343,954)
$(398,117)
Inflation-Protected and Income Fund
Asset Derivatives
 
 
 
 
 
Futures Contracts^^
$
$
$
$50,371
$50,371
Swap Agreements*
4,684,654
4,684,654
Swap Agreements^^,^^^
59,530
59,530
Total Value
$
$4,684,654
$
$109,901
$4,794,555
Liability Derivatives
 
 
 
 
 
Futures Contracts^^
$
$
$
$(2,463)
$(2,463)
Swap Agreements^^,^^^
(193,738)
(193,738)
Total Value
$
$
$
$(196,201)
$(196,201)
Realized Gain (Loss)#
 
 
 
 
 
Futures Contracts
$
$
$
$45,462
$ 45,462
Swap Agreements
(6,730,558)
235,378
(6,495,180)
Total Realized Gain (Loss)
$
$ (6,730,558)
$
$280,840
$ (6,449,718)
Change in Appreciation (Depreciation)##
Futures Contracts
$
$
$
$(333,193)
$(333,193)
Swap Agreements
9,926,454
(50,399)
9,876,055
Total Change in Appreciation (Depreciation)
$
$9,926,454
$
$(383,592)
$9,542,862
Core Bond Fund
 
 
 
 
 
Asset Derivatives
 
 
 
 
 
Futures Contracts^^
$
$
$
$413,413
$413,413
Liability Derivatives
 
 
 
 
 
Futures Contracts^^
$
$
$
$(28,866)
$(28,866)
Realized Gain (Loss)#
 
 
 
 
 
Futures Contracts
$
$
$
$ (1,750,273)
$ (1,750,273)
Swap Agreements
(1,264,215)
(1,675,484)
(2,939,699)
Total Realized Gain (Loss)
$ (1,264,215)
$
$
$ (3,425,757)
$ (4,689,972)
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Notes to Financial Statements (Unaudited) (Continued)
     
 
Credit Risk
Equity Risk
Foreign
Exchange
Risk
Interest/
Inflation Rate Risk
Total
Core Bond Fund (Continued)
Change in Appreciation (Depreciation)##
Futures Contracts
$   —
$   —
$   —
$ 3,946,184
$ 3,946,184
Swap Agreements
(275,741)
465,884
190,143
Total Change in Appreciation (Depreciation)
$(275,741)
$
$
$ 4,412,068
$ 4,136,327
Diversified Bond Fund
 
 
 
 
 
Asset Derivatives
 
 
 
 
 
Purchased Options*
$
$
$392
$
$392
Forward Contracts*
70,217
70,217
Futures Contracts^^
177,917
177,917
Total Value
$
$
$70,609
$177,917
$248,526
Liability Derivatives
 
 
 
 
 
Forward Contracts^
$
$
$(59,374)
$
$(59,374)
Futures Contracts^^
(27,782)
(27,782)
Total Value
$
$
$(59,374)
$(27,782)
$(87,156)
Realized Gain (Loss)#
 
 
 
 
 
Purchased Options
$
$   —
$(14,140)
$   —
$(14,140)
Forward Contracts
(82,346)
(82,346)
Futures Contracts
(273,009)
(273,009)
Swap Agreements
(273,390)
(285,642)
(559,032)
Written Options
17,276
17,276
Total Realized Gain (Loss)
$(273,390)
$
$(79,210)
$(558,651)
$(911,251)
Change in Appreciation (Depreciation)##
Purchased Options
$
$
$8,369
$
$8,369
Forward Contracts
62,519
62,519
Futures Contracts
1,197,122
1,197,122
Swap Agreements
(59,087)
44,198
(14,889)
Written Options
(8,689)
(8,689)
Total Change in Appreciation (Depreciation)
$(59,087)
$
$62,199
$ 1,241,320
$ 1,244,432
Balanced Fund
 
 
 
 
 
Asset Derivatives
 
 
 
 
 
Futures Contracts^^
$
$
$
$681
$681
Liability Derivatives
 
 
 
 
 
Futures Contracts^^
$
$
$
$(10,845)
$(10,845)
Realized Gain (Loss)#
 
 
 
 
 
Futures Contracts
$
$
$
$(14,122)
$(14,122)
Change in Appreciation (Depreciation)##
Futures Contracts
$
$
$
$(52,218)
$(52,218)
*
Statements of Assets and Liabilities location: Investments, at value, or Receivables from: open forward contracts or open swap agreements, at value, as applicable.
^
Statements of Assets and Liabilities location: Payables for: open forward contracts, as applicable.
 
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Notes to Financial Statements (Unaudited) (Continued)
     
^^
Cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps is reported in “Futures Contracts” and “Swap Agreements” in each applicable Fund’s Portfolio of Investments. Only current day’s variation margin, if any, is reported within the Statements of Assets and Liabilities.
^^^
Represents centrally cleared swaps, which are not subject to a master netting agreement or similar agreement.
#
Statements of Operations location: Amounts are included in net realized gain (loss) on investment transactions, forward contracts, futures contracts, swap agreements, or written options, as applicable.
##
Statements of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on investment transactions, forward contracts, futures contracts, swap agreements, or written options, as applicable.
For the period ended March 31, 2024, the average number of contracts, notional amounts, or shares/units outstanding for each derivative type was as follows:
 
Average Number of Contracts, Notional Amounts, or Shares/Units†
Fund Name
Futures Contracts
Forward Contracts
Swap Agreements
Purchased Options
Written Options
Short-Duration Bond Fund
891
$
$65,970,000
Inflation-Protected and Income Fund
295
335,529,194
Core Bond Fund
876
356,079,000
Diversified Bond Fund
270
6,138,940
70,408,000
634,962
384,885
Balanced Fund
33

As applicable, amount(s) disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts and swap agreements, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the period ended March 31, 2024.
The Portfolio of Investments included in a Fund’s financial statements shows the assets or liabilities of the Fund associated with individual derivatives transactions. The terms of many of those transactions contemplate that derivatives receivables and payables between the same two parties may be netted and that the parties will collateralize certain obligations. The following tables provide an illustration of the possible effect of netting provisions and of collateral (delivered or received) on a Fund’s derivatives exposure as of March 31, 2024. Netting arrangements vary among different counterparties, and the actual disposition of derivatives receivables and payables, and of collateral, in a bankruptcy or insolvency can be complicated and difficult to predict.
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Notes to Financial Statements (Unaudited) (Continued)
     
The following table presents derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) or similar agreement and net of the related collateral received by the Fund(s) as of March 31, 2024.
Counterparty
Derivative
Assets Subject
to an MNA by Counterparty†
Financial Instruments Available for Offset
Collateral Received***
Net Amount*
Inflation-Protected and Income Fund
 
 
 
 
Barclays PLC
$  1,592,351
$     —
$  (260,000)
$  1,332,351
BNP Paribas SA
515,673
515,673
Goldman Sachs International
2,576,630
(1,390,000)
1,186,630
 
$4,684,654
$
$(1,650,000)
$3,034,654
Diversified Bond Fund
 
 
 
 
Bank of America N.A.
$3,437
$(3,437)
$
$
Citibank N.A.
14,866
(10,866)
4,000
Goldman Sachs International
45,409
(9,698)
35,711
HSBC Bank PLC
4,280
(4,280)
Morgan Stanley & Co. LLC
2,617
(2,617)
 
$70,609
$(30,898)
$
$39,711
The following table presents derivative liabilities by counterparty net of amounts available for offset under an MNA or similar agreement and net of the related collateral pledged by the Fund(s) as of March 31, 2024.
Counterparty
Derivative Liabilities Subject to an MNA by Counterparty†
Financial Instruments Available for
Offset
Collateral Pledged***
Net Amount**
Diversified Bond Fund
 
 
 
 
Bank of America N.A.
$    (6,477)
$    3,437
$     —
$   (3,040)
BNP Paribas SA
(10,169)
(10,169)
Citibank N.A.
(10,866)
10,866
Goldman Sachs International
(9,698)
9,698
HSBC Bank PLC
(17,307)
4,280
(13,027)
Morgan Stanley & Co. LLC
(4,857)
2,617
(2,240)
 
$(59,374)
$30,898
$
$(28,476)
*
Represents the net amount receivable from the counterparty in the event of default.
**
Represents the net amount payable to the counterparty in the event of default.
***
The amount presented here may be less than the total amount of collateral received/pledged as the net amount of derivative assets and liabilities for a counterparty cannot be less than $0.

The amount presented here may be less than the total amount shown in the Statements of Assets and Liabilities as some derivatives held by the counterparty are not covered within an MNA or similar agreement.
Such agreements typically permit a single net payment in the event of default, including the bankruptcy or insolvency of the counterparty.  The Fund(s) and counterparties may not be permitted to sell, re-pledge, or use the collateral they receive.  In the event that cash collateral is restricted for use, the balance will be reflected as restricted cash within the Statement of Assets and Liabilities.
Further details regarding the derivatives and other investments held by the Fund(s) during the period ended March 31, 2024, are discussed below.
 
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Notes to Financial Statements (Unaudited) (Continued)
     
Foreign Currency Exchange Transactions
A Fund may enter into foreign currency exchange transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, or for other, non-hedging purposes.
A Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts. These contracts call for the Fund to deliver in the future an amount of one currency in return for an amount of another currency, at an exchange rate determined at the time the contract is entered into. Forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin. A Fund may also buy and sell options on currencies. When the Fund buys an option, its loss should generally be limited to the amount of the premium paid and any transaction costs. If a Fund sells an option on a currency, it is subject generally to the same risks as if it had entered into a futures contract or forward contract with respect to that currency. A Fund may enter into foreign currency exchange transactions in order to hedge against changes in the values of the assets or liabilities denominated in one or more foreign currencies, or otherwise to increase or reduce a Fund’s exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.
Whenever a Fund enters into a foreign currency exchange transaction, it is subject to the risk that the value of the transaction will move in a direction unfavorable to it. When the Fund uses the transactions for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. If a Fund enters into foreign currency exchange transactions other than for hedging purposes (for example, seeking to profit from an anticipated change in the values of currencies by creating directional exposures in the portfolio with respect to one or more currencies), it will generally be subject to the same risks, but is less likely to have assets or liabilities that will offset any losses on the transactions. There can be no assurance that a Fund will be able to terminate any foreign currency exchange transaction prior to its maturity in order to limit its loss on the transaction.
Forward foreign currency contracts are marked to market daily and the change in their value is recorded by the Funds as an unrealized gain or loss. Forward foreign currency contracts are valued at the settlement price established through dealers or other market sources on the day which they are traded. When a forward foreign currency contract is extinguished, through delivery or offset by entering into another forward foreign currency contract, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished or offset. The notional or contractual amounts of these instruments do not necessarily represent the amounts potentially subject to risk. The measurement of the risk associated with these instruments is meaningful only when all related and offsetting transactions and counterparty risks are considered. For information regarding the accounting treatment of options, see “Options, Rights, and Warrants” below.
A Fund’s current exposure to a counterparty is the unrealized appreciation (depreciation) on the contract.
Futures Contracts
A Fund may seek to manage a variety of different risks, such as interest rate risk, equity price risk, and currency risk, through the use of futures contracts.
A Fund may use interest rate futures contracts to adjust the interest rate sensitivity (duration) of its portfolio or the credit exposure of the portfolio. Interest rate futures contracts obligate the long or short holder to take or make delivery of a specified quantity of a financial instrument, such as a specific fixed income security, during a specified future period at a specified price. A Fund may use index futures contracts to hedge against broad market risks to its portfolio or to gain broad market exposure when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets, including commodities and precious metals. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash. Positions in futures contracts may be closed out only on an exchange or board of trade which provides a market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk.
Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by the Funds as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the
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Notes to Financial Statements (Unaudited) (Continued)
     
asset or liability of the Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing transaction with respect to a futures contract it has entered into, at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it. When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part.
When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.
Swap Agreements
Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments or rates, which may be adjusted for an interest factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount,” (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a “basket” of securities representing a particular index).
Interest Rate Swaps. When a Fund enters into an interest rate swap, it typically agrees to make payments to its counterparty based on a specified long- or short-term interest rate, and will receive payments from its counterparty based on another interest rate. Other forms of interest rate swap agreements include, among others, interest rate caps, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; interest rate floors, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. A Fund may enter into an interest rate swap in order, for example, to hedge against the effect of interest rate changes on the value of specific securities in its portfolio, or to adjust the interest rate sensitivity (duration) or the credit exposure of its portfolio overall, or otherwise as a substitute for a direct investment in debt securities.
Total Return Swaps. A Fund also may enter into total return swaps. In a total return swap, one party typically agrees to pay to the other a short-term interest rate in return for a payment at one or more times in the future based on the increase in the value of an underlying security or other asset, or index of securities or assets; if the underlying security, asset, or index declines in value, the party that pays the short-term interest rate must also pay to its counterparty a payment based on the amount of the decline. A Fund may take either side of such a swap, and so may take a long or short position in the underlying security, asset, or index. A Fund may enter into a total return swap to hedge against an exposure in its portfolio — such as interest rate risk (including to adjust the duration or credit quality of a Fund’s bond portfolio), equity risk, or credit risk — or generally to put cash to work efficiently in the markets in anticipation of, or as a replacement for, cash investments. A Fund may also enter into a total return swap to gain exposure to securities or markets in which it might not be able to invest directly (in so-called market access transactions).
Credit Default Swaps. A Fund also may enter into credit default swap transactions, as a “buyer” or “seller” of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a “reference entity”). In general, the buyer of credit protection is obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a “credit event” occurs, the buyer has the right to deliver to the seller bonds or other obligations of the reference entity (with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, acceleration, default, or repudiation/moratorium. When a Fund buys protection, it may or may not own securities of the reference entity. If it does own securities of the reference entity, the swap serves as a hedge against a decline in the value of the securities due to the occurrence of a credit event involving the issuer of the securities. If the Fund does not own securities of the reference entity, the credit default swap may be seen to create a short position in the reference entity. If a Fund is a buyer and no credit event occurs, the Fund will typically recover nothing under the swap, but will have had to pay the required upfront payment and stream of continuing payments under the swap. When a Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund’s portfolio through the Fund’s indirect long exposure to the issuer or securities on which the swap is written. When a Fund sells protection, it may do so either to earn additional income or to create a “synthetic” long position.
 
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Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. The Fund also takes the risk that the market will move against its position in the swap agreement. In the case of an interest rate swap, the value of the swap may increase or decrease depending on changes in interest rates. In the case of a total return swap, the swap will change in value depending on the change in value of the asset or index on which the swap is written. In the case of a credit default swap, the swap will become more or less valuable depending on the credit of the issuer of the underlying security, and, if a credit event occurs under a swap where the Fund is the seller of credit protection, the Fund could be required to purchase the security at par value, resulting in a significant loss to the Fund. When the Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.
Centrally Cleared Swaps. Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally certain interest rate swaps, certain index swaps, and credit derivatives. In a cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Fund’s exposure to the credit risk of its original counterparty. The Fund will be required to post amounts (“initial margin”) with the clearinghouse or at the instruction of the clearinghouse. The initial margin required by a clearinghouse may be greater than the initial margin the Fund would be required to post in an uncleared transaction. If cash is deposited as the initial margin, it is shown as collateral on a Fund’s Statement of Assets and Liabilities. Swap agreements are marked to market daily and subsequent payments (“variation margin”) are made or received by a Fund depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on a Fund’s Statement of Assets and Liabilities (“Variation margin on open derivative instruments”) and as a component of net change in unrealized appreciation (depreciation) on a Fund’s Statement of Operations.  Only a limited number of transaction types are currently eligible for clearing.
During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking to market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and a Fund’s basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund’s Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gain or loss on the Fund’s Statement of Operations upon termination or maturity of the swap agreement.
During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Funds are recorded in the accompanying Statements of Operations as realized gains and losses, respectively.
A Fund’s current exposure to a counterparty is the fair value of the transaction.
Options, Rights, and Warrants
A Fund may purchase and sell put and call options on portfolio securities or an index of securities to enhance investment performance or to protect against changes in market prices. A Fund that invests in debt securities may also purchase and sell put and call options to adjust the interest rate sensitivity of its portfolio or the credit exposure of the portfolio.
Call Options. A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date in the case of an American-style option or only on the expiration date in the case of a European-style option.
Put Options. A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price.
Writing put and call options. A Fund may write call options on a security it owns, in a “directional” strategy hoping to realize a greater current return through the receipt of premiums. In return for the option premium, the Fund takes the risk that it will have to forego any increase in the value of the security over the strike price. When a Fund has written a call option on a security it does not own, its exposure on such an option is theoretically unlimited. A Fund may enter into closing purchase transactions in order to realize a profit or limit a loss on a previously written call option or, in the case of a call option on a security it owns, to free itself
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to sell the underlying security or to write another call on the security, or protect a security from being called in an unexpected market rise. Any profits from a closing purchase transaction in the case of a call option on a security a Fund owns may be offset by a decline in the value of the underlying security. Conversely, because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from a closing purchase transaction relating to a call option on a security a Fund owns is likely to be offset in whole or in part by unrealized appreciation of the underlying security owned by the Fund. A Fund may not be able to close out a call option that it has previously written. A Fund may write put options in order to enhance its current return by taking a long directional position as to a security or index of securities. By writing a put option, the Fund assumes the risk that it may be required to purchase the underlying security for an exercise price higher than its then current market value, resulting in a potential capital loss unless the security later appreciates in value. A Fund may terminate a put option that it has written before it expires by entering into a closing purchase transaction. Any loss from this transaction may be partially or entirely offset by the premium received on the terminated option. A Fund may not be able to close out a put option that it has previously written.
When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against the amount paid on the underlying investment to determine the realized gain or loss.
Purchasing put and call options. A Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. A Fund may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. If the Fund holds the security underlying the option, the option premium and any transaction costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option. A Fund may purchase call options to hedge against an increase in the price of securities that the Fund wants ultimately to buy. A Fund may also purchase a call option as a long directional investment hoping to profit from an anticipated increase in the value of the underlying security. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit the Fund might have realized had it bought the underlying security at the time it purchased the call option.
When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option’s expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. This contrasts with an investment by a Fund in the underlying security, since the Fund will not realize a loss if the security’s price does not change. Premiums paid for purchasing options that expire are treated as realized losses.
OTC Options. OTC options purchased or sold by a Fund are not traded on securities or options exchanges or backed by clearinghouses. Rather, they are entered into directly between a Fund and the counterparty to the option. In the case of an OTC option purchased by the Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration. OTC options are valued using prices supplied by a primary pricing source, selected pursuant to procedures approved by the Trustees.
Rights and Warrants. A Fund may purchase or hold warrants or rights in order to gain exposure to the underlying security without owning the security, including, for example, cases where the Fund hopes to lock in the price today of a security it may wish to purchase in the future. Warrants generally give the holder the right, but not the obligation, to buy a security at a stated price. In order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. Rights may similarly confer on the holder the right to purchase or acquire securities, including through participation in a so-called rights offering. Bonds may be issued with warrants or other rights attached to purchase or acquire equity or other debt securities, typically of the bond issuer. The market prices of bonds with warrants or rights attached to purchase equity securities or bonds may, to some degree, reflect changes in the values of the underlying securities.
When a Fund purchases or otherwise acquires warrants or other rights, it runs the risk that it will lose its entire investment in the warrants or rights, unless the Fund exercises the warrant or right, acquires the underlying securities, or enters into a closing transaction before expiration. If the price of the underlying security does not rise to an extent sufficient to cover any premium and
 
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transaction costs, the Fund will lose part or all of its investment. Any premiums or purchase price paid for warrants or other rights that expire are treated as realized losses. Warrants and similar rights differ from options in that they are typically written by the issuer of the security underlying the warrant or right. Although some warrants and rights may be non-transferable, others may be traded over-the-counter or on an exchange.
Hybrid Instruments
A hybrid instrument may be a debt security, preferred stock, warrant, convertible security, certificate of deposit, or other evidence of indebtedness on which a portion of or all interest payments, and/or the principal or stated amount payable at maturity, redemption, or retirement, is determined by reference to one or more underlying assets, indexes, economic factors, or other benchmarks. Because hybrid instruments may be designed to provide indirect exposures to virtually any type of derivative instrument, a Fund may invest in a hybrid instrument for any purpose it might engage in derivatives transactions. Hybrid instruments may take a number of forms, including, for example, debt instruments with interest or principal payments or redemption terms determined by reference to the value of an index, security, or other measure at a future time, preferred stock with dividend rates determined by reference to the value of a currency, or convertible securities where the conversion terms relate to a particular commodity. The risks of investing in a hybrid instrument may, depending on the nature of the instrument, reflect a combination of the risks of investing in securities, options, futures, currencies or other types of investments, and will depend upon the terms of the instrument. Such risks generally depend upon factors unrelated to the operations or credit quality of the issuer of the hybrid instrument, and may not be foreseen by the purchaser, such as financial or market developments, economic and political events, the supply and demand of the underlying assets, and interest rate movements. Hybrid instruments may be highly volatile and their use by a Fund may not be successful. The terms of a hybrid instrument may create investment leverage. Hybrid instruments are typically privately issued, presenting credit risk of the issuer, and may be highly illiquid and difficult to value.
Inflation-Linked Securities
Inflation-linked securities are typically fixed income securities whose principal values are periodically adjusted according to a measure of inflation. If the index measuring inflation falls, the principal value of an inflation-linked security will be adjusted downward, and consequently the interest payable on the security (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original principal of the security upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-linked securities. For securities that do not provide a similar guarantee, the adjusted principal value of the security repaid at maturity may be less than the original principal.
Alternatively, the interest rates payable on certain inflation-linked securities may be adjusted according to a measure of inflation. As a result, the principal values of such securities do not adjust according to the rate of inflation, although the interest payable on such securities may decline during times of falling inflation.
The values of inflation-linked securities are expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-linked securities. Inflation-linked securities may cause a potential cash flow mismatch to investors, because an increase in the principal amount of an inflation-linked security will be treated as interest income currently subject to tax at ordinary income rates even though investors will not receive repayment of principal until maturity. If a Fund invests in such securities, it will be required to distribute such interest income in order to qualify for treatment as a regulated investment company and eliminate the Fund-level tax, without a corresponding receipt of cash, and therefore may be required to dispose of portfolio securities at a time when it may not be advantageous to do so in order to make such distributions.
Bank Loans
A Fund may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. A Fund may invest in a loan by lending money to a borrower directly as part of a syndicate of lenders. In a syndicated loan, the agent that originated and structured the loan typically administers and enforces the loan on behalf of the syndicate. Failure by the agent to fulfill its obligations may delay or adversely affect receipt of payment by a Fund. A Fund may also invest in loans through novations, assignments, and participation interests. In a novation, a Fund typically assumes all of the rights of a lending institution in a loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When a Fund takes an assignment of a loan, the Fund acquires
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some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. If a Fund acquires a participation in the loan, the Fund purchases an indirect interest in a loan held by a third party and the Fund typically will have a contractual relationship only with the third-party loan investor, not with the borrower. As a result, a Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the loan investor selling the participation and only upon receipt by such loan investor of such payments from the borrower. In such cases, a Fund assumes the credit risk of both the borrower and the loan investor selling the participation, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third party.
Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. The value of any collateral securing a bank loan may decline after the Fund invests, and there is a risk that the value of the collateral may not be sufficient to cover the amount owed to the Fund.
Certain Funds may receive or pay fees associated with investments in bank loans. These fees are included as interest income on a Fund’s Statement of Operations. These fees include all income and expenses associated with the processing and maintenance of these types of loans, including but not limited to consent fee income, amendment fees, and closing fees.
At March 31, 2024, the Funds had no unfunded bank loan commitments.
Repurchase Agreements
Each Fund may enter into repurchase agreements with certain banks and broker-dealers whereby a Fund acquires a security for cash and obtains a simultaneous commitment from the seller to repurchase the security at an agreed upon price and date. A Fund, through its custodian, takes possession of the securities collateralizing the repurchase agreement in a segregated account. Repurchase agreements must be fully collateralized at all times, but involve some risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral, or if the Fund is required to return collateral to a borrower at a time when it may realize a loss on the investment of that collateral. Collateral for certain tri-party repurchase agreements is held at the Fund’s custodian or sub-custodian in a segregated account for the benefit of the Fund and the counterparty.
When-Issued, Delayed-Delivery, Forward Commitment, and To-Be-Announced Transactions
A Fund may enter into when-issued, delayed-delivery, forward commitment, or to-be-announced (“TBA”) transactions (collectively, the “Forward Transactions”) in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund’s existing portfolio. In Forward Transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. In the case of TBA purchase commitments, the unit price and the estimated principal amount are established when the Fund enters into a commitment, with the actual principal amount being within a specified range of the estimate. Although a Fund does not typically pay for the securities in these types of transactions until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. As a result, each of these types of transactions may create investment leverage in a Fund’s portfolio and increase the volatility of the Fund. If a Fund’s counterparty fails to deliver a security purchased in a Forward Transaction, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.
These securities are valued on the basis of valuations furnished by a pricing service, selected pursuant to procedures approved by the Trustees, which determines valuations taking into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Securities for which no market quotation is available are valued at fair value by MML Advisers. A Fund records on a daily basis the unrealized appreciation (depreciation) based upon changes in the values of these securities. When a Forward Transaction is closed, a Fund records a realized gain or loss equal to the difference between the value of the transaction at the time it was opened and the value of the transaction at the time it was closed.
 
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Dollar Roll Transactions
A Fund may enter into dollar roll transactions, in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to purchase substantially similar securities on a specified future date from the same party. A Fund may invest in dollar rolls in order to benefit from anticipated changes in pricing for the mortgage-backed securities during the term of the transaction, or for the purpose of creating investment leverage. In a dollar roll, the securities that are to be purchased will be of the same type as the securities sold, but will be supported by different pools of mortgages.
Dollar rolls involve the risk that the Fund’s counterparty will be unable to deliver the mortgage-backed securities underlying the dollar roll at the fixed time. If the counterparty files for bankruptcy or becomes insolvent, a Fund’s use of the transaction proceeds may be restricted pending a determination by the counterparty or its representative, whether to enforce the Fund’s obligation to repurchase the securities. A Fund can incur a loss on a dollar roll transaction (either because its counterparty fails to perform or because the value of the mortgages subject to the transaction declines) and on the investments made by the Fund with the proceeds of the dollar roll transaction.
A Fund accounts for a dollar roll transaction as a purchase and sale whereby the difference in the sales price and purchase price of the security sold is recorded as a realized gain (loss). If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sales price and the future purchase price is recorded as an adjustment to interest income. Dollar roll transactions generally have the effect of creating leverage in a Fund’s portfolio.
Securities Lending
Each Fund, other than the U.S. Government Money Market 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 March 31, 2024, the Funds’ collateral was equal to or greater than 100% of the market value of securities on loan and all of the Funds’ cash collateral was invested in the State Street Navigator Securities Lending Government Money Market Portfolio.
Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower (“Borrowing Agreement”), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement.
The Funds employ the Agent to implement their securities lending program and the Agent receives a fee from the Funds for its services. In addition, the Funds may be required to pay a rebate to the Borrower. Accordingly, a Fund’s compensation for lending its securities is reduced by any such fees or rebate paid to the Agent or Borrower, respectively. Income received by the Funds in securities lending transactions during the period ended March 31, 2024, is reflected as securities lending income on the Statement of Operations.
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.
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Dividend income and realized capital gain distributions are recorded on the ex-dividend date. Non-cash dividends received in the form of stock are recorded as dividend income at market value. 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.
Allocation of Operating Activity
In maintaining the records for the Funds, the income and expense accounts are allocated daily to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, if any, which are directly attributable to a class of shares, are charged to that class’s operations. Expenses of a Fund not directly attributable to the operations of any specific class of shares of the Fund are prorated among the classes to which the expense relates based on relative net assets.
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.
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 (the “Code”), 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.
 
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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.
Investment Advisory Fees and Other Transactions
Investment Advisory Fees and Investment Subadvisers
MML Advisers, a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”), serves as investment adviser to each Fund. Under the investment advisory agreements between MML Advisers and the Trust on behalf of each Fund, MML Advisers is responsible for providing investment management services for each Fund. In return for these services, MML Advisers receives investment advisory fees, based upon each Fund’s average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:
Fund
Investment Advisory Fee
U.S. Government Money Market Fund
0.35% on the first $1 billion; and
0.33% on any excess over $1 billion
Short-Duration Bond Fund
0.35% on the first $500 million; and
0.30% on any excess over $500 million
Inflation-Protected and Income Fund
0.38% on the first $350 million; and
0.33% on any excess over $350 million
Core Bond Fund
0.38% on the first $1.5 billion;
0.33% on the next $500 million; and
0.28% on any excess over $2 billion
Diversified Bond Fund
0.40% on the first $150 million; and
0.30% on any excess over $150 million
High Yield Fund
0.48% on the first $250 million; and
0.455% on any excess over $250 million
Balanced Fund
0.48% on the first $300 million; and
0.43% on any excess over $300 million
Disciplined Value Fund
0.45% on the first $400 million; and
0.40% on any excess over $400 million
Main Street Fund
0.55% on the first $300 million; and
0.50% on any excess over $300 million
Disciplined Growth Fund
0.45% on the first $400 million; and
0.40% on any excess over $400 million
Small Cap Opportunities Fund
0.58% on the first $300 million; and
0.53% on any excess over $300 million
Global Fund
0.75% on the first $400 million; and
0.70% on any excess over $400 million
International Equity Fund
0.83% on the first $500 million;
0.78% on the next $500 million; and
0.73% on any excess over $1 billion
Strategic Emerging Markets Fund
1.00% on the first $350 million; and
0.95% on any excess over $350 million
164
 

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Notes to Financial Statements (Unaudited) (Continued)
     
MML Advisers has entered into investment subadvisory agreements with Barings LLC (“Barings”), a wholly-owned subsidiary of MM Asset Management Holding LLC, itself a wholly-owned subsidiary of MassMutual Holding LLC, a controlled subsidiary of MassMutual, on behalf of certain Funds. These agreements provide that Barings manage the investment and reinvestment of assets of these Funds. Barings receives a subadvisory fee from MML Advisers, based upon each Fund’s average daily net assets, at the following annual rates:
U.S. Government Money Market Fund
0.05%
 
Short-Duration Bond Fund*
0.08%
 
Inflation-Protected and Income Fund*
0.08%
 
Core Bond Fund*
0.10%
 
Diversified Bond Fund*
0.10%
 
High Yield Fund*
0.20%
 
*
Baring International Investment Limited (“BIIL”), a wholly-owned subsidiary of Barings, serves as a sub-subadviser of the Fund. BIIL does not receive a fee from Barings under the sub-subadvisory agreement with Barings.
MML Advisers has also entered into investment subadvisory agreements for certain Funds with the unaffiliated investment subadviser(s) shown in the following table. MML Advisers pays a subadvisory fee to each of these subadvisers based upon the aggregate net assets under management which include (1) the average daily net assets of the specified Fund which it manages, and, if applicable, (2) the average daily net assets of other Funds or accounts of MML Advisers or its affiliates for which the subadviser provides subadvisory services.
Balanced Fund*
Invesco Advisers, Inc.
 
Disciplined Value Fund
Wellington Management Company LLP
 
Main Street Fund
Invesco Advisers, Inc.
 
Disciplined Growth Fund
Wellington Management Company LLP
 
Small Cap Opportunities Fund
Invesco Advisers, Inc.
 
Global Fund
Invesco Advisers, Inc.
 
International Equity Fund
Thompson, Siegel & Walmsley LLC; and
 
 
Wellington Management Company LLP
 
Strategic Emerging Markets Fund
Invesco Advisers, Inc.
 
*
Invesco Capital Management LLC serves as a sub-subadviser of the Fund.
The Funds’ subadvisory fees are paid monthly by MML Advisers out of the investment advisory fees previously disclosed above.
Administration Fees
Under an Administrative and Shareholder Services Agreement between the Trust and MML Advisers, on behalf of each Fund, MML Advisers is obligated to provide certain administrative and shareholder services. In return for these services, MML Advisers receives an administrative services fee, based upon the average daily net assets of the applicable class of shares of the Funds, at the following annual rates:
 
Class
I
Class
R5
Service
Class
Administrative
Class
Class
R4
Class 
A
Class
R3
Class 
Y
Class
L
Class
C
U.S. Government Money Market Fund
N/A
0.10%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Short-Duration Bond Fund
None
0.10%
0.20%
0.30%
0.20%
0.25%**
0.20%
0.10%
0.05%
0.05%
Inflation-Protected and Income Fund
None
0.10%
0.20%
0.30%
0.20%
0.25%**
0.20%
0.10%
N/A
N/A
Core Bond Fund
None
0.10%
0.20%
0.30%
0.20%
0.25%**
0.20%
0.10%
N/A
N/A
Diversified Bond Fund
None
0.10%
0.20%
0.30%
0.20%
0.25%**
0.20%
0.10%
N/A
N/A
High Yield Fund
None
0.10%
0.20%
0.30%
0.20%
0.25%**
0.20%
0.05%
N/A
None
Balanced Fund
None
0.10%
0.20%
0.30%
0.20%
0.25%**
0.20%
0.10%
N/A
N/A
Disciplined Value Fund
None
0.10%
0.20%
0.30%
0.20%
0.25%**
0.20%
0.10%
N/A
N/A
Main Street Fund*
None
0.10%
0.20%
0.30%
0.20%
0.25%**
0.20%
0.10%
N/A
N/A
 
165

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Notes to Financial Statements (Unaudited) (Continued)
     
 
Class
I
Class
R5
Service
Class
Administrative
Class
Class
R4
Class 
A
Class
R3
Class 
Y
Class
L
Class
C
Disciplined Growth Fund
None
0.10%
0.20%
0.30%
0.20%
0.25%**
0.20%
0.10%
N/A
N/A
Small Cap Opportunities Fund
None
0.10%
0.20%
0.30%
0.20%
0.25%**
0.20%
0.10%
N/A
N/A
Global Fund*
None
0.10%
0.20%
0.30%
0.20%
0.25%**
0.20%
0.10%
N/A
N/A
International Equity Fund
None
0.10%
0.20%
0.30%
0.20%
0.25%**
0.20%
0.10%
N/A
N/A
Strategic Emerging Markets Fund*
None
0.10%
0.20%
0.30%
0.20%
0.25%**
0.20%
0.10%
N/A
N/A
*
Class Y is not currently available for purchase.
**
Prior to February 1, 2024, the annual rate was 0.30%.
Distribution and Service Fees
MML Distributors, LLC (the “Distributor”) acts as distributor to each Fund. Pursuant to a 12b-1 Plan adopted by the Trust, Class R4 shares and Class A shares of each applicable Fund and Class L shares of the Short-Duration Bond Fund pay an annual fee of 0.25% of the average daily net assets of the class; Class R3 shares of each applicable Fund and Class C shares of the Short-Duration Bond Fund pay an annual fee of 0.50% of the average daily net assets of the class; and Class C shares of the High Yield Fund pay an annual fee of 1.00% of the average daily net assets of the class, to the Distributor. Such payments compensate the Distributor for services provided and expenses incurred by it for purposes of promoting the sale of the relevant class of shares, reducing redemptions of shares, or maintaining or improving services provided to each Fund’s shareholders. The Distributor is a wholly-owned subsidiary of MassMutual.
Expense Caps and Waivers
Effective February 1, 2024, MML Advisers has agreed to cap the fees and expenses of the Funds noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses#, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2025, based upon the average daily net assets of the applicable class of shares of the Fund, as follows:
 
Class I
Class R5
Service
Class
Administrative
Class
Class R4
Class A
Class R3
Class Y
Class L
Class C
U.S. Government Money Market Fund
N/A
0.54%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Short-Duration Bond Fund
0.46%
0.56%
0.66%
0.76%
0.91%
0.96%
1.16%
0.51%
0.76%
1.01%
Core Bond Fund
0.42%
0.52%
0.62%
0.72%
0.87%
0.92%
1.12%
0.52%
N/A
N/A
High Yield Fund
0.54%
0.64%
0.74%
0.84%
0.99%
1.04%
1.24%
0.59%
N/A
1.54%
Small Cap Opportunities Fund
0.65%
0.75%
0.85%
0.95%
1.10%
1.15%
1.35%
0.75%
N/A
N/A
Strategic Emerging Markets Fund*
1.15%
1.25%
1.35%
1.45%
1.60%
1.65%
1.85%
1.25%
N/A
N/A
#
Acquired Fund Fees and Expenses are borne indirectly by a Fund through investments in other pooled investment vehicles.
*
Class Y is not currently available for purchase.
Prior to February 1, 2024, MML Advisers agreed to cap the fees and expenses of the Funds noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses#, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2025, based upon the average daily net assets of the applicable class of shares of the Fund, as follows:
 
Class I
Class R5
Service
Class
Administrative
Class
Class R4
Class A
Class R3
Class Y
Class L
Class C
Short-Duration Bond Fund
0.40%
None
None
None
None
None
None
0.40%
0.65%
0.90%
Strategic Emerging Markets Fund*
1.15%
1.25%
1.35%
1.45%
1.60%
1.70%
1.85%
1.25%
N/A
N/A
#
Acquired Fund Fees and Expenses are borne indirectly by a Fund through investments in other pooled investment vehicles.
*
Class Y is not currently available for purchase.
166
 

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Notes to Financial Statements (Unaudited) (Continued)
     
MML Advisers has agreed to waive 0.05% of the investment advisory fee of the International Equity Fund through January 31, 2025.
For the U.S. Government Money Market Fund, MML Advisers has agreed to voluntarily waive some or all of its fees in an attempt to allow the Fund to avoid a negative yield. There is no guarantee that the Fund will be able to avoid a negative yield. Payments made to intermediaries will be unaffected. MML Advisers may amend or discontinue this waiver at any time without advance notice.
Expense caps and waiver amounts are reflected as a reduction of expenses on the Statements of Operations.
Rebated Brokerage Commissions
The Funds listed below have entered into agreements with certain brokers whereby the brokers will rebate to the Funds, in cash, a portion of brokerage commissions. Rebated brokerage commissions are amounts earned by the Funds and are included with realized gain or loss on investment transactions presented in the Statements of Operations. For the period ended March 31, 2024, brokerage commissions rebated under these agreements were as follows:
 
Rebated
Commissions
Main Street Fund
$   1,221
Small Cap Opportunities Fund
2,636
Global Fund
830
International Equity Fund
137
Strategic Emerging Markets Fund
531
Deferred Compensation
Trustees of the Funds who are not officers or employees of MassMutual may elect to defer receipt of their annual fees in accordance with terms of a Non-Qualified Deferred Compensation Plan. Amounts deferred shall accrue interest or earnings and shall be recorded on the Funds’ books as other liabilities. Deferred compensation is included within Payables for Trustees’ fees and expenses in the Statements of Assets and Liabilities.
Other
Certain officers and trustees of the Funds may also be employees of MassMutual. The compensation of a trustee who is not an employee of MassMutual is borne by the Funds.
The following table shows beneficial ownership of Funds’ shares by related parties at March 31, 2024:

 
Total % Ownership by Related Party
U.S. Government Money Market Fund
86.7%
Short-Duration Bond Fund
83.9%
Inflation-Protected and Income Fund
79.2%
Core Bond Fund
94.7%
Diversified Bond Fund
93.2%
High Yield Fund
85.6%
Balanced Fund
92.7%
Disciplined Value Fund
97.7%
Main Street Fund
94.3%
Disciplined Growth Fund
97.6%
Small Cap Opportunities Fund
67.7%
Global Fund
89.7%
International Equity Fund
91.0%
Strategic Emerging Markets Fund
97.1%

 
167

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Notes to Financial Statements (Unaudited) (Continued)
     
4. Purchases and Sales of Investments
Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the period ended March 31, 2024, were as follows:
 
Purchases
Sales
 
Long-Term U.S. Government Securities
Other Long-Term Securities
Long-Term U.S. Government Securities
Other Long-Term Securities
Short-Duration Bond Fund
$
$24,953,038
$15,697
$58,901,363
Inflation-Protected and Income Fund
49,531,744
50,667,717
63,964,281
50,530,116
Core Bond Fund
688,556,935
76,153,369
667,254,290
158,132,635
Diversified Bond Fund
58,394,922
17,110,972
63,519,801
41,659,716
High Yield Fund
137,092,266
169,225,403
Balanced Fund
55,945,445
10,416,995
55,707,245
22,115,206
Disciplined Value Fund
14,982,827
39,978,916
Main Street Fund
17,335,495
27,650,349
Disciplined Growth Fund
48,128,115
61,835,790
Small Cap Opportunities Fund
58,181,434
53,426,153
Global Fund
3,849,752
31,493,390
International Equity Fund
13,618,718
23,387,314
Strategic Emerging Markets Fund
28,569,013
28,500,532
The Funds may purchase from, or sell securities to, other affiliated Funds under procedures adopted by the Trustees. These procedures have been designed to ensure that cross trades conducted by the Funds comply with Rule 17a-7 under the 1940 Act. The Funds did not have any cross trade activity during the period.
5. Capital Share Transactions
Changes in shares outstanding for each Fund were as follows:
 
Six Months Ended March 31, 2024
Year Ended September 30, 2023
 
Shares
Amount
Shares
Amount
U.S. Government Money Market Fund Class R5
 
 
 
 
Sold
  336,805,880
$  336,805,879
  231,528,021
$  231,528,021
Issued as reinvestment of dividends
4,524,534
4,524,534
7,693,032
7,693,032
Redeemed
(346,584,089)
(346,584,089)
(272,440,848)
(272,440,848)
Net increase (decrease)
(5,253,675)
$(5,253,676)
(33,219,795)
$(33,219,795)
Short-Duration Bond Fund Class I
 
 
 
 
Sold
2,451,147
$21,559,314
8,666,801
$75,259,346
Issued as reinvestment of dividends
122,103
1,079,122
382,931
3,314,863
Redeemed
(5,728,704)
(50,270,781)
(15,271,592)
(131,959,707)
Net increase (decrease)
(3,155,454)
$(27,632,345)
(6,221,860)
$(53,385,498)
Short-Duration Bond Fund Class R5
 
 
 
 
Sold
583,224
$5,145,727
1,767,569
$15,294,522
Issued as reinvestment of dividends
22,923
203,948
100,861
876,210
Redeemed
(566,032)
(5,009,184)
(4,075,011)
(35,447,895)
Net increase (decrease)
40,115
$340,491
(2,206,581)
$(19,277,163)
168
 

TABLE OF CONTENTS

     
Notes to Financial Statements (Unaudited) (Continued)
     
 
Six Months Ended March 31, 2024
Year Ended September 30, 2023
 
Shares
Amount
Shares
Amount
Short-Duration Bond Fund Service Class
 
 
 
 
Sold
    125,347
$   1,112,990
    450,710
$   3,885,915
Issued as reinvestment of dividends
4,007
35,232
12,043
103,928
Redeemed
(366,106)
(3,212,378)
(410,242)
(3,536,476)
Net increase (decrease)
(236,752)
$(2,064,156)
52,511
$453,367
Short-Duration Bond Fund Administrative Class
 
 
 
 
Sold
139,958
$1,220,178
677,760
$5,848,714
Issued as reinvestment of dividends
20,460
180,016
38,073
327,792
Redeemed
(318,394)
(2,781,729)
(585,659)
(5,037,272)
Net increase (decrease)
(157,976)
$(1,381,535)
130,174
$1,139,234
Short-Duration Bond Fund Class R4
 
 
 
 
Sold
633,453
$5,655,373
131,209
$1,145,653
Issued as reinvestment of dividends
8,202
72,955
21,549
186,887
Redeemed
(73,605)
(651,652)
(781,818)
(6,759,222)
Net increase (decrease)
568,050
$5,076,676
(629,060)
$(5,426,682)
Short-Duration Bond Fund Class A
 
 
 
 
Sold
36,089
$313,781
75,259
$642,954
Issued as reinvestment of dividends
10,485
91,886
23,781
203,775
Redeemed
(45,272)
(393,936)
(278,488)
(2,388,470)
Net increase (decrease)
1,302
$11,731
(179,448)
$(1,541,741)
Short-Duration Bond Fund Class R3
 
 
 
 
Sold
60,506
$529,143
268,834
$2,316,577
Issued as reinvestment of dividends
10,128
89,043
23,196
199,553
Redeemed
(163,035)
(1,421,309)
(400,080)
(3,435,021)
Net increase (decrease)
(92,401)
$(803,123)
(108,050)
$(918,891)
Short-Duration Bond Fund Class Y
 
 
 
 
Sold
78,467
$693,403
338,923
$2,928,834
Issued as reinvestment of dividends
72,019
636,786
379,571
3,283,279
Redeemed
(1,788,353)
(15,737,637)
(21,043,926)
(181,691,535)
Net increase (decrease)
(1,637,867)
$(14,407,448)
(20,325,432)
$(175,479,422)
Short-Duration Bond Fund Class L
 
 
 
 
Sold
7,464
$65,399
56,691
$489,439
Issued as reinvestment of dividends
83,858
739,515
222,983
1,923,839
Redeemed
(576,259)
(5,050,639)
(3,834,161)
(33,002,074)
Net increase (decrease)
(484,937)
$(4,245,725)
(3,554,487)
$(30,588,796)
Short-Duration Bond Fund Class C
 
 
 
 
Sold
3
$23
10,859
$94,243
Issued as reinvestment of dividends
1,396
12,405
3,784
32,936
Redeemed
(17,512)
(153,692)
(40,680)
(353,857)
Net increase (decrease)
(16,113)
$(141,264)
(26,037)
$(226,678)
Inflation-Protected and Income Fund Class I
 
 
 
 
Sold
4,443,556
$41,198,487
6,364,701
$59,346,528
Issued as reinvestment of dividends
719,731
6,573,368
701,788
6,484,519
Redeemed
(5,496,021)
(50,722,286)
(6,718,141)
(62,722,555)
Net increase (decrease)
(332,734)
$(2,950,431)
348,348
$3,108,492
 
169

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Notes to Financial Statements (Unaudited) (Continued)
     
 
Six Months Ended March 31, 2024
Year Ended September 30, 2023
 
Shares
Amount
Shares
Amount
Inflation-Protected and Income Fund Class R5
 
 
 
 
Sold
    707,653
$   6,574,215
   1,348,371
$   12,576,982
Issued as reinvestment of dividends
210,696
1,924,402
270,545
2,502,538
Redeemed
(1,164,200)
(10,790,630)
(3,268,629)
(30,563,669)
Net increase (decrease)
(245,851)
$(2,292,013)
(1,649,713)
$(15,484,149)
Inflation-Protected and Income Fund Service Class
 
 
 
 
Sold
220,578
$2,035,139
606,257
$5,636,269
Issued as reinvestment of dividends
72,060
656,755
120,185
1,108,108
Redeemed
(712,275)
(6,615,905)
(1,712,041)
(15,898,371)
Net increase (decrease)
(419,637)
$(3,924,011)
(985,599)
$(9,153,994)
Inflation-Protected and Income Fund Administrative Class
Sold
119,693
$1,118,960
395,290
$3,714,053
Issued as reinvestment of dividends
25,998
240,054
29,913
279,683
Redeemed
(197,934)
(1,839,356)
(502,677)
(4,738,049)
Net increase (decrease)
(52,243)
$(480,342)
(77,474)
$(744,313)
Inflation-Protected and Income Fund Class R4
 
 
 
 
Sold
23,449
$211,741
107,339
$975,326
Issued as reinvestment of dividends
9,842
87,743
16,806
151,257
Redeemed
(118,696)
(1,058,555)
(198,829)
(1,808,204)
Net increase (decrease)
(85,405)
$(759,071)
(74,684)
$(681,621)
Inflation-Protected and Income Fund Class A
 
 
 
 
Sold
85,192
$773,859
180,696
$1,651,858
Issued as reinvestment of dividends
28,808
259,398
30,374
276,707
Redeemed
(125,705)
(1,144,422)
(296,994)
(2,730,780)
Net increase (decrease)
(11,705)
$(111,165)
(85,924)
$(802,215)
Inflation-Protected and Income Fund Class R3
 
 
 
 
Sold
35,332
$320,051
75,680
$688,255
Issued as reinvestment of dividends
7,625
68,147
7,661
69,335
Redeemed
(15,499)
(139,819)
(112,803)
(1,028,514)
Net increase (decrease)
27,458
$248,379
(29,462)
$(270,924)
Inflation-Protected and Income Fund Class Y(a)
 
 
 
 
Sold
23
$225
10,718
$100,000
Issued as reinvestment of dividends
1
Redeemed
Net increase (decrease)
23
$226
10,718
$100,000
Core Bond Fund Class I
 
 
 
 
Sold
6,605,533
$59,115,526
14,343,365
$129,812,183
Issued as reinvestment of dividends
3,231,428
28,539,804
2,085,319
18,934,696
Redeemed
(12,869,678)
(114,771,318)
(14,066,559)
(127,548,460)
Net increase (decrease)
(3,032,717)
$(27,115,988)
2,362,125
$21,198,419
Core Bond Fund Class R5
 
 
 
 
Sold
1,280,911
$11,502,575
1,851,620
$16,878,204
Issued as reinvestment of dividends
601,428
5,335,625
553,696
5,049,706
Redeemed
(1,533,129)
(13,747,734)
(6,792,597)
(61,570,153)
Net increase (decrease)
349,210
$3,090,466
(4,387,281)
$(39,642,243)
170
 

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Notes to Financial Statements (Unaudited) (Continued)
     
 
Six Months Ended March 31, 2024
Year Ended September 30, 2023
 
Shares
Amount
Shares
Amount
Core Bond Fund Service Class
 
 
 
 
Sold
    208,596
$   1,861,184
    617,126
$   5,595,105
Issued as reinvestment of dividends
148,520
1,310,240
145,757
1,323,476
Redeemed
(956,207)
(8,656,186)
(1,462,508)
(13,251,738)
Net increase (decrease)
(599,091)
$(5,484,762)
(699,625)
$(6,333,157)
Core Bond Fund Administrative Class
 
 
 
 
Sold
290,502
$2,567,731
441,686
$3,972,540
Issued as reinvestment of dividends
199,023
1,737,784
140,073
1,260,653
Redeemed
(230,321)
(2,030,181)
(979,141)
(8,726,243)
Net increase (decrease)
259,204
$2,275,334
(397,382)
$(3,493,050)
Core Bond Fund Class R4
 
 
 
 
Sold
9,750
$85,245
215,650
$1,909,328
Issued as reinvestment of dividends
8,643
74,682
6,569
58,399
Redeemed
(22,368)
(195,839)
(317,047)
(2,802,117)
Net increase (decrease)
(3,975)
$(35,912)
(94,828)
$(834,390)
Core Bond Fund Class A
 
 
 
 
Sold
172,243
$1,510,250
776,832
$6,896,355
Issued as reinvestment of dividends
121,489
1,055,914
86,229
770,885
Redeemed
(457,605)
(4,063,413)
(1,017,959)
(9,067,462)
Net increase (decrease)
(163,873)
$(1,497,249)
(154,898)
$(1,400,222)
Core Bond Fund Class R3
 
 
 
 
Sold
1,714
$15,517
4,943
$45,378
Issued as reinvestment of dividends
933
8,390
573
5,295
Redeemed
(3,452)
(31,407)
(5,850)
(54,331)
Net increase (decrease)
(805)
$(7,500)
(334)
$(3,658)
Core Bond Fund Class Y(a)
 
 
 
 
Sold
$
10,718
$100,000
Issued as reinvestment of dividends
Redeemed
Net increase (decrease)
$
10,718
$100,000
Diversified Bond Fund Class I
 
 
 
 
Sold
437,645
$3,824,015
838,994
$7,479,365
Issued as reinvestment of dividends
337,134
2,900,803
342,966
3,066,113
Redeemed
(4,066,991)
(34,913,891)
(835,239)
(7,432,279)
Net increase (decrease)
(3,292,212)
$(28,189,073)
346,721
$3,113,199
Diversified Bond Fund Class R5
 
 
 
 
Sold
1,277,486
$10,092,116
1,977,259
$15,915,093
Issued as reinvestment of dividends
538,762
4,180,936
299,799
2,434,368
Redeemed
(343,922)
(2,720,716)
(1,502,889)
(12,079,973)
Net increase (decrease)
1,472,326
$11,552,336
774,169
$6,269,488
Diversified Bond Fund Service Class
 
 
 
 
Sold
199,121
$1,590,655
117,004
$962,705
Issued as reinvestment of dividends
31,690
250,599
23,098
190,793
Redeemed
(213,452)
(1,699,938)
(261,320)
(2,145,669)
Net increase (decrease)
17,359
$141,316
(121,218)
$(992,171)
 
171

TABLE OF CONTENTS

     
Notes to Financial Statements (Unaudited) (Continued)
     
 
Six Months Ended March 31, 2024
Year Ended September 30, 2023
 
Shares
Amount
Shares
Amount
Diversified Bond Fund Administrative Class
 
 
 
 
Sold
     75,130
$    596,111
    141,035
$   1,164,456
Issued as reinvestment of dividends
28,939
228,615
40,978
338,479
Redeemed
(268,255)
(2,142,203)
(569,203)
(4,683,999)
Net increase (decrease)
(164,186)
$(1,317,477)
(387,190)
$(3,181,064)
Diversified Bond Fund Class R4
 
 
 
 
Sold
27,510
$217,356
112,190
$905,376
Issued as reinvestment of dividends
31,416
244,093
18,453
150,025
Redeemed
(345,692)
(2,730,235)
(33,578)
(271,656)
Net increase (decrease)
(286,766)
$(2,268,786)
97,065
$783,745
Diversified Bond Fund Class A
 
 
 
 
Sold
48,834
$396,509
99,451
$813,954
Issued as reinvestment of dividends
33,189
263,437
22,797
188,989
Redeemed
(147,749)
(1,203,739)
(182,442)
(1,501,317)
Net increase (decrease)
(65,726)
$(543,793)
(60,194)
$(498,374)
Diversified Bond Fund Class R3
 
 
 
 
Sold
29,109
$233,361
37,159
$302,631
Issued as reinvestment of dividends
8,047
63,397
6,176
50,765
Redeemed
(40,057)
(318,266)
(68,163)
(552,011)
Net increase (decrease)
(2,901)
$(21,508)
(24,828)
$(198,615)
Diversified Bond Fund Class Y(a)
 
 
 
 
Sold
$
12,048
$100,000
Issued as reinvestment of dividends
Redeemed
Net increase (decrease)
$
12,048
$100,000
High Yield Fund Class I
 
 
 
 
Sold
5,106,842
$39,522,376
9,517,250
$72,296,066
Issued as reinvestment of dividends
1,170,436
9,079,816
2,114,155
16,019,963
Redeemed
(11,538,283)
(89,612,143)
(8,613,549)
(65,181,684)
Net increase (decrease)
(5,261,005)
$(41,009,951)
3,017,856
$23,134,345
High Yield Fund Class R5
 
 
 
 
Sold
672,544
$5,235,717
670,049
$5,115,989
Issued as reinvestment of dividends
151,790
1,186,258
281,451
2,147,064
Redeemed
(401,106)
(3,101,457)
(1,288,207)
(9,806,141)
Net increase (decrease)
423,228
$3,320,518
(336,707)
$(2,543,088)
High Yield Fund Service Class
 
 
 
 
Sold
315,237
$2,456,190
538,228
$4,102,334
Issued as reinvestment of dividends
90,351
705,965
182,294
1,391,633
Redeemed
(387,432)
(2,995,609)
(981,296)
(7,499,534)
Net increase (decrease)
18,156
$166,546
(260,774)
$(2,005,567)
High Yield Fund Administrative Class
 
 
 
 
Sold
302,539
$2,263,629
330,962
$2,484,159
Issued as reinvestment of dividends
57,392
440,483
107,348
804,819
Redeemed
(351,893)
(2,680,030)
(538,203)
(4,022,817)
Net increase (decrease)
8,038
$24,082
(99,893)
$(733,839)
172
 

TABLE OF CONTENTS

     
Notes to Financial Statements (Unaudited) (Continued)
     
 
Six Months Ended March 31, 2024
Year Ended September 30, 2023
 
Shares
Amount
Shares
Amount
High Yield Fund Class R4
 
 
 
 
Sold
    224,229
$   1,688,075
    635,653
$   4,681,214
Issued as reinvestment of dividends
71,514
538,950
192,337
1,415,316
Redeemed
(400,571)
(2,992,752)
(2,835,194)
(20,862,756)
Net increase (decrease)
(104,828)
$(765,727)
(2,007,204)
$(14,766,226)
High Yield Fund Class A
 
 
 
 
Sold
61,067
$463,323
173,441
$1,300,822
Issued as reinvestment of dividends
28,818
220,896
65,518
490,973
Redeemed
(186,642)
(1,430,654)
(441,045)
(3,311,235)
Net increase (decrease)
(96,757)
$(746,435)
(202,086)
$(1,519,440)
High Yield Fund Class R3
 
 
 
 
Sold
479,580
$3,726,826
541,261
$4,114,615
Issued as reinvestment of dividends
93,906
729,718
183,609
1,393,522
Redeemed
(533,087)
(4,116,369)
(1,046,525)
(7,950,222)
Net increase (decrease)
40,399
$340,175
(321,655)
$(2,442,085)
High Yield Fund Class Y
 
 
 
 
Sold
290,442
$2,261,151
1,295,544
$9,852,336
Issued as reinvestment of dividends
119,103
925,411
224,851
1,709,275
Redeemed
(843,694)
(6,464,375)
(856,847)
(6,479,358)
Net increase (decrease)
(434,149)
$(3,277,813)
663,548
$5,082,253
High Yield Fund Class C
 
 
 
 
Sold
149
$1,100
1,654
$12,500
Issued as reinvestment of dividends
54
426
49
373
Net increase (decrease)
203
$1,526
1,703
$12,873
Balanced Fund Class I
 
 
 
 
Sold
511,220
$5,820,100
402,605
$4,207,009
Issued as reinvestment of dividends
65,903
723,616
80,117
834,824
Redeemed
(647,808)
(7,285,887)
(1,438,957)
(15,094,805)
Net increase (decrease)
(70,685)
$(742,171)
(956,235)
$(10,052,972)
Balanced Fund Class R5
 
 
 
 
Sold
82,104
$911,753
326,720
$3,419,792
Issued as reinvestment of dividends
36,048
396,171
48,539
506,260
Redeemed
(511,825)
(5,502,251)
(906,601)
(9,565,534)
Net increase (decrease)
(393,673)
$(4,194,327)
(531,342)
$(5,639,482)
Balanced Fund Service Class
 
 
 
 
Sold
32,869
$398,021
42,348
$466,643
Issued as reinvestment of dividends
10,948
130,066
10,187
114,812
Redeemed
(49,364)
(591,658)
(76,394)
(841,265)
Net increase (decrease)
(5,547)
$(63,571)
(23,859)
$(259,810)
Balanced Fund Administrative Class
 
 
 
 
Sold
4,464
$50,660
71,091
$749,507
Issued as reinvestment of dividends
4,877
53,892
8,677
91,105
Redeemed
(210,467)
(2,380,640)
(427,218)
(4,351,312)
Net increase (decrease)
(201,126)
$(2,276,088)
(347,450)
$(3,510,700)
 
173

TABLE OF CONTENTS

     
Notes to Financial Statements (Unaudited) (Continued)
     
 
Six Months Ended March 31, 2024
Year Ended September 30, 2023
 
Shares
Amount
Shares
Amount
Balanced Fund Class R4
 
 
 
 
Sold
     30,740
$    324,550
    48,939
$    486,930
Issued as reinvestment of dividends
7,288
76,162
6,588
65,417
Redeemed
(56,656)
(613,632)
(58,010)
(577,657)
Net increase (decrease)
(18,628)
$(212,920)
(2,483)
$(25,310)
Balanced Fund Class A
 
 
 
 
Sold
34,131
$359,938
66,980
$678,343
Issued as reinvestment of dividends
14,784
157,001
16,572
167,048
Redeemed
(85,308)
(918,485)
(308,524)
(3,105,917)
Net increase (decrease)
(36,393)
$(401,546)
(224,972)
$(2,260,526)
Balanced Fund Class R3
 
 
 
 
Sold
57,968
$611,391
92,234
$908,007
Issued as reinvestment of dividends
10,868
112,924
11,037
108,827
Redeemed
(86,688)
(899,713)
(232,080)
(2,277,745)
Net increase (decrease)
(17,852)
$(175,398)
(128,809)
$(1,260,911)
Balanced Fund Class Y(a)
 
 
 
 
Sold
$
9,488
$100,000
Issued as reinvestment of dividends
Redeemed
Net increase (decrease)
$
9,488
$100,000
Disciplined Value Fund Class I
 
 
 
 
Sold
17,609
$226,919
160,298
$2,114,750
Issued as reinvestment of dividends
50,973
632,068
213,307
2,730,325
Redeemed
(1,428,485)
(17,796,019)
(345,549)
(4,587,160)
Net increase (decrease)
(1,359,903)
$(16,937,032)
28,056
$257,915
Disciplined Value Fund Class R5
 
 
 
 
Sold
41,557
$541,035
100,002
$1,295,405
Issued as reinvestment of dividends
89,117
1,110,403
158,675
2,040,561
Redeemed
(370,037)
(4,733,726)
(450,410)
(5,930,322)
Net increase (decrease)
(239,363)
$(3,082,288)
(191,733)
$(2,594,356)
Disciplined Value Fund Service Class
 
 
 
 
Sold
10,206
$132,236
95,787
$1,235,838
Issued as reinvestment of dividends
59,591
732,368
102,366
1,301,070
Redeemed
(202,134)
(2,610,948)
(351,576)
(4,498,251)
Net increase (decrease)
(132,337)
$(1,746,344)
(153,423)
$(1,961,343)
Disciplined Value Fund Administrative Class
 
 
 
 
Sold
5,329
$71,418
12,020
$159,160
Issued as reinvestment of dividends
4,754
60,562
9,109
119,698
Redeemed
(37,851)
(493,243)
(12,920)
(172,950)
Net increase (decrease)
(27,768)
$(361,263)
8,209
$105,908
Disciplined Value Fund Class R4
 
 
 
 
Sold
15,057
$196,306
12,931
$157,000
Issued as reinvestment of dividends
1,028
12,495
11,124
137,935
Redeemed
(13,053)
(162,953)
(102,130)
(1,293,231)
Net increase (decrease)
3,032
$45,848
(78,075)
$(998,296)
174
 

TABLE OF CONTENTS

     
Notes to Financial Statements (Unaudited) (Continued)
     
 
Six Months Ended March 31, 2024
Year Ended September 30, 2023
 
Shares
Amount
Shares
Amount
Disciplined Value Fund Class A
 
 
 
 
Sold
     7,920
$    99,988
    29,966
$    376,226
Issued as reinvestment of dividends
23,642
286,779
34,858
437,463
Redeemed
(78,007)
(1,010,224)
(85,135)
(1,063,109)
Net increase (decrease)
(46,445)
$(623,457)
(20,311)
$(249,420)
Disciplined Value Fund Class R3
 
 
 
 
Sold
7,716
$101,542
54,618
$693,029
Issued as reinvestment of dividends
9,417
116,304
30,556
388,059
Redeemed
(7,662)
(99,444)
(247,634)
(3,249,112)
Net increase (decrease)
9,471
$118,402
(162,460)
$(2,168,024)
Disciplined Value Fund Class Y(a)
 
 
 
 
Sold
$
7,547
$100,000
Issued as reinvestment of dividends
Redeemed
Net increase (decrease)
$
7,547
$100,000
Main Street Fund Class I
 
 
 
 
Sold
62,599
$659,678
24,954
$241,165
Issued as reinvestment of dividends
30,463
285,744
42,481
380,210
Redeemed
(157,873)
(1,576,130)
(106,730)
(996,975)
Net increase (decrease)
(64,811)
$(630,708)
(39,295)
$(375,600)
Main Street Fund Class R5
 
 
 
 
Sold
337,317
$3,414,134
540,670
$5,197,192
Issued as reinvestment of dividends
312,226
2,928,683
469,996
4,211,164
Redeemed
(864,803)
(8,489,039)
(839,515)
(8,000,514)
Net increase (decrease)
(215,260)
$(2,146,222)
171,151
$1,407,842
Main Street Fund Service Class
 
 
 
 
Sold
43
$470
79
$791
Issued as reinvestment of dividends
103
1,029
138
1,312
Redeemed
(265)
(2,708)
(87)
(945)
Net increase (decrease)
(119)
$(1,209)
130
$1,158
Main Street Fund Administrative Class
 
 
 
 
Sold
112,600
$1,108,963
183,529
$1,745,546
Issued as reinvestment of dividends
159,116
1,489,330
258,940
2,320,099
Redeemed
(414,939)
(4,100,428)
(640,605)
(6,042,579)
Net increase (decrease)
(143,223)
$(1,502,135)
(198,136)
$(1,976,934)
Main Street Fund Class R4
 
 
 
 
Sold
17,562
$166,937
39,475
$364,881
Issued as reinvestment of dividends
68,578
613,772
90,052
775,352
Redeemed
(23,280)
(220,655)
(153,242)
(1,377,182)
Net increase (decrease)
62,860
$560,054
(23,715)
$(236,949)
Main Street Fund Class A
 
 
 
 
Sold
27,775
$273,747
58,211
$547,425
Issued as reinvestment of dividends
81,592
742,491
118,713
1,038,736
Redeemed
(149,174)
(1,428,234)
(227,204)
(2,114,285)
Net increase (decrease)
(39,807)
$(411,996)
(50,280)
$(528,124)
 
175

TABLE OF CONTENTS

     
Notes to Financial Statements (Unaudited) (Continued)
     
 
Six Months Ended March 31, 2024
Year Ended September 30, 2023
 
Shares
Amount
Shares
Amount
Main Street Fund Class R3
 
 
 
 
Sold
     1,216
$    11,710
     2,992
$    27,681
Issued as reinvestment of dividends
5,413
49,424
11,005
96,841
Redeemed
(8,477)
(85,341)
(46,467)
(443,876)
Net increase (decrease)
(1,848)
$(24,207)
(32,470)
$(319,354)
Disciplined Growth Fund Class I
 
 
 
 
Sold
255,657
$2,498,283
1,991,204
$17,545,608
Issued as reinvestment of dividends
172,213
1,615,353
119,500
916,567
Redeemed
(450,025)
(4,326,994)
(687,698)
(5,780,020)
Net increase (decrease)
(22,155)
$(213,358)
1,423,006
$12,682,155
Disciplined Growth Fund Class R5
 
 
 
 
Sold
785,986
$7,724,586
1,587,489
$13,334,596
Issued as reinvestment of dividends
375,007
3,517,567
487,693
3,740,607
Redeemed
(823,995)
(8,056,650)
(3,543,488)
(30,213,080)
Net increase (decrease)
336,998
$3,185,503
(1,468,306)
$(13,137,877)
Disciplined Growth Fund Service Class
 
 
 
 
Sold
17,149
$168,850
330,059
$2,888,674
Issued as reinvestment of dividends
37,760
356,459
92,189
712,618
Redeemed
(628,602)
(6,058,766)
(909,846)
(7,842,681)
Net increase (decrease)
(573,693)
$(5,533,457)
(487,598)
$(4,241,389)
Disciplined Growth Fund Administrative Class
 
 
 
 
Sold
102,351
$1,034,842
254,222
$2,075,512
Issued as reinvestment of dividends
90,709
877,160
143,201
1,134,152
Redeemed
(326,514)
(3,267,092)
(1,316,882)
(10,575,413)
Net increase (decrease)
(133,454)
$(1,355,090)
(919,459)
$(7,365,749)
Disciplined Growth Fund Class R4
 
 
 
 
Sold
62,471
$577,954
82,823
$641,231
Issued as reinvestment of dividends
34,187
300,501
42,197
305,507
Redeemed
(216,191)
(1,885,758)
(253,639)
(1,933,624)
Net increase (decrease)
(119,533)
$(1,007,303)
(128,619)
$(986,886)
Disciplined Growth Fund Class A
 
 
 
 
Sold
23,049
$213,628
182,991
$1,455,844
Issued as reinvestment of dividends
44,996
402,264
101,112
744,187
Redeemed
(143,275)
(1,425,857)
(1,320,431)
(10,770,423)
Net increase (decrease)
(75,230)
$(809,965)
(1,036,328)
$(8,570,392)
Disciplined Growth Fund Class R3
 
 
 
 
Sold
128,552
$1,159,924
94,731
$730,073
Issued as reinvestment of dividends
25,313
219,465
28,906
206,964
Redeemed
(148,272)
(1,320,809)
(145,268)
(1,115,633)
Net increase (decrease)
5,593
$58,580
(21,631)
$(178,596)
Disciplined Growth Fund Class Y(a)
 
 
 
 
Sold
$
12,674
$100,000
Issued as reinvestment of dividends
Redeemed
Net increase (decrease)
$
12,674
$100,000
176
 

TABLE OF CONTENTS

     
Notes to Financial Statements (Unaudited) (Continued)
     
 
Six Months Ended March 31, 2024
Year Ended September 30, 2023
 
Shares
Amount
Shares
Amount
Small Cap Opportunities Fund Class I
 
 
 
 
Sold
    1,962,409
$   32,191,707
   2,125,146
$   34,048,068
Issued as reinvestment of dividends
410,985
6,551,095
90,919
1,438,337
Redeemed
(1,052,127)
(17,334,558)
(990,262)
(15,760,296)
Net increase (decrease)
1,321,267
$21,408,244
1,225,803
$19,726,109
Small Cap Opportunities Fund Class R5
 
 
 
 
Sold
571,231
$9,255,725
1,224,245
$19,537,458
Issued as reinvestment of dividends
326,606
5,186,500
89,462
1,410,819
Redeemed
(1,092,192)
(17,880,465)
(1,779,536)
(28,551,956)
Net increase (decrease)
(194,355)
$(3,438,240)
(465,829)
$(7,603,679)
Small Cap Opportunities Fund Service Class
 
 
 
 
Sold
115,461
$1,873,396
183,329
$2,894,968
Issued as reinvestment of dividends
48,443
766,370
13,174
207,096
Redeemed
(187,280)
(2,980,263)
(323,049)
(5,271,747)
Net increase (decrease)
(23,376)
$(340,497)
(126,546)
$(2,169,683)
Small Cap Opportunities Fund Administrative Class
 
 
 
 
Sold
69,299
$1,115,509
190,252
$2,982,584
Issued as reinvestment of dividends
66,093
1,035,678
15,549
242,408
Redeemed
(213,491)
(3,460,426)
(280,329)
(4,409,438)
Net increase (decrease)
(78,099)
$(1,309,239)
(74,528)
$(1,184,446)
Small Cap Opportunities Fund Class R4
 
 
 
 
Sold
117,650
$1,834,566
213,779
$3,287,991
Issued as reinvestment of dividends
48,085
720,788
8,582
128,301
Redeemed
(210,929)
(3,309,648)
(176,570)
(2,687,284)
Net increase (decrease)
(45,194)
$(754,294)
45,791
$729,008
Small Cap Opportunities Fund Class A
 
 
 
 
Sold
424,606
$6,933,768
248,064
$3,752,629
Issued as reinvestment of dividends
120,050
1,811,552
23,762
357,851
Redeemed
(535,526)
(8,470,416)
(718,089)
(10,871,931)
Net increase (decrease)
9,130
$274,904
(446,263)
$(6,761,451)
Small Cap Opportunities Fund Class R3
 
 
 
 
Sold
87,609
$1,368,473
150,038
$2,207,862
Issued as reinvestment of dividends
27,588
406,374
4,197
61,858
Redeemed
(69,957)
(1,079,637)
(175,026)
(2,604,169)
Net increase (decrease)
45,240
$695,210
(20,791)
$(334,449)
Small Cap Opportunities Fund Class Y(a)
 
 
 
 
Sold
$
5,999
$100,000
Issued as reinvestment of dividends
Redeemed
Net increase (decrease)
$
5,999
$100,000
Global Fund Class I
 
 
 
 
Sold
804,282
$9,034,859
1,102,378
$12,353,755
Issued as reinvestment of dividends
1,223,585
11,440,516
1,260,937
12,546,325
Redeemed
(910,137)
(9,536,243)
(3,290,838)
(36,692,765)
Net increase (decrease)
1,117,730
$10,939,132
(927,523)
$(11,792,685)
 
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Notes to Financial Statements (Unaudited) (Continued)
     
 
Six Months Ended March 31, 2024
Year Ended September 30, 2023
 
Shares
Amount
Shares
Amount
Global Fund Class R5
 
 
 
 
Sold
    376,972
$   4,066,002
    645,488
$   7,045,309
Issued as reinvestment of dividends
1,239,479
11,551,942
1,398,752
13,889,612
Redeemed
(504,657)
(5,202,435)
(3,503,891)
(38,563,090)
Net increase (decrease)
1,111,794
$10,415,509
(1,459,651)
$(17,628,169)
Global Fund Service Class
 
 
 
 
Sold
13,564
$140,051
62,527
$666,084
Issued as reinvestment of dividends
104,492
950,873
139,264
1,359,215
Redeemed
(26,972)
(275,414)
(391,518)
(4,140,473)
Net increase (decrease)
91,084
$815,510
(189,727)
$(2,115,174)
Global Fund Administrative Class
 
 
 
 
Sold
325,557
$3,390,559
418,778
$4,545,409
Issued as reinvestment of dividends
1,261,602
11,606,738
1,109,178
10,936,495
Redeemed
(1,348,851)
(14,388,062)
(1,190,790)
(12,776,262)
Net increase (decrease)
238,308
$609,235
337,166
$2,705,642
Global Fund Class R4
 
 
 
 
Sold
70,748
$704,961
167,991
$1,684,423
Issued as reinvestment of dividends
271,463
2,340,010
223,404
2,097,768
Redeemed
(220,947)
(2,129,523)
(377,560)
(3,879,123)
Net increase (decrease)
121,264
$915,448
13,835
$(96,932)
Global Fund Class A
 
 
 
 
Sold
60,443
$597,712
78,631
$835,675
Issued as reinvestment of dividends
313,958
2,775,390
227,397
2,178,460
Redeemed
(103,270)
(1,014,172)
(172,701)
(1,770,793)
Net increase (decrease)
271,131
$2,358,930
133,327
$1,243,342
Global Fund Class R3
 
 
 
 
Sold
57,939
$570,023
110,963
$1,133,941
Issued as reinvestment of dividends
218,703
1,893,964
198,231
1,873,279
Redeemed
(149,660)
(1,491,875)
(369,375)
(3,825,407)
Net increase (decrease)
126,982
$972,112
(60,181)
$(818,187)
International Equity Fund Class I
 
 
 
 
Sold
608,898
$4,966,397
2,992,094
$24,516,587
Issued as reinvestment of dividends
303,716
2,460,099
526,310
4,199,952
Redeemed
(1,282,034)
(10,625,039)
(3,940,341)
(32,337,195)
Net increase (decrease)
(369,420)
$(3,198,543)
(421,937)
$(3,620,656)
International Equity Fund Class R5
 
 
 
 
Sold
207,791
$1,724,240
480,617
$3,937,017
Issued as reinvestment of dividends
119,965
972,915
244,088
1,950,265
Redeemed
(725,695)
(5,918,972)
(1,228,457)
(10,137,157)
Net increase (decrease)
(397,939)
$(3,221,817)
(503,752)
$(4,249,875)
International Equity Fund Service Class
 
 
 
 
Sold
18,034
$147,272
99,541
$800,758
Issued as reinvestment of dividends
11,822
95,641
19,400
154,615
Redeemed
(146,722)
(1,179,008)
(47,077)
(360,975)
Net increase (decrease)
(116,866)
$(936,095)
71,864
$594,398
178
 

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Notes to Financial Statements (Unaudited) (Continued)
     
 
Six Months Ended March 31, 2024
Year Ended September 30, 2023
 
Shares
Amount
Shares
Amount
International Equity Fund Administrative Class
 
 
 
 
Sold
    17,485
$    141,896
    41,651
$    335,810
Issued as reinvestment of dividends
7,806
62,526
17,899
141,221
Redeemed
(13,457)
(110,487)
(140,480)
(1,121,857)
Net increase (decrease)
11,834
$93,935
(80,930)
$(644,826)
International Equity Fund Class R4
 
 
 
 
Sold
4,636
$34,924
9,670
$72,500
Issued as reinvestment of dividends
2,443
18,101
4,591
33,604
Redeemed
(4,183)
(31,002)
(48,725)
(371,212)
Net increase (decrease)
2,896
$22,023
(34,464)
$(265,108)
International Equity Fund Class A
 
 
 
 
Sold
29,495
$224,612
174,452
$1,323,495
Issued as reinvestment of dividends
41,377
311,566
73,155
543,543
Redeemed
(223,228)
(1,718,704)
(265,383)
(2,018,177)
Net increase (decrease)
(152,356)
$(1,182,526)
(17,776)
$(151,139)
International Equity Fund Class R3
 
 
 
 
Sold
24,057
$179,925
67,506
$494,314
Issued as reinvestment of dividends
9,765
71,282
18,110
130,573
Redeemed
(20,917)
(154,214)
(91,696)
(685,614)
Net increase (decrease)
12,905
$96,993
(6,080)
$(60,727)
International Equity Fund Class Y(a)
 
 
 
 
Sold
$
12,092
$100,000
Issued as reinvestment of dividends
Redeemed
Net increase (decrease)
$
12,092
$100,000
Strategic Emerging Markets Fund Class I
 
 
 
 
Sold
1,403,592
$13,701,525
1,934,883
$18,898,295
Issued as reinvestment of dividends
12,170
116,712
49,063
454,812
Redeemed
(1,576,335)
(14,981,958)
(4,248,900)
(41,795,229)
Net increase (decrease)
(160,573)
$(1,163,721)
(2,264,954)
$(22,442,122)
Strategic Emerging Markets Fund Class R5
 
 
 
 
Sold
447
$4,399
3,585
$36,150
Issued as reinvestment of dividends
4
41
Redeemed
(16,081)
(161,323)
(2,585)
(25,217)
Net increase (decrease)
(15,630)
$(156,883)
1,000
$10,933
Strategic Emerging Markets Fund Service Class
 
 
 
 
Sold
18,235
$175,335
26,748
$262,353
Issued as reinvestment of dividends
249
2,309
Redeemed
(3,854)
(36,729)
(45,143)
(445,046)
Net increase (decrease)
14,381
$138,606
(18,146)
$(180,384)
Strategic Emerging Markets Fund Administrative Class
Sold
4,710
$45,045
11,636
$111,573
Issued as reinvestment of dividends
7
69
Redeemed
(7,946)
(77,483)
(9,363)
(89,444)
Net increase (decrease)
(3,236)
$(32,438)
2,280
$22,198
 
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Notes to Financial Statements (Unaudited) (Continued)
     
 
Six Months Ended March 31, 2024
Year Ended September 30, 2023
 
Shares
Amount
Shares
Amount
Strategic Emerging Markets Fund Class R4
 
 
 
 
Sold
     2,729
$    26,500
     5,442
$    52,285
Issued as reinvestment of dividends
Redeemed
(1,462)
(13,455)
(2,181)
(21,471)
Net increase (decrease)
1,267
$13,045
3,261
$30,814
Strategic Emerging Markets Fund Class A
 
 
 
 
Sold
503
$4,814
701
$6,528
Issued as reinvestment of dividends
Redeemed
(10,517)
(99,736)
(1,403)
(13,082)
Net increase (decrease)
(10,014)
$(94,922)
(702)
$(6,554)
Strategic Emerging Markets Fund Class R3
 
 
 
 
Sold
3,959
$37,766
7,557
$70,774
Issued as reinvestment of dividends
Redeemed
(4,031)
(36,732)
(21,492)
(206,001)
Net increase (decrease)
(72)
$1,034
(13,935)
$(135,227)
(a)
Commenced operations on February 1, 2023.
Unless waived, purchases of Class A and Class L shares are subject to a front-end sales charge of up to 5.50% and 2.50%, respectively, of the amount purchased. A portion of the front-end sales charge may be retained by the Distributor. The Distributor retained the following amounts during the period ended March 31, 2024.
 
Front-End Sales Charges Retained by Distributor
Short-Duration Bond Fund
$   11
High Yield Fund
5
Global Fund
450
Unless waived, redemptions of Class A and Class L shares made within 18 months of purchase from initial investments of $1 million or more are subject to a contingent deferred sales charge of 1.00% (or 0.50% for holders of Class L shares of the Short-Duration Bond Fund prior to February 1, 2024) of the amount redeemed, and redemptions of Class C shares made within 12 months of purchase are subject to a contingent deferred sales charge of 1.00% (or 0.50% for holders of Class C shares of the Short-Duration Bond Fund prior to February 1. 2024) of the amount redeemed. The Distributor receives all contingent deferred sales charges. For the period ended March 31, 2024, no amounts have been retained by the Distributor.
With respect to Class A, Class L, and Class C shares, the Distributor may pay an up-front concession or commission to financial intermediaries through which sales are made as described in the Funds’ Prospectus.
180
 

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Notes to Financial Statements (Unaudited) (Continued)
     
6. Federal Income Tax Information
At March 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
$186,434,376
$667,272
$(14,130,793)
$(13,463,521)
Inflation-Protected and Income Fund
257,189,268
1,002,735
(6,533,818)
(5,531,083)
Core Bond Fund
780,076,490
3,873,775
(55,853,266)
(51,979,491)
Diversified Bond Fund
159,905,519
869,875
(12,975,372)
(12,105,497)
High Yield Fund
396,436,766
6,597,236
(15,670,146)
(9,072,910)
Balanced Fund
99,804,862
15,901,243
(4,325,486)
11,575,757
Disciplined Value Fund
36,892,717
7,864,462
(707,530)
7,156,932
Main Street Fund
54,485,956
18,824,458
(749,843)
18,074,615
Disciplined Growth Fund
145,227,829
48,949,236
(1,961,382)
46,987,854
Small Cap Opportunities Fund
310,518,699
97,035,352
(14,204,617)
82,830,735
Global Fund
107,490,973
101,255,519
(4,393,755)
96,861,764
International Equity Fund
112,075,212
16,947,017
(10,350,901)
6,596,116
Strategic Emerging Markets Fund
101,816,353
11,686,522
(5,170,610)
6,515,912
Note: The aggregate cost for investments for the U.S. Government Money Market Fund at March 31, 2024, is the same for financial reporting and U.S. federal income tax purposes.
Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years, subject to the carryforward period limitations, where applicable. Capital losses may be carried forward indefinitely, and retain the character of the original loss.
At September 30, 2023, the following Fund(s) had accumulated capital loss carryforwards:
 
Short Term
Capital Loss
Carryforward
Long Term
Capital Loss
Carryforward
Short-Duration Bond Fund
$ 55,557,232
$ 80,720,810
Inflation-Protected and Income Fund
23,475,503
4,690,083
Core Bond Fund
38,261,016
54,585,371
Diversified Bond Fund
7,287,798
11,789,161
High Yield Fund
8,816,132
53,405,416
Balanced Fund
436,639
1,940,622
Strategic Emerging Markets Fund
10,957,640
12,350,612
The following Fund(s) elected to defer to the fiscal year beginning October 1, 2023, late year ordinary losses:
 
Amount
Short-Duration Bond Fund
$  170,482
Main Street Fund
296,891
Global Fund
263,510
Strategic Emerging Markets Fund
320,023
 
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Notes to Financial Statements (Unaudited) (Continued)
     
Generally accepted accounting principles in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital.
The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended September 30, 2023, was as follows:
 
Ordinary
Income
Long Term
Capital Gain
Return of
Capital
U.S. Government Money Market Fund
$ 7,696,593 
$— 
$    — 
Short-Duration Bond Fund
10,912,538   
—   
129,022  
Inflation-Protected and Income Fund
10,873,910   
—   
—  
Core Bond Fund
27,416,673   
—   
—  
Diversified Bond Fund
6,419,858   
—   
—  
High Yield Fund
25,396,630   
—   
—  
Balanced Fund
1,888,356   
—   
—  
Disciplined Value Fund
4,145,423   
3,009,709   
—  
Main Street Fund
563,141   
8,275,072   
—  
Disciplined Growth Fund
125,279   
7,635,323   
—  
Small Cap Opportunities Fund
2,402,349   
1,474,654   
—  
Global Fund
—   
44,885,053   
—  
International Equity Fund
1,563,956   
5,591,169   
—  
Strategic Emerging Markets Fund
457,190   
—   
—  
The following Fund(s) have elected to pass through the foreign tax credit for the year ended September 30, 2023:
 
Amount
International Equity Fund
$ 207,186 
Strategic Emerging Markets Fund
348,778  
Capital accounts within the financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At September 30, 2023, temporary book and tax accounting differences were primarily attributable to the deferral of wash sale losses, deferred Trustee compensation, and other temporary basis adjustments.
At September 30, 2023, the components of distributable earnings on a tax basis were as follows:
 
Undistributed
Ordinary
Income
Undistributed
Long Term
Capital Gain
(Capital Loss
Carryover)
Other
Temporary
Differences
Unrealized
Appreciation
(Depreciation)
Total
U.S. Government Money Market Fund
$     —   
$— 
$(31,547) 
$— 
$(31,547)
Short-Duration Bond Fund
—   
(136,448,524)  
(35,519)  
(38,499,568)  
(174,983,611)
Inflation-Protected and Income Fund
4,921,532   
(28,165,585)  
(18,907)  
(19,837,074)  
(43,100,034)
Core Bond Fund
23,560,514   
(92,846,387)  
(93,220)  
(100,639,768)  
(170,018,861)
Diversified Bond Fund
4,797,752   
(19,076,959)  
(12,325)  
(24,586,033)  
(38,877,565)
High Yield Fund
75,078   
(62,221,548)  
(20,568)  
(36,538,782)  
(98,705,820)
Balanced Fund
1,219,734   
(2,377,261)  
(10,167)  
(2,633,352)  
(3,801,046)
Disciplined Value Fund
2,317,458   
476,996   
(15,608)  
1,141,130   
3,919,976  
182
 

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Notes to Financial Statements (Unaudited) (Continued)
     
 
Undistributed
Ordinary
Income
Undistributed
Long Term
Capital Gain
(Capital Loss
Carryover)
Other
Temporary
Differences
Unrealized
Appreciation
(Depreciation)
Total
Main Street Fund
158,203   
5,881,940   
(306,655)  
6,892,117   
12,625,605  
Disciplined Growth Fund
29,047   
6,477,745   
(19,451)  
13,560,732   
20,048,073  
Small Cap Opportunities Fund
3,744,830   
12,872,054   
(15,165)  
25,639,369   
42,241,088  
Global Fund
—   
37,637,162   
(285,900)  
63,027,872   
100,379,134  
International Equity Fund
2,357,217   
1,507,789   
(36,696)  
(5,719,916)  
(1,891,606)
Strategic Emerging Markets Fund
—   
(23,308,252)  
(329,838)  
(4,254,044)  
(27,892,134)
The Funds did not have any unrecognized tax benefits at March 31, 2024, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the period ended March 31, 2024, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. Foreign taxes are provided for based on the Funds’ understanding of the tax rules and rates that exist in the foreign markets in which they invest.
7. Indemnifications
Under the Funds’ organizational documents, current and former Trustees and Officers are provided with specified rights to indemnification against liabilities arising in connection with the performance of their duties to the Funds, and shareholders are indemnified against personal liability for obligations of the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
8. 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 does not expect ASU 2022-06 to have a material impact on the financial statements.
9. Russia-Ukraine War
In February 2022, Russia commenced a large-scale military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the regional and the global financial markets and economies. One or more of the Funds hold positions in securities or other instruments that are economically tied to Russia. Investments in Russia are subject to political, economic, legal, market, and currency risks, as well as the risks related to the economic sanctions on Russia, Russian individuals, and Russian corporate and banking entities imposed by the United States, other countries, and certain international organizations. Such sanctions — which affect companies in many sectors, including energy, financial services, and defense, among others — could adversely affect the global energy and financial markets and, thus, could affect the value of a Fund’s investments, even beyond any direct exposure the Fund may have to Russian issuers or the adjoining geographic regions. These sanctions and any other intergovernmental actions (including retaliatory actions by the Russian government) may also result in a decline in the value and liquidity of Russian securities and a weakening of the ruble, and
 
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Notes to Financial Statements (Unaudited) (Continued)
     
will impair a Fund’s ability to buy, sell, receive, or deliver Russian securities. In addition, certain transactions have been or may be prohibited and/or existing investments have or may become illiquid (e.g., because transacting in certain existing investments is prohibited), which could cause a Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions.
10. Upcoming Fund Liquidation
The Trustees have approved a Plan of Liquidation and Termination pursuant to which it is expected that the Main Street Fund (the “Fund”) will be dissolved. Effective on or about August 23, 2024 (the “Termination Date”), shareholders of the various classes of shares of the Fund will receive proceeds in proportion to the number of shares of such class held by each of them on the Termination Date.
184
 

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Other Information (Unaudited)
Proxy Voting
A description of the policies and procedures that each Fund’s investment adviser and subadvisers use to vote proxies relating to the Fund’s portfolio securities is available, without charge, upon request, by calling 1-888-309-3539, and on the Securities and Exchange Commission’s (“SEC”) EDGAR database on its website at http://www.sec.gov.
Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available, without charge, upon request, on the MassMutual website at https://www.massmutual.com/funds and on the SEC’s EDGAR database on its website at http://www.sec.gov.
Monthly Reporting
The U.S. Government Money Market Fund files its complete schedule of portfolio holdings with the SEC monthly on Form N-MFP. The U.S. Government Money Market Fund’s reports on Form N-MFP are available on the SEC’s EDGAR database on its website at http://www.sec.gov. In addition, the U.S. Government Money Market Fund makes portfolio holdings information available to shareholders at https://www.massmutual.com/funds.
Quarterly Reporting
The Funds, except for the U.S. Government Money Market Fund, file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s EDGAR database on its website at http://www.sec.gov. In addition, the Funds make the complete schedule of portfolio holdings from their filings on Form N-PORT available to shareholders at https://www.massmutual.com/funds.
Liquidity Risk Management Program
In 2016, the SEC adopted Rule 22e-4 under the 1940 Act (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of fund shareholders. Pursuant to the Liquidity Rule, the Funds have established and maintain a Liquidity Risk Management Program (the “Program”) that incorporates the requirements of the Liquidity Rule. The Program is administered by MML Advisers, which has established a Liquidity Risk Management Program Committee (the “Committee”) to oversee the required management, assessments, reviews, and reports for the Program.
The Program’s principal objectives include supporting each Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Fund’s liquidity and the periodic classification of the Fund’s investments into groupings that reflect MML Advisers’ assessment of their relative liquidity under current market conditions.
At a meeting of the Board held on March 20, 2024, the Trustees received a report prepared by the Committee regarding the operation and effectiveness of the Program for the period January 1, 2023 through December 31, 2023. In the report, the Committee concluded that the Program proved to be adequately designed to address the Funds’ liquidity risks and operated effectively.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to each Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
 
185

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Other Information (Unaudited) (Continued)
     
Fund Expenses March 31, 2024
Expense Examples:
The following information is in regard to expenses for the six months ended March 31, 2024:
As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemptions; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested for the six months ended March 31, 2024.
Actual Expenses:
The first four columns of the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled "Operating Expenses Incurred" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes:
The last two columns of the table below provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the last two columns of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
Beginning
Value
Annualized Expense
Ratio
Ending
Value (Based
on Actual
Returns and
Expenses)
Operating
Expenses
Incurred*
Ending Value
(Based on
Hypothetical
Returns and
Expenses)
Operating
Expenses
Incurred*
U.S. Government Money Market Fund
Class R5
$ 1,000
0.54%
$ 1,024.50
$ 2.69
$ 1,021.90
$ 2.68
Short-Duration Bond Fund
Class I
1,000
0.42%
1,051.30
2.12
1,022.50
2.09
Class R5
1,000
0.65%
1,049.90
3.28
1,021.40
3.23
Service Class
1,000
0.76%
1,050.80
3.83
1,020.90
3.78
Administrative Class
1,000
0.86%
1,049.20
4.33
1,020.40
4.27
Class R4
1,000
0.97%
1,049.40
4.89
1,019.80
4.82
Class A
1,000
1.09%
1,048.20
5.49
1,019.20
5.41
Class R3
1,000
1.25%
1,047.20
6.29
1,018.40
6.20
Class Y
1,000
0.43%
1,051.20
2.17
1,022.50
2.14
Class L
1,000
0.68%
1,050.00
3.43
1,021.20
3.38
Class C
1,000
0.93%
1,049.60
4.69
1,020.00
4.62
186
 

TABLE OF CONTENTS

     
Other Information (Unaudited) (Continued)
     
 
Beginning
Value
Annualized Expense
Ratio
Ending
Value (Based
on Actual
Returns and
Expenses)
Operating
Expenses
Incurred*
Ending Value
(Based on
Hypothetical
Returns and
Expenses)
Operating
Expenses
Incurred*
Inflation-Protected and Income Fund
Class I
$1,000
0.52%
$1,052.20
$2.62
$1,022.00
$2.59
Class R5
1,000
0.62%
1,052.50
3.13
1,021.50
3.08
Service Class
1,000
0.71%
1,051.50
3.58
1,021.10
3.53
Administrative Class
1,000
0.82%
1,050.50
4.13
1,020.60
4.07
Class R4
1,000
0.96%
1,050.30
4.84
1,019.90
4.77
Class A
1,000
1.05%
1,050.40
5.29
1,019.40
5.21
Class R3
1,000
1.22%
1,049.30
6.15
1,018.60
6.06
Class Y
1,000
0.62%
1,052.10
3.13
1,021.50
3.08
Core Bond Fund
Class I
1,000
0.44%
1,075.90
2.25
1,022.40
2.19
Class R5
1,000
0.54%
1,074.70
2.75
1,021.90
2.68
Service Class
1,000
0.64%
1,075.30
3.27
1,021.40
3.18
Administrative Class
1,000
0.74%
1,074.20
3.77
1,021.00
3.68
Class R4
1,000
0.89%
1,074.00
4.54
1,020.20
4.42
Class A
1,000
0.97%
1,072.80
4.94
1,019.80
4.82
Class R3
1,000
1.14%
1,072.90
5.81
1,019.00
5.66
Class Y
1,000
0.54%
1,075.60
2.76
1,021.90
2.68
Diversified Bond Fund
Class I
1,000
0.65%
1,074.90
3.32
1,021.40
3.23
Class R5
1,000
0.75%
1,075.70
3.83
1,020.90
3.73
Service Class
1,000
0.85%
1,076.20
4.34
1,020.40
4.22
Administrative Class
1,000
0.95%
1,074.60
4.85
1,019.90
4.72
Class R4
1,000
1.10%
1,074.60
5.61
1,019.20
5.46
Class A
1,000
1.19%
1,071.40
6.06
1,018.70
5.91
Class R3
1,000
1.35%
1,073.30
6.88
1,018.00
6.70
Class Y
1,000
0.76%
1,075.20
3.88
1,020.90
3.78
High Yield Fund
Class I
1,000
0.58%
1,085.70
2.97
1,021.70
2.88
Class R5
1,000
0.68%
1,086.20
3.49
1,021.20
3.38
Service Class
1,000
0.78%
1,085.70
4.00
1,020.80
3.88
Administrative Class
1,000
0.88%
1,084.60
4.51
1,020.30
4.37
Class R4
1,000
1.03%
1,083.40
5.28
1,019.50
5.11
Class A
1,000
1.11%
1,084.90
5.69
1,019.10
5.51
Class R3
1,000
1.28%
1,083.30
6.56
1,018.30
6.35
Class Y
1,000
0.63%
1,085.30
3.23
1,021.50
3.13
Class C
1,000
1.57%
1,081.50
8.04
1,016.90
7.79
Balanced Fund
Class I
1,000
0.79%
1,166.30
4.21
1,020.70
3.93
Class R5
1,000
0.89%
1,165.60
4.74
1,020.20
4.42
Service Class
1,000
0.99%
1,164.40
5.27
1,019.70
4.92
Administrative Class
1,000
1.09%
1,164.00
5.80
1,019.20
5.41
Class R4
1,000
1.24%
1,164.10
6.60
1,018.50
6.15
Class A
1,000
1.33%
1,163.00
7.07
1,018.00
6.60
Class R3
1,000
1.49%
1,161.20
7.92
1,017.30
7.39
Class Y
1,000
0.89%
1,165.20
4.74
1,020.20
4.42
 
187

TABLE OF CONTENTS

     
Other Information (Unaudited) (Continued)
     
 
Beginning
Value
Annualized Expense
Ratio
Ending
Value (Based
on Actual
Returns and
Expenses)
Operating
Expenses
Incurred*
Ending Value
(Based on
Hypothetical
Returns and
Expenses)
Operating
Expenses
Incurred*
Disciplined Value Fund
Class I
$1,000
1.00%
$1,186.00
$5.38
$1,019.70
$4.97
Class R5
1,000
1.11%
1,186.20
5.97
1,019.10
5.51
Service Class
1,000
1.21%
1,185.60
6.50
1,018.60
6.01
Administrative Class
1,000
1.31%
1,184.70
7.04
1,018.10
6.50
Class R4
1,000
1.46%
1,183.30
7.84
1,017.40
7.24
Class A
1,000
1.54%
1,183.00
8.27
1,017.00
7.64
Class R3
1,000
1.71%
1,182.10
9.18
1,016.20
8.48
Class Y
1,000
1.11%
1,185.90
5.97
1,019.10
5.51
Main Street Fund
Class I
1,000
0.90%
1,241.30
4.96
1,020.20
4.47
Class R5
1,000
1.00%
1,241.30
5.51
1,019.70
4.97
Service Class
1,000
1.10%
1,240.30
6.06
1,019.20
5.46
Administrative Class
1,000
1.20%
1,239.30
6.61
1,018.70
5.96
Class R4
1,000
1.36%
1,239.60
7.49
1,017.90
6.75
Class A
1,000
1.44%
1,239.20
7.93
1,017.50
7.14
Class R3
1,000
1.61%
1,237.10
8.86
1,016.70
7.98
Disciplined Growth Fund
Class I
1,000
0.59%
1,294.30
3.33
1,021.70
2.93
Class R5
1,000
0.69%
1,293.90
3.89
1,021.20
3.43
Service Class
1,000
0.79%
1,294.10
4.46
1,020.70
3.93
Administrative Class
1,000
0.89%
1,292.80
5.02
1,020.20
4.42
Class R4
1,000
1.04%
1,291.70
5.86
1,019.50
5.16
Class A
1,000
1.13%
1,291.90
6.37
1,019.00
5.61
Class R3
1,000
1.29%
1,289.10
7.26
1,018.20
6.40
Class Y
1,000
0.69%
1,293.80
3.89
1,021.20
3.43
Small Cap Opportunities Fund
Class I
1,000
0.66%
1,209.50
3.59
1,021.30
3.28
Class R5
1,000
0.76%
1,209.10
4.13
1,020.90
3.78
Service Class
1,000
0.86%
1,208.70
4.67
1,020.40
4.27
Administrative Class
1,000
0.96%
1,207.40
5.21
1,019.90
4.77
Class R4
1,000
1.11%
1,206.60
6.02
1,019.10
5.51
Class A
1,000
1.19%
1,206.60
6.46
1,018.70
5.91
Class R3
1,000
1.36%
1,205.20
7.37
1,017.90
6.75
Class Y
1,000
0.76%
1,209.20
4.13
1,020.90
3.78
Global Fund
Class I
1,000
0.92%
1,272.80
5.14
1,020.10
4.57
Class R5
1,000
1.01%
1,272.50
5.64
1,019.60
5.02
Service Class
1,000
1.12%
1,270.70
6.25
1,019.10
5.56
Administrative Class
1,000
1.21%
1,270.10
6.75
1,018.60
6.01
Class R4
1,000
1.37%
1,269.20
7.64
1,017.90
6.80
Class A
1,000
1.45%
1,268.70
8.09
1,017.50
7.19
Class R3
1,000
1.62%
1,267.90
9.03
1,016.60
8.03
188
 

TABLE OF CONTENTS

     
Other Information (Unaudited) (Continued)
     
 
Beginning
Value
Annualized Expense
Ratio
Ending
Value (Based
on Actual
Returns and
Expenses)
Operating
Expenses
Incurred*
Ending Value
(Based on
Hypothetical
Returns and
Expenses)
Operating
Expenses
Incurred*
International Equity Fund
Class I
$1,000
1.06%
$1,110.50
$5.50
$1,019.40
$5.26
Class R5
1,000
1.16%
1,110.50
6.02
1,018.90
5.76
Service Class
1,000
1.26%
1,111.00
6.54
1,018.40
6.25
Administrative Class
1,000
1.36%
1,109.50
7.05
1,017.90
6.75
Class R4
1,000
1.51%
1,108.80
7.83
1,017.20
7.49
Class A
1,000
1.59%
1,108.80
8.25
1,016.80
7.89
Class R3
1,000
1.76%
1,108.00
9.12
1,015.90
8.72
Class Y
1,000
1.16%
1,110.80
6.02
1,018.90
5.76
Strategic Emerging Markets Fund
Class I
1,000
1.15%
1,090.00
5.91
1,018.90
5.71
Class R5
1,000
1.25%
1,090.30
6.43
1,018.40
6.20
Service Class
1,000
1.35%
1,089.70
6.94
1,018.00
6.70
Administrative Class
1,000
1.45%
1,088.40
7.45
1,017.50
7.19
Class R4
1,000
1.60%
1,087.50
8.21
1,016.70
7.93
Class A
1,000
1.69%
1,086.80
8.67
1,016.30
8.38
Class R3
1,000
1.85%
1,086.70
9.49
1,015.50
9.17
*
Expenses are calculated using the annualized expense ratio for the six months ended March 31, 2024, multiplied by the average account value over the period, multiplied by 180 days in the period, divided by 366 days in the year, unless stated otherwise.
 
189

TABLE OF CONTENTS

 
 

TABLE OF CONTENTS

 
 

TABLE OF CONTENTS


 
 
 

 

(b)Not applicable to this filing.

 

Item 2. Code of Ethics.

 

Not applicable to this filing.

 

Item 3. Audit Committee Financial Expert.

 

Not applicable to this filing.

 

Item 4. Principal Accountant Fees and Services.

 

Not applicable to this filing.

 

Item 5. Audit Committee of Listed Registrants.

 

Not applicable to this filing.

 

Item 6. Investments.

 

(a)Please see portfolio of investments contained in the Report to Stockholders included under Item 1 of this form N-CSR.

 

(b)Not applicable to this filing.

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable to this filing.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable to this filing.

 

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable to this filing.

 

Item 10. Submission of Matters to a Vote of Security Holders.

 

Not applicable to this filing.

 

Item 11. Controls and Procedures.

 

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this Form N-CSR, to provide reasonable assurance that the information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

 

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

 

Not applicable to this filing.

 

Item 13. Exhibits.

 

(a)(1) Code of Ethics (Item 2) is not applicable to this filing.

 

(a)(2) Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.

 

(a)(3) Not applicable to this filing.

 

(a)(4) Not applicable to this filing.

 

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the 1940 Act (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto as Exhibit 99.906CERT.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant) MassMutual Premier Funds  
     
By (Signature and Title) /s/ Paul LaPiana  
  Paul LaPiana, President and Principal Executive Officer  
     
Date 5/21/2024  

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title) /s/ Paul LaPiana  
  Paul LaPiana, President and Principal Executive Officer  
     
     
Date 5/21/2024  
     
By (Signature and Title) /s/ Renée Hitchcock  
  Renée Hitchcock, Treasurer and Principal Financial Officer  
     
     
Date 5/21/2024  
 

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002