| MassMutual Short-Duration Bond Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Principal Amount | Value | |||||||
| Bonds & Notes — 80.6% | ||||||||
| Corporate Debt — 45.4% | ||||||||
| Agriculture — 0.7% | ||||||||
| Imperial Brands Finance PLC | ||||||||
| 4.500% 6/30/28 (a) (b) | $ | 750,000 | $ | 749,910 | ||||
| KT&G Corp. | ||||||||
| 5.000% 5/02/28 (a) | 300,000 | 304,287 | ||||||
| 1,054,197 | ||||||||
| Auto Manufacturers — 2.0% | ||||||||
| Ford Motor Credit Co. LLC | ||||||||
| 5.303% 9/06/29 | 630,000 | 618,652 | ||||||
| 5.875% 11/07/29 | 390,000 | 391,145 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 5.000% 7/15/27 | 375,000 | 377,295 | ||||||
| 5.800% 1/07/29 | 366,000 | 376,964 | ||||||
| Hyundai Capital America | ||||||||
| 6.100% 9/21/28 (a) | 356,000 | 370,091 | ||||||
| Nissan Motor Acceptance Co. LLC | ||||||||
| 1.850% 9/16/26 (a) | 815,000 | 777,232 | ||||||
| 2,911,379 | ||||||||
| Banks — 7.6% | ||||||||
| ABQ Finance Ltd. | ||||||||
| 2.000% 7/06/26 (a) | 1,200,000 | 1,168,255 | ||||||
| Barclays PLC | ||||||||
| 5.200% 5/12/26 | 440,000 | 441,984 | ||||||
| 1 day USD SOFR + 1.740% 5.690% VRN 3/12/30 (c) | 445,000 | 460,452 | ||||||
| BPCE SA 1 day USD SOFR + 1.581% | ||||||||
| 5.389% VRN 5/28/31 (a) (c) | 385,000 | 392,023 | ||||||
| Capital One NA 5 yr. USD SOFR ICE Swap + 1.730% | ||||||||
| 5.974% VRN 8/09/28 (c) | 625,000 | 640,350 | ||||||
| Credit Agricole SA 1 day USD SOFR + 1.860% | ||||||||
| 6.316% VRN 10/03/29 (a) (c) | 596,000 | 626,403 | ||||||
| Danske Bank AS 1 yr. CMT + 0.930% | ||||||||
| 5.019% VRN 3/04/31 (a) (c) | 390,000 | 394,420 | ||||||
| Deutsche Bank AG 1 day USD SOFR + 1.210% | ||||||||
| 5.373% VRN 1/10/29 (c) | 380,000 | 386,670 | ||||||
| HSBC Holdings PLC | ||||||||
| 1 day USD SOFR + 1.030% 4.899% VRN 3/03/29 (c) | 390,000 | 393,303 | ||||||
| 1 day USD SOFR + 3.350% 7.390% VRN 11/03/28 (c) | 350,000 | 371,696 | ||||||
| ING Groep NV 1 day USD SOFR + 1.440% | ||||||||
| 5.335% VRN 3/19/30 (c) | 445,000 | 456,317 | ||||||
| JP Morgan Chase & Co. 3 mo. USD Term SOFR + 1.522% | ||||||||
| 4.203% VRN 7/23/29 (c) | 450,000 | 448,099 | ||||||
| Lloyds Banking Group PLC 1 yr. CMT + 0.850% | ||||||||
| 5.087% VRN 11/26/28 (c) | 238,000 | 241,127 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Morgan Stanley 1 day USD SOFR + 1.630% | ||||||||
| 5.449% VRN 7/20/29 (c) | $ | 739,000 | $ | 760,025 | ||||
| NatWest Group PLC 1 yr. CMT + 1.050% | ||||||||
| 5.115% VRN 5/23/31 (c) | 375,000 | 381,137 | ||||||
| Santander UK Group Holdings PLC 1 day USD SOFR Index + 1.554% | ||||||||
| 4.858% VRN 9/11/30 (c) | 700,000 | 699,080 | ||||||
| Societe Generale SA 1 yr. CMT + 1.300% | ||||||||
| 2.797% VRN 1/19/28 (a) (c) | 807,000 | 783,689 | ||||||
| Synovus Bank | ||||||||
| 5.625% 2/15/28 | 653,000 | 660,076 | ||||||
| Synovus Financial Corp. 1 day USD SOFR + 2.347% | ||||||||
| 6.168% VRN 11/01/30 (c) | 300,000 | 307,757 | ||||||
| Truist Financial Corp. 1 day USD SOFR + 2.446% | ||||||||
| 7.161% VRN 10/30/29 (c) | 415,000 | 448,900 | ||||||
| Wells Fargo & Co. 1 day USD SOFR + 1.740% | ||||||||
| 5.574% VRN 7/25/29 (c) | 369,000 | 381,014 | ||||||
| 10,842,777 | ||||||||
| Beverages — 0.3% | ||||||||
| JDE Peet’s NV | ||||||||
| 1.375% 1/15/27 (a) | 510,000 | 485,248 | ||||||
| Building Materials — 0.1% | ||||||||
| JH North America Holdings, Inc. | ||||||||
| 5.875% 1/31/31 (a) | 176,000 | 177,537 | ||||||
| Chemicals — 1.1% | ||||||||
| Celanese US Holdings LLC | ||||||||
| 6.850% STEP 11/15/28 | 735,000 | 772,320 | ||||||
| Huntsman International LLC | ||||||||
| 4.500% 5/01/29 | 400,000 | 379,336 | ||||||
| Yara International ASA | ||||||||
| 4.750% 6/01/28 (a) | 389,000 | 389,783 | ||||||
| 1,541,439 | ||||||||
| Commercial Services — 0.9% | ||||||||
| Element Fleet Management Corp. | ||||||||
| 5.037% 3/25/30 (a) | 385,000 | 388,384 | ||||||
| Triton Container International Ltd. | ||||||||
| 2.050% 4/15/26 (a) | 615,000 | 602,279 | ||||||
| 3.150% 6/15/31 (a) | 425,000 | 368,739 | ||||||
| 1,359,402 | ||||||||
| Computers — 0.3% | ||||||||
| Genpact Luxembourg SARL/Genpact USA, Inc. | ||||||||
| 6.000% 6/04/29 | 363,000 | 375,717 | ||||||
| Diversified Financial Services — 3.9% | ||||||||
| Aircastle Ltd./Aircastle Ireland DAC | ||||||||
| 5.250% 3/15/30 (a) | 390,000 | 393,213 | ||||||
| Ally Financial, Inc. 1 day USD SOFR + 3.260% | ||||||||
| 6.992% VRN 6/13/29 (c) | 375,000 | 394,759 | ||||||
| Aviation Capital Group LLC | ||||||||
| 5.125% 4/10/30 (a) | 585,000 | 590,525 | ||||||
| Avolon Holdings Funding Ltd. | ||||||||
| 5.375% 5/30/30 (a) | 151,000 | 153,818 | ||||||
| 5.750% 11/15/29 (a) | 580,000 | 597,038 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| BGC Group, Inc. | ||||||||
| 6.150% 4/02/30 (a) | $ | 750,000 | $ | 760,428 | ||||
| Citadel Securities Global Holdings LLC | ||||||||
| 5.500% 6/18/30 (a) | 250,000 | 252,970 | ||||||
| Macquarie Airfinance Holdings Ltd. | ||||||||
| 5.200% 3/27/28 (a) | 200,000 | 202,229 | ||||||
| 6.400% 3/26/29 (a) | 438,000 | 457,252 | ||||||
| 8.125% 3/30/29 (a) | 225,000 | 235,346 | ||||||
| REC Ltd. | ||||||||
| 2.250% 9/01/26 (a) | 800,000 | 777,406 | ||||||
| Synchrony Financial 1 day USD SOFR + 1.680% | ||||||||
| 5.450% VRN 3/06/31 (c) (d) | 750,000 | 756,539 | ||||||
| 5,571,523 | ||||||||
| Electric — 1.5% | ||||||||
| Adani Transmission Step-One Ltd. | ||||||||
| 4.000% 8/03/26 (a) | 500,000 | 493,052 | ||||||
| Alliant Energy Finance LLC | ||||||||
| 1.400% 3/15/26 (a) | 780,000 | 756,120 | ||||||
| Edison International | ||||||||
| 5.250% 11/15/28 | 250,000 | 247,453 | ||||||
| Pacific Gas & Electric Co. | ||||||||
| 5.550% 5/15/29 | 605,000 | 614,756 | ||||||
| 2,111,381 | ||||||||
| Entertainment — 0.7% | ||||||||
| Warnermedia Holdings, Inc. | ||||||||
| 4.054% 3/15/29 | 1,075,000 | 998,653 | ||||||
| Food — 0.9% | ||||||||
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | ||||||||
| 2.500% 1/15/27 | 380,000 | 369,633 | ||||||
| Smithfield Foods, Inc. | ||||||||
| 4.250% 2/01/27 (a) | 995,000 | 985,298 | ||||||
| 1,354,931 | ||||||||
| Health Care - Services — 0.6% | ||||||||
| Centene Corp. | ||||||||
| 2.450% 7/15/28 | 425,000 | 394,670 | ||||||
| 3.000% 10/15/30 | 450,000 | 402,084 | ||||||
| 796,754 | ||||||||
| Home Furnishing — 0.4% | ||||||||
| LG Electronics, Inc. | ||||||||
| 5.625% 4/24/27 (a) | 250,000 | 254,499 | ||||||
| 5.625% 4/24/29 (a) | 288,000 | 297,342 | ||||||
| 551,841 | ||||||||
| Housewares — 0.3% | ||||||||
| Newell Brands, Inc. | ||||||||
| 6.375% 9/15/27 | 369,000 | 373,955 | ||||||
| Insurance — 2.8% | ||||||||
| Aspen Insurance Holdings Ltd. | ||||||||
| 5.750% 7/01/30 | 122,000 | 124,016 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Brighthouse Financial Global Funding | ||||||||
| 5.650% 6/10/29 (a) | $ | 375,000 | $ | 384,460 | ||||
| CNO Global Funding | ||||||||
| 2.650% 1/06/29 (a) | 475,000 | 443,674 | ||||||
| Enstar Group Ltd. | ||||||||
| 4.950% 6/01/29 | 400,000 | 402,934 | ||||||
| Equitable America Global Funding | ||||||||
| 4.950% 6/09/30 (a) | 380,000 | 384,140 | ||||||
| Fortitude Group Holdings LLC | ||||||||
| 6.250% 4/01/30 (a) | 358,000 | 368,314 | ||||||
| GA Global Funding Trust | ||||||||
| 5.500% 1/08/29 (a) | 315,000 | 322,808 | ||||||
| Global Atlantic Fin Co. | ||||||||
| 4.400% 10/15/29 (a) | 475,000 | 461,005 | ||||||
| Lincoln National Corp., (Acquired 4/19/23, Cost $731,429), | ||||||||
| 3.800% 3/01/28 (d) (e) | 825,000 | 811,647 | ||||||
| Mercury General Corp. | ||||||||
| 4.400% 3/15/27 | 375,000 | 371,853 | ||||||
| 4,074,851 | ||||||||
| Internet — 0.9% | ||||||||
| Prosus NV | ||||||||
| 3.257% 1/19/27 (a) | 1,250,000 | 1,223,732 | ||||||
| Investment Companies — 6.4% | ||||||||
| Antares Holdings LP | ||||||||
| 2.750% 1/15/27 (a) | 485,000 | 465,407 | ||||||
| 3.950% 7/15/26 (a) | 880,000 | 865,635 | ||||||
| ARES Capital Corp. | ||||||||
| 2.875% 6/15/28 | 475,000 | 447,608 | ||||||
| 5.950% 7/15/29 | 430,000 | 439,965 | ||||||
| ARES Strategic Income Fund | ||||||||
| 6.350% 8/15/29 | 770,000 | 789,426 | ||||||
| Blackstone Private Credit Fund | ||||||||
| 2.625% 12/15/26 | 813,000 | 785,505 | ||||||
| Blackstone Secured Lending Fund | ||||||||
| 2.750% 9/16/26 | 525,000 | 511,179 | ||||||
| 5.300% 6/30/30 | 400,000 | 396,338 | ||||||
| Blue Owl Capital Corp. | ||||||||
| 8.450% 11/15/26 | 375,000 | 389,575 | ||||||
| Blue Owl Credit Income Corp. | ||||||||
| 4.700% 2/08/27 | 783,000 | 778,029 | ||||||
| Blue Owl Technology Finance Corp. | ||||||||
| 6.750% 4/04/29 | 881,000 | 898,475 | ||||||
| Golub Capital BDC, Inc. | ||||||||
| 2.500% 8/24/26 (d) | 1,115,000 | 1,085,080 | ||||||
| HPS Corporate Lending Fund | ||||||||
| 6.250% 9/30/29 | 425,000 | 433,270 | ||||||
| 6.750% 1/30/29 | 522,000 | 539,073 | ||||||
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | ||||||||
| 5.250% 5/15/27 | 400,000 | 387,572 | ||||||
| 9,212,137 | ||||||||
| Lodging — 0.5% | ||||||||
| Las Vegas Sands Corp. | ||||||||
| 6.000% 8/15/29 | 735,000 | 755,434 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Machinery - Diversified — 0.3% | ||||||||
| Regal Rexnord Corp. | ||||||||
| 6.050% 4/15/28 | $ | 385,000 | $ | 396,736 | ||||
| Media — 0.7% | ||||||||
| News Corp. | ||||||||
| 3.875% 5/15/29 (a) | 575,000 | 550,126 | ||||||
| Paramount Global | ||||||||
| 7.875% 7/30/30 | 475,000 | 526,249 | ||||||
| 1,076,375 | ||||||||
| Office & Business Equipment — 0.3% | ||||||||
| CDW LLC/CDW Finance Corp. | ||||||||
| 5.100% 3/01/30 | 420,000 | 422,940 | ||||||
| Oil & Gas — 3.5% | ||||||||
| Continental Resources, Inc. | ||||||||
| 5.750% 1/15/31 (a) | 325,000 | 328,115 | ||||||
| Helmerich & Payne, Inc. | ||||||||
| 4.850% 12/01/29 (a) (d) | 760,000 | 724,691 | ||||||
| Occidental Petroleum Corp. | ||||||||
| 5.200% 8/01/29 | 425,000 | 426,367 | ||||||
| Ovintiv, Inc. | ||||||||
| 7.200% 11/01/31 | 350,000 | 378,150 | ||||||
| 8.125% 9/15/30 | 325,000 | 368,990 | ||||||
| Parkland Corp. | ||||||||
| 5.875% 7/15/27 (a) | 455,000 | 455,269 | ||||||
| Patterson-UTI Energy, Inc. | ||||||||
| 3.950% 2/01/28 | 1,220,000 | 1,181,323 | ||||||
| Santos Finance Ltd. | ||||||||
| 3.649% 4/29/31 (a) | 425,000 | 395,641 | ||||||
| Woodside Finance Ltd. | ||||||||
| 5.400% 5/19/30 | 750,000 | 760,676 | ||||||
| 5,019,222 | ||||||||
| Pharmaceuticals — 1.6% | ||||||||
| Bayer US Finance II LLC | ||||||||
| 4.375% 12/15/28 (a) | 375,000 | 371,508 | ||||||
| Hikma Finance USA LLC | ||||||||
| 3.250% 7/09/25 (a) | 1,150,000 | 1,149,821 | ||||||
| Mylan, Inc. | ||||||||
| 4.550% 4/15/28 | 570,000 | 565,258 | ||||||
| Viatris, Inc. | ||||||||
| 2.300% 6/22/27 | 219,000 | 208,680 | ||||||
| 2,295,267 | ||||||||
| Pipelines — 0.7% | ||||||||
| Columbia Pipelines Holding Co. LLC | ||||||||
| 6.055% 8/15/26 (a) | 385,000 | 389,693 | ||||||
| Harvest Midstream I LP | ||||||||
| 7.500% 9/01/28 (a) | 391,000 | 397,661 | ||||||
| Targa Resources Corp. | ||||||||
| 4.900% 9/15/30 | 230,000 | 231,942 | ||||||
| 1,019,296 | ||||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Real Estate Investment Trusts (REITS) — 3.8% | ||||||||
| EPR Properties | ||||||||
| 3.750% 8/15/29 | $ | 175,000 | $ | 166,628 | ||||
| 4.500% 6/01/27 | 600,000 | 596,929 | ||||||
| Global Net Lease, Inc./Global Net Lease Operating Partnership LP | ||||||||
| 3.750% 12/15/27 (a) | 1,125,000 | 1,074,403 | ||||||
| Highwoods Realty LP | ||||||||
| 4.200% 4/15/29 | 400,000 | 388,995 | ||||||
| Omega Healthcare Investors, Inc. | ||||||||
| 5.200% 7/01/30 | 775,000 | 779,350 | ||||||
| Piedmont Operating Partnership LP | ||||||||
| 9.250% 7/20/28 | 800,000 | 891,071 | ||||||
| Store Capital LLC | ||||||||
| 2.750% 11/18/30 | 300,000 | 264,376 | ||||||
| 4.500% 3/15/28 | 925,000 | 915,682 | ||||||
| Vornado Realty LP | ||||||||
| 2.150% 6/01/26 | 403,000 | 391,463 | ||||||
| 5,468,897 | ||||||||
| Retail — 0.5% | ||||||||
| Advance Auto Parts, Inc. | ||||||||
| 1.750% 10/01/27 | 475,000 | 443,434 | ||||||
| 5.900% 3/09/26 | 343,000 | 342,931 | ||||||
| 786,365 | ||||||||
| Semiconductors — 1.0% | ||||||||
| Broadcom, Inc. | ||||||||
| 5.050% 4/15/30 | 380,000 | 389,268 | ||||||
| Foundry JV Holdco LLC | ||||||||
| 5.500% 1/25/31 (a) | 770,000 | 789,786 | ||||||
| SK Hynix, Inc. | ||||||||
| 5.500% 1/16/27 (a) | 300,000 | 303,772 | ||||||
| 1,482,826 | ||||||||
| Software — 0.4% | ||||||||
| AppLovin Corp. | ||||||||
| 5.125% 12/01/29 | 515,000 | 521,703 | ||||||
| Venture Capital — 0.7% | ||||||||
| Hercules Capital, Inc. | ||||||||
| 2.625% 9/16/26 | 966,000 | 934,085 | ||||||
| TOTAL CORPORATE DEBT (Cost $64,502,438) | 65,196,600 | |||||||
| Non-U.S. Government Agency Obligations — 35.2% | ||||||||
| Automobile Asset-Backed Securities — 3.2% | ||||||||
| Ally Bank Auto Credit-Linked Notes, Series 2024-A, Class C | ||||||||
| 6.022% 5/17/32 (a) | 492,576 | 497,729 | ||||||
| FCCU Auto Receivables Trust, Series 2024-1A, Class A4 | ||||||||
| 5.460% 4/15/30 (a) | 500,000 | 509,303 | ||||||
| GLS Auto Receivables Issuer Trust, Series 2021-4A, Class D | ||||||||
| 2.480% 10/15/27 (a) | 429,306 | 424,150 | ||||||
| LAD Auto Receivables Trust, Series 2023-3A, Class C | ||||||||
| 6.430% 12/15/28 (a) | 1,000,000 | 1,025,083 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Onemain Direct Auto Receivables Trust, Series 2021-1A, Class A | ||||||||
| 0.870% 7/14/28 (a) | $ | 452,709 | $ | 449,428 | ||||
| PenFed Auto Receivables Owner Trust, Series 2024-A, Class C | ||||||||
| 5.200% 9/16/30 (a) | 400,000 | 405,184 | ||||||
| SCCU Auto Receivables Trust, Series 2024-1A, Class D | ||||||||
| 6.250% 7/15/32 (a) | 600,000 | 598,673 | ||||||
| Westlake Automobile Receivables Trust, Series 2022-2A, Class D | ||||||||
| 5.480% 9/15/27 (a) | 700,000 | 701,190 | ||||||
| 4,610,740 | ||||||||
| Commercial Mortgage-Backed Securities — 2.3% | ||||||||
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class C, | ||||||||
| 3.958% VRN 4/15/46 (c) (f) | 1,015,000 | 605,917 | ||||||
| One New York Plaza Trust | ||||||||
| Series 2020-1NYP, Class C, 1 mo. USD Term SOFR + 2.314% 6.627% FRN 1/15/36 (a) (c) | 2,106,000 | 1,995,964 | ||||||
| Series 2020-1NYP, Class D, 1 mo. USD Term SOFR + 2.864% 7.177% FRN 1/15/36 (a) (c) | 760,000 | 713,129 | ||||||
| 3,315,010 | ||||||||
| Credit Card Asset-Backed Securities — 1.1% | ||||||||
| Brex Commercial Charge Card Master Trust, Series 2024-1, Class A1 | ||||||||
| 6.050% 7/15/27 (a) | 1,000,000 | 1,007,656 | ||||||
| Mission Lane Credit Card Master Trust, Series 2025-A, Class A | ||||||||
| 5.800% 5/15/30 (a) | 500,000 | 501,524 | ||||||
| 1,509,180 | ||||||||
| 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% | ||||||||
| 4.062% FRN 10/25/34 (c) | 32,998 | 31,358 | ||||||
| Other Asset-Backed Securities — 19.1% | ||||||||
| 321 Henderson Receivables I LLC, Series 2006-3A, Class A1, 1 mo. USD Term SOFR + 0.314% | ||||||||
| 4.626% FRN 9/15/41 (a) (c) | 23,453 | 23,304 | ||||||
| 522 Funding CLO Ltd., Series 2018-3A, Class BR, 3 mo. USD Term SOFR + 1.812% | ||||||||
| 6.081% FRN 10/20/31 (a) (c) | 2,352,000 | 2,355,817 | ||||||
| Affirm Asset Securitization Trust | ||||||||
| Series 2024-B, Class A, 4.620% 9/15/29 (a) | 1,000,000 | 1,000,741 | ||||||
| Series 2025-X1, Class B, 5.190% 4/15/30 (a) | 500,000 | 499,646 | ||||||
| Series 2024-X2, Class B, 5.330% 12/17/29 (a) | 700,000 | 701,740 | ||||||
| Series 2024-X1, Class B, 6.340% 5/15/29 (a) | 500,000 | 500,751 | ||||||
| Apidos CLO XXX Ltd., Series XXXA, Class A2R, 3 mo. USD Term SOFR + 1.500% | ||||||||
| 5.770% FRN 10/18/31 (a) (c) | 500,000 | 500,152 | ||||||
| Ballyrock CLO Ltd., Series 2020-2A, Class A2R, 3 mo. USD Term SOFR + 1.812% | ||||||||
| 6.081% FRN 10/20/31 (a) (c) | 3,700,000 | 3,702,930 | ||||||
| BHG Securitization Trust, Series 2021-B, Class C | ||||||||
| 2.240% 10/17/34 (a) | 3,736,000 | 3,534,522 | ||||||
| BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class B | ||||||||
| 3.780% 9/26/33 (a) | 359,809 | 353,231 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Buttermilk Park CLO Ltd., Series 2018-1A, Class B1R, 3 mo. USD Term SOFR + 1.600% | ||||||||
| 5.856% FRN 10/15/31 (a) (c) | $ | 1,000,000 | $ | 1,000,422 | ||||
| Castlelake Aircraft Structured Trust, Series 2019-1A, Class B | ||||||||
| 5.095% 4/15/39 (a) | 707,996 | 587,653 | ||||||
| CF Hippolyta Issuer LLC, Series 2020-1, Class B1 | ||||||||
| 2.280% 7/15/60 (a) | 577,448 | 576,244 | ||||||
| Elara HGV Timeshare Issuer LLC, Series 2019-A, Class C | ||||||||
| 3.450% 1/25/34 (a) | 749,542 | 733,083 | ||||||
| Equify ABS LLC, Series 2024-1A, Class A | ||||||||
| 5.430% 4/18/33 (a) | 514,581 | 514,823 | ||||||
| Flatiron CLO 20 Ltd., Series 2020-1A, Class AR, 3 mo. USD Term SOFR + 1.380% | ||||||||
| 5.702% FRN 5/20/36 (a) (c) | 1,000,000 | 1,001,398 | ||||||
| Goodgreen Trust, Series 2019-2A, Class A | ||||||||
| 2.760% 4/15/55 (a) | 1,659,257 | 1,426,892 | ||||||
| GreenSky Home Improvement Trust, Series 2024-1, Class A4 | ||||||||
| 5.670% 6/25/59 (a) | 419,708 | 425,902 | ||||||
| Hero Funding Trust | ||||||||
| Series 2017-3A, Class A1, 3.190% 9/20/48 (a) | 443,092 | 391,378 | ||||||
| Series 2017-2A, Class A1, 3.280% 9/20/48 (a) | 87,082 | 77,626 | ||||||
| Series 2016-4A, Class A1, 3.570% 9/20/47 (a) | 211,068 | 194,113 | ||||||
| Series 2015-1A, Class A, 3.840% 9/21/40 (a) | 136,582 | 128,390 | ||||||
| Series 2017-2A, Class A2, 4.070% 9/20/48 (a) | 70,754 | 64,579 | ||||||
| Series 2018-1A, Class A2, 4.670% 9/20/48 (a) | 566,718 | 526,949 | ||||||
| Hilton Grand Vacations Trust, Series 2019-AA, Class C | ||||||||
| 2.840% 7/25/33 (a) | 340,301 | 333,105 | ||||||
| Mosaic Solar Loan Trust, Series 2018-2GS, Class A | ||||||||
| 4.200% 2/22/44 (a) | 446,154 | 415,545 | ||||||
| Mosaic Solar Loans LLC, Series 2017-1A, Class A | ||||||||
| 4.450% 6/20/42 (a) | 68,286 | 65,677 | ||||||
| Newark BSL CLO 2 Ltd., Series 2017-1A, Class A2R, 3 mo. USD Term SOFR + 1.662% | ||||||||
| 5.943% FRN 7/25/30 (a) (c) | 1,375,000 | 1,375,528 | ||||||
| Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A1 | ||||||||
| 1.850% 11/20/50 (a) | 958,632 | 937,580 | ||||||
| Pagaya Ai Debt Trust, Series 2025-R1, Class A2 | ||||||||
| 5.338% 6/15/32 (a) | 500,000 | 500,951 | ||||||
| PVONE 2023-1 LLC, Series 2023-2A, Class A | ||||||||
| 7.670% 9/17/35 (a) | 383,838 | 383,831 | ||||||
| RR 8 Ltd., Series 2020-8A, Class A1R, 3 mo. USD Term SOFR + 1.350% | ||||||||
| 5.606% FRN 7/15/37 (a) (c) | 1,000,000 | 1,002,250 | ||||||
| Symphony CLO XXII Ltd., Series 2020-22A, Class BR, 3 mo. USD Term SOFR + 1.680% | ||||||||
| 5.950% FRN 4/18/33 (a) (c) | 750,000 | 750,134 | ||||||
| Whitebox CLO III Ltd., Series 2021-3A, Class A1R, 3 mo. USD Term SOFR + 1.270% | ||||||||
| 5.526% FRN 10/15/35 (a) (c) | 750,000 | 750,371 | ||||||
| 27,337,258 | ||||||||
| Student Loans Asset-Backed Securities — 4.9% | ||||||||
| Chase Education Loan Trust, Series 2007-A, Class B, 90 day USD SOFR Average + 0.482% | ||||||||
| 4.822% FRN 3/28/68 (c) | 265,299 | 242,421 | ||||||
| College Avenue Student Loans LLC, Series 2017-A, Class A1, 1 mo. USD Term SOFR + 1.764% | ||||||||
| 6.084% FRN 11/26/46 (a) (c) | 241,460 | 241,662 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Commonbond Student Loan Trust | ||||||||
| Series 2017-AGS, Class B, 3.470% 5/25/41 (a) | $ | 219,039 | $ | 196,703 | ||||
| Series 2018-AGS, Class C, 3.820% 2/25/44 (a) | 98,680 | 81,851 | ||||||
| Series 2018-BGS, Class C, 4.120% 9/25/45 (a) | 80,965 | 70,451 | ||||||
| Series 2018-CGS, Class C, 4.350% 2/25/46 (a) | 37,950 | 33,845 | ||||||
| Series 2017-AGS, Class C, 5.280% 5/25/41 (a) | 149,221 | 139,681 | ||||||
| Laurel Road Prime Student Loan Trust | ||||||||
| Series 2019-A, Class BFX, 3.000% 10/25/48 (a) | 1,210,820 | 1,168,696 | ||||||
| Series 2017-B, Class CFX, 3.610% 8/25/42 (a) | 535,102 | 531,338 | ||||||
| Nelnet Student Loan Trust, Series 2018-5A, Class B, 1 mo. USD Term SOFR + 1.564% | ||||||||
| 5.884% FRN 2/25/67 (a) (c) | 1,000,000 | 946,271 | ||||||
| SLM Student Loan Trust | ||||||||
| Series 2005-4, Class B, 90 day USD SOFR Average + 0.442% 4.805% FRN 7/25/55 (c) | 343,977 | 323,408 | ||||||
| Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 4.835% FRN 10/25/40 (c) | 388,896 | 367,920 | ||||||
| Series 2005-5, Class B, 90 day USD SOFR Average + 0.512% 4.875% FRN 10/25/40 (c) | 367,924 | 338,936 | ||||||
| Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% 4.935% FRN 1/25/55 (c) | 248,624 | 237,490 | ||||||
| Series 2004-1, Class B, 90 day USD SOFR Average + 0.762% 5.125% FRN 7/25/39 (c) | 221,659 | 211,198 | ||||||
| Series 2003-4, Class B, 90 day USD SOFR Average + 0.912% 5.255% FRN 6/15/38 (c) | 140,891 | 133,251 | ||||||
| SMB Private Education Loan Trust, Series 2023-D, Class A1B, 30 day USD SOFR Average + 1.650% | ||||||||
| 5.954% FRN 9/15/53 (a) (c) | 772,220 | 782,645 | ||||||
| SoFi Professional Loan Program LLC, Series 2019-A, Class BFX | ||||||||
| 4.110% 6/15/48 (a) | 870,000 | 811,732 | ||||||
| Wachovia Student Loan Trust, Series 2005-1, Class B, 90 day USD SOFR Average + 0.562% | ||||||||
| 4.925% FRN 10/25/40 (c) | 210,373 | 181,874 | ||||||
| 7,041,373 | ||||||||
| Whole Loan Collateral Collateralized Mortgage Obligations — 4.6% | ||||||||
| Banc of America Mortgage Trust, Series 2004-G, Class 2A7, | ||||||||
| 6.538% VRN 8/25/34 (c) (f) | 3,820 | 3,801 | ||||||
| Ellington Financial Mortgage Trust | ||||||||
| Series 2024-INV2, Class A2, 5.289% STEP 10/25/69 (a) | 714,488 | 711,466 | ||||||
| Series 2024-INV2, Class A3, 5.441% STEP 10/25/69 (a) | 714,488 | 712,011 | ||||||
| Merrill Lynch Mortgage Investors Trust, Series 2004-A1, Class 2A2, | ||||||||
| 6.225% VRN 2/25/34 (c) (f) | 22,949 | 21,961 | ||||||
| TRK Trust, Series 2021-INV1, Class M1, | ||||||||
| 2.585% VRN 7/25/56 (a) (c) (f) | 1,222,000 | 986,551 | ||||||
| Verus Securitization Trust | ||||||||
| Series 2021-1, Class M1, 1.968% VRN 1/25/66 (a) (c) (f) | 2,247,000 | 1,738,613 | ||||||
| Series 2019-INV3, Class M1, 3.279% VRN 11/25/59 (a) (c) (f) | 2,129,000 | 2,023,669 | ||||||
| Series 2024-8, Class A1, 5.364% VRN 10/25/69 (a) (c) (f) | 444,245 | 443,750 | ||||||
| 6,641,822 | ||||||||
| TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $52,811,745) | 50,486,741 | |||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| U.S. Government Agency Obligations and Instrumentalities (g) — 0.0% | ||||||||
| Pass-Through Securities — 0.0% | ||||||||
| Federal Home Loan Mortgage Corp. | ||||||||
Pool #1Q0239 1 yr. CMT + 2.145% 6.451% FRN 3/01/37 (c) | $ | 37,457 | $ | 38,244 | ||||
| TOTAL BONDS & NOTES (Cost $117,352,354) | 115,721,585 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $117,352,354) | 115,721,585 | |||||||
| Short-Term Investments — 21.7% | ||||||||
| Commercial Paper — 20.2% | ||||||||
| American Honda Finance Corp. | ||||||||
| 4.841% 8/18/25 | 4,000,000 | 3,974,716 | ||||||
| Amrize Finance US LLC | ||||||||
| 4.730% 7/07/25 (a) | 2,000,000 | 1,998,146 | ||||||
| 4.734% 7/14/25 (a) | 5,000,000 | 4,990,735 | ||||||
| DTE Electric Co. | ||||||||
| 4.546% 7/21/25 | 2,000,000 | 1,994,794 | ||||||
| Eversource Energy | ||||||||
| 4.819% 7/09/25 (a) | 3,000,000 | 2,996,527 | ||||||
| Genuine Parts Co. | ||||||||
| 4.702% 7/25/25 (a) | 1,000,000 | 996,780 | ||||||
| Marriott International, Inc. | ||||||||
| 4.604% 8/19/25 (a) | 3,000,000 | 2,980,834 | ||||||
| Phillips 66 | ||||||||
| 4.713% 7/07/25 (a) | 3,000,000 | 2,997,305 | ||||||
| Southern Power Co. | ||||||||
| 4.569% 7/07/25 (a) | 3,000,000 | 2,997,328 | ||||||
| VW Credit, Inc. | ||||||||
| 4.823% 8/04/25 (a) | 3,000,000 | 2,986,588 | ||||||
| 28,913,753 | ||||||||
| Number of Shares | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.5% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (h) | 735,080 | 735,080 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 1.0% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (i) | $ | 1,437,875 | 1,437,875 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $31,090,282) | 31,086,708 | |||||||
| TOTAL INVESTMENTS — 102.3% (Cost $148,442,636) (j) | 146,808,293 | |||||||
| Other Assets/(Liabilities) — (2.3)% | (3,353,178) | |||||||
| NET ASSETS — 100.0% | $ | 143,455,115 | ||||||
| MassMutual Short-Duration 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 |
| 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 June 30, 2025, the aggregate market value of these securities amounted to $97,765,926 or 68.15% of net assets. |
| (b) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (c) | Floating rate or variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (d) | Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2025, was $2,366,944 or 1.65% of net assets. The Fund received $1,699,234 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (e) | Restricted security. Certain securities are restricted to resale. At June 30, 2025, these securities amounted to a value of $811,647 or 0.57% 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 June 30, 2025. |
| (g) | 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. |
| (h) | Represents investment of security lending cash collateral and 7-day effective yield as of June 30, 2025. (Note 2). |
| (i) | Maturity value of $1,437,985. Collateralized by U.S. Government Agency obligations with a rate of 3.750%, maturity date of 6/30/27, and an aggregate market value, including accrued interest, of $1,466,796. |
| (j) | See Note 3 for aggregate cost for federal tax purposes. |
| Futures contracts | ||||||||||||||
| Expiration Date | Number of Contracts | Notional Amount | Value/Net Unrealized Appreciation (Depreciation) | |||||||||||
| Long | ||||||||||||||
| U.S. Treasury Note 2 Year | 9/30/25 | 415 | $ | 86,020,022 | $ | 309,705 | ||||||||
| Short | ||||||||||||||
| U.S. Treasury Note 10 Year | 9/19/25 | 18 | $ | (1,982,050 | ) | $ | (36,200 | ) | ||||||
| U.S. Treasury Note 5 Year | 9/30/25 | 265 | (28,527,689 | ) | (357,311 | ) | ||||||||
| $ | (393,511 | ) | ||||||||||||
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Principal Amount | Value | |||||||
| Bonds & Notes — 87.9% | ||||||||
| Non-U.S. Government Agency Obligations — 63.1% | ||||||||
| Automobile Asset-Backed Securities — 25.2% | ||||||||
| American Credit Acceptance Receivables Trust | ||||||||
| Series 2024-1, Class C, 5.630% 1/14/30 (a) | $ | 3,000,000 | $ | 3,003,060 | ||||
| Series 2024-3, Class B, 5.660% 8/14/28 (a) | 1,000,000 | 1,004,771 | ||||||
| Series 2024-2, Class C, 6.240% 4/12/30 (a) | 2,800,000 | 2,832,102 | ||||||
| Avis Budget Rental Car Funding AESOP LLC | ||||||||
| Series 2020-2A, Class A, 2.020% 2/20/27 (a) | 3,300,000 | 3,259,218 | ||||||
| Series 2020-1A, Class B, 2.680% 8/20/26 (a) | 833,333 | 831,367 | ||||||
| BOF URSA VI Funding Trust I, Series 2023-CAR2, Class A2 | ||||||||
| 5.542% 10/27/31 (a) | 940,786 | 944,604 | ||||||
| Carvana Auto Receivables Trust, Series 2021-N3, Class B | ||||||||
| 0.660% 6/12/28 | 587,569 | 562,673 | ||||||
| CPS Auto Receivables Trust | ||||||||
| Series 2021-C, Class E, 3.210% 9/15/28 (a) | 3,000,000 | 2,966,373 | ||||||
| Series 2024-A, Class B, 5.650% 5/15/28 (a) | 2,500,000 | 2,505,878 | ||||||
| Drive Auto Receivables Trust, Series 2025-1, Class A2 | ||||||||
| 4.870% 8/15/28 | 1,200,000 | 1,201,650 | ||||||
| Exeter Automobile Receivables Trust | ||||||||
| Series 2021-2A, Class D, 1.400% 4/15/27 | 1,446,123 | 1,424,688 | ||||||
| Series 2021-3A, Class D, 1.550% 6/15/27 | 2,175,663 | 2,138,437 | ||||||
| Series 2021-4A, Class D, 1.960% 1/17/28 | 1,201,377 | 1,187,207 | ||||||
| Series 2022-2A, Class D, 4.560% 7/17/28 | 1,000,000 | 995,092 | ||||||
| Series 2025-3A, Class A2, 4.830% 1/18/28 | 1,000,000 | 1,000,542 | ||||||
| Exeter Select Automobile Receivables Trust, Series 2025-1, Class A2 | ||||||||
| 4.830% 10/16/28 | 1,000,000 | 999,674 | ||||||
| FCCU Auto Receivables Trust, Series 2025-1A, Class A2 | ||||||||
| 4.870% 1/16/29 (a) | 1,200,000 | 1,201,532 | ||||||
| Flagship Credit Auto Trust, Series 2021-2, Class C | ||||||||
| 1.270% 6/15/27 (a) | 1,127,869 | 1,122,639 | ||||||
| GLS Auto Receivables Issuer Trust | ||||||||
| Series 2021-4A, Class D, 2.480% 10/15/27 (a) | 2,146,529 | 2,120,748 | ||||||
| Series 2021-1A, Class E, 3.140% 1/18/28 (a) | 1,500,000 | 1,496,330 | ||||||
| Series 2022-3A, Class D, 6.420% 6/15/28 (a) | 1,270,000 | 1,286,712 | ||||||
| Octane Receivables Trust, Series 2022-2A, Class C | ||||||||
| 6.290% 7/20/28 (a) | 2,365,000 | 2,388,435 | ||||||
| Onemain Direct Auto Receivables Trust | ||||||||
| Series 2021-1A, Class A, 0.870% 7/14/28 (a) | 679,063 | 674,141 | ||||||
| Series 2022-1A, Class C, 5.310% 6/14/29 (a) | 1,100,000 | 1,098,930 | ||||||
| OSCAR US Funding XII LLC, Series 2021-1A, Class A4 | ||||||||
| 1.000% 4/10/28 (a) | 1,396,278 | 1,376,871 | ||||||
| Santander Drive Auto Receivables Trust, Series 2021-2, Class D | ||||||||
| 1.350% 7/15/27 | 595,268 | 593,808 | ||||||
| SBNA Auto Receivables Trust, Series 2025-SF1, Class B | ||||||||
| 5.120% 3/17/31 (a) | 1,000,000 | 1,000,109 | ||||||
| Tesla Auto Lease Trust, Series 2023-B, Class B | ||||||||
| 6.570% 8/20/27 (a) | 3,140,000 | 3,159,535 | ||||||
| Tricolor Auto Securitization Trust | ||||||||
| Series 2025-1A, Class A, 4.940% 2/15/29 (a) | 2,629,062 | 2,631,214 | ||||||
| Series 2025-2A, Class A, 5.120% 1/16/29 (a) | 3,000,000 | 3,003,273 | ||||||
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| VStrong Auto Receivables Trust, Series 2024-A, Class A3 | ||||||||
| 5.620% 12/15/28 (a) | $ | 2,273,000 | $ | 2,285,372 | ||||
| Westlake Automobile Receivables Trust | ||||||||
| Series 2022-2A, Class D, 5.480% 9/15/27 (a) | 3,000,000 | 3,005,099 | ||||||
| Series 2023-4A, Class A2, 6.230% 1/15/27 (a) | 221,582 | 221,763 | ||||||
| 55,523,847 | ||||||||
| Commercial Mortgage-Backed Securities — 3.3% | ||||||||
| BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD Term SOFR + 1.797% | ||||||||
| 6.109% FRN 7/15/35 (a) (b) | 1,150,000 | 1,149,555 | ||||||
| COMM Mortgage Trust, Series 2015-LC19, Class D | ||||||||
| 2.867% 2/10/48 (a) | 2,457,000 | 2,258,706 | ||||||
| Extended Stay America Trust | ||||||||
| Series 2021-ESH, Class D, 1 mo. USD Term SOFR + 2.364% 6.677% FRN 7/15/38 (a) (b) | 1,115,046 | 1,116,441 | ||||||
| Series 2021-ESH, Class F, 1 mo. USD Term SOFR + 3.814% 8.127% FRN 7/15/38 (a) (b) | 1,543,910 | 1,543,909 | ||||||
| KREF Ltd., Series 2021-FL2, Class D, 1 mo. USD Term SOFR + 2.314% | ||||||||
| 6.628% FRN 2/15/39 (a) (b) | 900,000 | 886,416 | ||||||
| Ready Capital Mortgage Financing LLC, Series 2023-FL12, Class A, 1 mo. USD Term SOFR + 2.335% | ||||||||
| 6.654% FRN 5/25/38 (a) (b) | 394,738 | 394,738 | ||||||
| 7,349,765 | ||||||||
| Home Equity Asset-Backed Securities — 1.1% | ||||||||
| Home Equity Asset Trust, Series 2005-9, Class M1, 1 mo. USD Term SOFR + 0.729% | ||||||||
| 5.049% FRN 4/25/36 (b) | 634,511 | 626,857 | ||||||
| JP Morgan Mortgage Acquisition Trust, Series 2007-CH3, Class A5, 1 mo. USD Term SOFR + 0.374% | ||||||||
| 4.694% FRN 3/25/37 (b) | 151,770 | 150,045 | ||||||
| Point Securitization Trust, Series 2024-1, Class A1 | ||||||||
| 6.500% 6/25/54 (a) | 1,556,276 | 1,559,164 | ||||||
| Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-BC6, Class A4, 1 mo. USD Term SOFR + 0.284% | ||||||||
| 4.604% FRN 1/25/37 (b) | 15,282 | 15,243 | ||||||
| 2,351,309 | ||||||||
| Other Asset-Backed Securities — 22.6% | ||||||||
| 321 Henderson Receivables I LLC, Series 2006-3A, Class A1, 1 mo. USD Term SOFR + 0.314% | ||||||||
| 4.626% FRN 9/15/41 (a) (b) | 25,212 | 25,052 | ||||||
| ACHV ABS Trust, Series 2024-1PL, Class A | ||||||||
| 5.900% 4/25/31 (a) | 646,914 | 652,612 | ||||||
| Affirm Asset Securitization Trust | ||||||||
| Series 2021-Z2, Class A, 1.170% 11/16/26 (a) | 5,883 | 5,873 | ||||||
| Series 2025-X1, Class A, 5.080% 4/15/30 (a) | 2,770,089 | 2,770,661 | ||||||
| Series 2024-X2, Class A, 5.220% 12/17/29 (a) | 461,787 | 461,757 | ||||||
| Series 2024-A, Class 1A, 5.610% 2/15/29 (a) | 1,000,000 | 1,004,873 | ||||||
| Series 2024-X1, Class B, 6.340% 5/15/29 (a) | 500,000 | 500,751 | ||||||
| Series 2023-X1, Class B, 7.770% 11/15/28 (a) | 64,887 | 64,965 | ||||||
| Series 2023-B, Class D, 8.780% 9/15/28 (a) | 2,800,000 | 2,827,065 | ||||||
| Alterna Funding III LLC | ||||||||
| Series 2024-1A, Class A, 6.260% 5/16/39 (a) | 2,039,929 | 2,059,197 | ||||||
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2024-1A, Class B, 7.136% 5/16/39 (a) | $ | 1,149,468 | $ | 1,158,935 | ||||
| BHG Securitization Trust | ||||||||
| Series 2021-A, Class A, 1.420% 11/17/33 (a) | 806,745 | 792,590 | ||||||
| Series 2023-A, Class A, 5.550% 4/17/36 (a) | 854,970 | 855,343 | ||||||
| DataBank Issuer LLC, Series 2021-1A, Class A2 | ||||||||
| 2.060% 2/27/51 (a) | 1,500,000 | 1,467,225 | ||||||
| FCI Funding LLC, Series 2024-1A, Class A | ||||||||
| 5.440% 8/15/36 (a) | 736,650 | 736,422 | ||||||
| FNA VI LLC, Series 2021-1A, Class A | ||||||||
| 1.350% 1/10/32 (a) | 1,337,342 | 1,243,446 | ||||||
| GreenSky Home Improvement Trust, Series 2024-1, Class A2 | ||||||||
| 5.880% 6/25/59 (a) | 1,180,937 | 1,194,258 | ||||||
| Hilton Grand Vacations Trust, Series 2022-2A, Class C | ||||||||
| 5.570% 1/25/37 (a) | 601,823 | 603,409 | ||||||
| Marlette Funding Trust, Series 2022-3A, Class C | ||||||||
| 6.890% 11/15/32 (a) | 1,852,225 | 1,858,004 | ||||||
| MCA Fund Holding LLC, Series 2020-1, Class A | ||||||||
| 3.250% 11/15/35 (a) | 202,514 | 199,629 | ||||||
| NP SPE IX LP, Series 2019-1A, Class A1 | ||||||||
| 2.574% 9/20/49 (a) | 71,902 | 70,495 | ||||||
| Oak Street Investment Grade Net Lease Fund | ||||||||
| Series 2021-1A, Class A1, 1.480% 1/20/51 (a) | 3,927,460 | 3,822,511 | ||||||
| Series 2020-1A, Class A1, 1.850% 11/20/50 (a) | 2,219,055 | 2,170,323 | ||||||
| Oportun Funding Trust | ||||||||
| Series 2025-1, Class A, 4.960% 8/16/32 (a) | 2,783,222 | 2,777,871 | ||||||
| Series 2024-3, Class A, 5.260% 8/15/29 (a) | 2,320,792 | 2,321,525 | ||||||
| Oportun Issuance Trust, Series 2024-2, Class A | ||||||||
| 5.860% 2/09/32 (a) | 1,355,323 | 1,356,629 | ||||||
| Pagaya AI Debt Grantor Trust | ||||||||
| Series 2024-10, Class A, 5.183% 6/15/32 (a) | 1,376,903 | 1,384,564 | ||||||
| Series 2024-8, Class A, 5.331% 1/15/32 (a) | 1,847,949 | 1,850,602 | ||||||
| Series 2024-5, Class A, 6.278% 10/15/31 (a) | 813,666 | 818,529 | ||||||
| Pagaya AI Debt Trust, Series 2024-4, Class B | ||||||||
| 6.539% 8/15/31 (a) | 4,489,828 | 4,510,880 | ||||||
| PVONE 2023-1 LLC, Series 2023-2A, Class A | ||||||||
| 7.670% 9/17/35 (a) | 450,137 | 450,130 | ||||||
| RAM LLC, Series 2024-1, Class A | ||||||||
| 6.669% 2/15/39 (a) | 1,886,750 | 1,891,876 | ||||||
| Reach ABS Trust | ||||||||
| Series 2024-1A, Class A, 6.300% 2/18/31 (a) | 240,747 | 241,496 | ||||||
| Series 2023-1A, Class B, 7.330% 2/18/31 (a) | 643,149 | 646,532 | ||||||
| SoFi Consumer Loan Program Trust | ||||||||
| Series 2025-1, Class A, 4.800% 2/27/34 (a) | 2,351,188 | 2,355,892 | ||||||
| Series 2025-2, Class A, 4.820% 6/25/34 (a) | 1,300,000 | 1,301,752 | ||||||
| Verdant Receivables LLC, Series 2025-1A, Class A2 | ||||||||
| 4.850% 3/13/28 (a) | 1,300,000 | 1,302,411 | ||||||
| 49,756,085 | ||||||||
| Student Loans Asset-Backed Securities — 4.7% | ||||||||
| Commonbond Student Loan Trust | ||||||||
| Series 2021-AGS, Class B, 1.400% 3/25/52 (a) | 106,850 | 82,325 | ||||||
| Series 2018-CGS, Class C, 4.350% 2/25/46 (a) | 9,831 | 8,768 | ||||||
| Series 2019-AGS, Class A2, 1 mo. USD Term SOFR + 1.014% 5.334% FRN 1/25/47 (a) (b) | 100,039 | 96,263 | ||||||
| JP Morgan Student Loan Trust, Series 2007-A, Class B, 90 day USD SOFR Average + 0.612% | ||||||||
| 4.974% FRN 6/28/39 (a) (b) | 142,407 | 126,818 | ||||||
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Laurel Road Prime Student Loan Trust, Series 2019-A, Class A1FX | ||||||||
| 2.340% 10/25/48 (a) | $ | 8,160 | $ | 8,108 | ||||
| Navient Private Education Refi Loan Trust | ||||||||
| Series 2021-A, Class A, 0.840% 5/15/69 (a) | 3,041,173 | 2,770,077 | ||||||
| Series 2020-HA, Class A, 1.310% 1/15/69 (a) | 589,726 | 550,616 | ||||||
| Navient Student Loan Trust, Series 2016-7A, Class A, 30 day USD SOFR Average + 1.264% | ||||||||
| 5.570% FRN 3/25/66 (a) (b) | 916,894 | 904,359 | ||||||
| Nelnet Student Loan Trust | ||||||||
| Series 2005-2, Class B, 90 day USD SOFR Average + 0.432% 4.774% FRN 3/23/37 (b) | 523,365 | 507,866 | ||||||
| Series 2006-3, Class B, 90 day USD SOFR Average + 0.512% 4.853% FRN 6/25/41 (b) | 112,706 | 101,646 | ||||||
| Series 2004-3, Class B, 90 day USD SOFR Average + 0.612% 4.975% FRN 10/25/40 (b) | 545,845 | 540,183 | ||||||
| Series 2014-2A, Class B, 30 day USD SOFR Average + 1.614% 5.920% FRN 6/25/41 (a) (b) | 295,000 | 288,109 | ||||||
| SLC Student Loan Trust, Series 2006-2, Class B, 90 day USD SOFR Average + 0.492% | ||||||||
| 4.835% FRN 12/15/39 (b) | 144,136 | 127,711 | ||||||
| SLM Student Loan Trust | ||||||||
| Series 2006-4, Class B, 90 day USD SOFR Average + 0.462% 4.825% FRN 1/25/70 (b) | 97,542 | 91,835 | ||||||
| Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 4.835% FRN 10/25/40 (b) | 200,789 | 189,959 | ||||||
| Series 2006-2, Class B, 90 day USD SOFR Average + 0.482% 4.845% FRN 1/25/41 (b) | 179,172 | 166,843 | ||||||
| Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% 4.935% FRN 1/25/55 (b) | 149,174 | 142,494 | ||||||
| Series 2004-3, Class B, 90 day USD SOFR Average + 0.732% 5.095% FRN 10/25/64 (b) | 93,915 | 88,451 | ||||||
| SMB Private Education Loan Trust | ||||||||
| Series 2019-A, Class A2B, 1 mo. USD Term SOFR + 0.984% 5.296% FRN 7/15/36 (a) (b) | 348,725 | 348,196 | ||||||
| Series 2024-R1, Class M, 6.000% 9/15/54 (a) | 2,927,468 | 2,919,529 | ||||||
| SoFi Professional Loan Program LLC, Series 2018-D, Class A2FX | ||||||||
| 3.600% 2/25/48 (a) | 257,944 | 253,787 | ||||||
| 10,313,943 | ||||||||
| Whole Loan Collateral Collateralized Mortgage Obligations — 6.2% | ||||||||
| Angel Oak Mortgage Trust, Series 2022-2, Class A1, | ||||||||
| 3.353% VRN 1/25/67 (a) (b) (c) | 1,754,398 | 1,674,535 | ||||||
| BRAVO Residential Funding Trust, Series 2021-NQM2, Class A3, | ||||||||
| 1.435% VRN 3/25/60 (a) (b) (c) | 298,277 | 288,317 | ||||||
| CIM Trust, Series 2019-INV3, Class A11, 30 day USD SOFR Average + 1.064% | ||||||||
| 5.370% FRN 8/25/49 (a) (b) | 554,894 | 526,753 | ||||||
| COLT Mortgage Loan Trust, Series 2022-1, Class A1, | ||||||||
| 2.284% VRN 12/27/66 (a) (b) (c) | 6,433,782 | 5,883,006 | ||||||
| Deephaven Residential Mortgage Trust, Series 2021-1, Class A3, | ||||||||
| 1.128% VRN 5/25/65 (a) (b) (c) | 221,605 | 211,107 | ||||||
| First Franklin Mortgage Loan Trust, Series 2006-FF15, Class A5, 1 mo. USD Term SOFR + 0.274% | ||||||||
| 4.594% FRN 11/25/36 (b) | 67,898 | 68,652 | ||||||
| OBX Trust | ||||||||
| Series 2021-NQM2, Class A2, 1.357% VRN 5/25/61 (a) (b) (c) | 507,976 | 421,079 | ||||||
| Series 2020-EXP1, Class 2A2, 1 mo. USD Term SOFR + 1.064% 5.384% FRN 2/25/60 (a) (b) | 201,377 | 199,025 | ||||||
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| PSMC Trust, Series 2020-2, Class A2, | ||||||||
| 3.000% VRN 5/25/50 (a) (b) (c) | $ | 610,127 | $ | 536,420 | ||||
| STAR Trust, Series 2021-1, Class A3, | ||||||||
| 1.528% VRN 5/25/65 (a) (b) (c) | 2,022,829 | 1,910,947 | ||||||
| Starwood Mortgage Residential Trust | ||||||||
| Series 2020-1, Class M1, 2.878% VRN 2/25/50 (a) (b) (c) | 1,000,000 | 882,820 | ||||||
| Series 2019-INV1, Class A3, 2.916% VRN 9/27/49 (a) (b) (c) | 375,443 | 369,495 | ||||||
| Verus Securitization Trust, Series 2021-3, Class A3, | ||||||||
| 1.437% VRN 6/25/66 (a) (b) (c) | 708,229 | 614,144 | ||||||
| 13,586,300 | ||||||||
| TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $139,879,989) | 138,881,249 | |||||||
| U.S. Government Agency Obligations and Instrumentalities (d) — 4.1% | ||||||||
| Whole Loans — 4.1% | ||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust | ||||||||
| Series 2021-DNA7, Class M1, 30 day USD SOFR Average + 0.850% 5.155% FRN 11/25/41 (a) (b) | 616,530 | 615,930 | ||||||
| Series 2022-DNA2, Class M1A, 30 day USD SOFR Average + 1.300% 5.605% FRN 2/25/42 (a) (b) | 1,038,079 | 1,040,937 | ||||||
| Series 2020-DNA1, Class M2, 30 day USD SOFR Average + 1.814% 6.120% FRN 1/25/50 (a) (b) | 44,126 | 44,163 | ||||||
| Series 2022-DNA5, Class M1A, 30 day USD SOFR Average + 2.950% 7.255% FRN 6/25/42 (a) (b) | 1,562,335 | 1,596,295 | ||||||
| Federal National Mortgage Association Connecticut Avenue Securities | ||||||||
| Series 2022-R05, Class 2M1, 30 day USD SOFR Average + 1.900% 6.205% FRN 4/25/42 (a) (b) | 279,531 | 280,769 | ||||||
| Series 2023-R05, Class 1M1, 30 day USD SOFR Average + 1.900% 6.206% FRN 6/25/43 (a) (b) | 790,861 | 798,778 | ||||||
| Series 2023-R03, Class 2M1, 30 day USD SOFR Average + 2.500% 6.805% FRN 4/25/43 (a) (b) | 1,561,546 | 1,585,115 | ||||||
| Series 2022-R07, Class 1M1, 30 day USD SOFR Average + 2.950% 7.256% FRN 6/25/42 (a) (b) | 2,917,043 | 2,993,348 | ||||||
| 8,955,335 | ||||||||
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $8,901,748) | 8,955,335 | |||||||
| U.S. Treasury Obligations — 20.7% | ||||||||
| U.S. Treasury Bonds & Notes — 20.7% | ||||||||
| U.S. Treasury Inflation-Indexed Bonds | ||||||||
| 0.125% 2/15/51 | 800,820 | 435,855 | ||||||
| 0.125% 2/15/52 | 1,037,043 | 553,225 | ||||||
| 0.250% 2/15/50 | 748,584 | 434,501 | ||||||
| 0.625% 2/15/43 | 209,274 | 155,489 | ||||||
| 0.750% 2/15/42 | 993,685 | 771,407 | ||||||
| 0.750% 2/15/45 | 1,280,421 | 934,401 | ||||||
| 0.875% 2/15/47 | 797,280 | 577,410 | ||||||
| 1.000% 2/15/46 | 676,870 | 512,688 | ||||||
| 1.000% 2/15/48 | 455,266 | 334,661 | ||||||
| 1.000% 2/15/49 | 516,258 | 374,370 | ||||||
| 1.375% 2/15/44 | 688,155 | 577,615 | ||||||
| 1.500% 2/15/53 | 755,356 | 597,934 | ||||||
| 1.750% 1/15/28 | 1,224,888 | 1,240,504 | ||||||
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 2.125% 2/15/40 | $ | 519,418 | $ | 512,636 | ||||
| 2.125% 2/15/41 | 673,776 | 659,369 | ||||||
| 2.125% 2/15/54 | 522,575 | 477,897 | ||||||
| 2.500% 1/15/29 | 971,100 | 1,010,376 | ||||||
| 3.375% 4/15/32 | 361,422 | 402,287 | ||||||
| 3.875% 4/15/29 | 487,798 | 532,533 | ||||||
| U.S. Treasury Inflation-Indexed Notes | ||||||||
| 0.125% 1/15/30 | 2,368,768 | 2,235,400 | ||||||
| 0.125% 7/15/31 | 2,154,204 | 1,982,270 | ||||||
| 0.250% 7/15/29 | 1,504,788 | 1,445,005 | ||||||
| 0.500% 1/15/28 | 1,950,585 | 1,914,281 | ||||||
| 0.625% 7/15/32 | 2,649,576 | 2,471,325 | ||||||
| 0.750% 7/15/28 (e) | 1,558,977 | 1,539,951 | ||||||
| 0.875% 1/15/29 | 762,198 | 750,343 | ||||||
| 1.125% 1/15/33 | 2,584,392 | 2,469,478 | ||||||
| 1.250% 4/15/28 | 2,138,780 | 2,134,755 | ||||||
| 1.375% 7/15/33 | 2,925,536 | 2,840,937 | ||||||
| 1.625% 10/15/29 | 4,128,611 | 4,179,580 | ||||||
| 1.625% 4/15/30 | 2,519,100 | 2,536,084 | ||||||
| 1.750% 1/15/34 | 1,773,950 | 1,758,419 | ||||||
| 1.875% 7/15/34 | 817,792 | 818,419 | ||||||
| 2.125% 4/15/29 | 2,125,912 | 2,183,131 | ||||||
| 2.375% 10/15/28 | 3,036,996 | 3,150,207 | ||||||
| 45,504,743 | ||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $47,740,795) | 45,504,743 | |||||||
| TOTAL BONDS & NOTES (Cost $196,522,532) | 193,341,327 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $196,522,532) | 193,341,327 | |||||||
| Short-Term Investments — 11.7% | ||||||||
| Commercial Paper — 6.8% | ||||||||
| eBay, Inc. | ||||||||
| 4.695% 7/22/25 (a) | 5,000,000 | 4,985,849 | ||||||
| J.M. Smucker Co. | ||||||||
| 4.703% 7/08/25 (a) | 5,000,000 | 4,994,907 | ||||||
| WPP CP LLC | ||||||||
| 4.728% 7/22/25 (a) | 5,000,000 | 4,985,867 | ||||||
| 14,966,623 | ||||||||
| Repurchase Agreement — 4.9% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (f) | 10,838,706 | 10,838,706 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $25,807,372) | 25,805,329 | |||||||
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| TOTAL INVESTMENTS — 99.6% (Cost $222,329,904) (g) | $ | 219,146,656 | ||||||
| Other Assets/(Liabilities) — 0.4% | 791,541 | |||||||
| NET ASSETS — 100.0% | $ | 219,938,197 | ||||||
| Abbreviation Legend | |
| FRN | Floating Rate Note |
| REMICS | Real Estate Mortgage Investment Conduits |
| SOFR | Secured Overnight Financing Rate |
| VRN | Variable Rate Note |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2025, the aggregate market value of these securities amounted to $149,881,651 or 68.15% of net assets. |
| (b) | Floating rate or variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (c) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at June 30, 2025. |
| (d) | 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. |
| (e) | All or a portion of this security is pledged/held as collateral for open derivatives. |
| (f) | Maturity value of $10,839,534. Collateralized by U.S. Government Agency obligations with a rate of 3.750%, maturity date of 6/30/27, and an aggregate market value, including accrued interest, of $11,055,647. |
| (g) | See Note 3 for aggregate cost for federal tax purposes. |
|
|
| Expiration Date | Number of Contracts | Notional Amount | Value/Net Unrealized Appreciation (Depreciation) |
|||||||
| Long | ||||||||||
| U.S. Treasury Ultra 10 Year | 9/19/25 | 19 | $ | 2,123,015 | $ | 48,032 | ||||
| U.S. Treasury Ultra Bond | 9/19/25 | 4 | 456,257 | 20,243 | ||||||
| $ | 68,275 | |||||||||
| Short | ||||||||||
| U.S. Treasury Long Bond | 9/19/25 | 1 | $ | (111,316 | ) | $ | (4,153 | ) | ||
| U.S. Treasury Note 2 Year | 9/30/25 | 215 | (44,552,875 | ) | (172,164 | ) | ||||
| U.S. Treasury Note 5 Year | 9/30/25 | 20 | (2,160,562 | ) | (19,438 | ) | ||||
| $ | (195,755 | ) | ||||||||
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Centrally Cleared Interest Rate Swaps |
| Paid by the Fund | Received by the Fund | ||||||||||||||||||||||
| Rate/ Reference | Frequency | Rate/ Reference | Frequency | Termination Date | Notional Amount | Value | Upfront Premium Paid/ (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||
| Fixed 2.490% | Maturity | U.S. Consumer Price Index | Maturity | 7/31/26 | USD | 1,500,000 | $ | 19,626 | $ | — | $ | 19,626 | |||||||||||
| Fixed 2.482% | Maturity | U.S. Consumer Price Index | Maturity | 9/07/26 | USD | 3,000,000 | 36,501 | — | 36,501 | ||||||||||||||
| Fixed 2.164% | Maturity | U.S. Consumer Price Index | Maturity | 9/19/26 | USD | 7,000,000 | 93,857 | — | 93,857 | ||||||||||||||
| Fixed 2.599% | Maturity | U.S. Consumer Price Index | Maturity | 1/10/27 | USD | 9,100,000 | 43,734 | — | 43,734 | ||||||||||||||
| $ | 193,718 | $ | — | $ | 193,718 | ||||||||||||||||||
| 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 + 20.1 BP | Maturity | Bloomberg US Treasury Inflation Notes TR Index | Maturity | BNP Paribas SA | 7/31/25 | USD | 48,205,406 | $ | 1,711,383 | $ | — | $ | 1,711,383 | |||||||||||||
| Fed Funds + 23.0 BP | Maturity | Bloomberg US Treasury Inflation Notes TR Index | Maturity | BNP Paribas SA | 12/01/25 | USD | 66,009,399 | 862,809 | — | 862,809 | ||||||||||||||||
| Fed Funds + 23.0 BP | Maturity | Bloomberg US Treasury Inflation Notes TR Index | Maturity | Goldman Sachs International | 8/29/25 | USD | 14,305,886 | 160,902 | — | 160,902 | ||||||||||||||||
| Fed Funds + 20.0 BP | Maturity | Bloomberg US Treasury Inflation Notes TR Index | Maturity | Goldman Sachs International | 10/31/25 | USD | 33,000,000 | 119,189 | — | 119,189 | ||||||||||||||||
| $ | 2,854,283 | $ | — | $ | 2,854,283 | |||||||||||||||||||||
| Currency Legend | |
| USD | U.S. Dollar |
| MassMutual Core Bond Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Principal Amount | Value | |||||||
| Bonds & Notes — 97.7% | ||||||||
| Corporate Debt — 39.5% | ||||||||
| Aerospace & Defense — 0.2% | ||||||||
| Boeing Co. | ||||||||
| 5.930% 5/01/60 | $ | 1,470,000 | $ | 1,397,326 | ||||
| Agriculture — 0.2% | ||||||||
| Imperial Brands Finance PLC | ||||||||
| 5.625% 7/01/35 (a) (b) | 1,532,000 | 1,537,199 | ||||||
| Airlines — 0.1% | ||||||||
| United Airlines Pass-Through Trust | ||||||||
| Series 2018-1, Class B, 4.600% 9/01/27 | 214,934 | 212,271 | ||||||
| Series 2024-1, Class AA, 5.450% 8/15/38 | 845,577 | 853,373 | ||||||
| 1,065,644 | ||||||||
| Auto Manufacturers — 0.7% | ||||||||
| Ford Motor Credit Co. LLC | ||||||||
| 4.125% 8/17/27 | 800,000 | 781,999 | ||||||
| 5.303% 9/06/29 | 1,535,000 | 1,507,351 | ||||||
| General Motors Co. | ||||||||
| 5.150% 4/01/38 | 1,295,000 | 1,205,005 | ||||||
| Nissan Motor Acceptance Co. LLC | ||||||||
| 5.300% 9/13/27 (a) | 2,025,000 | 1,996,412 | ||||||
| 5,490,767 | ||||||||
| Banks — 8.1% | ||||||||
| Bank of America Corp. | ||||||||
| 5 yr. CMT + 1.200% 2.482% VRN 9/21/36 (c) | 2,235,000 | 1,893,827 | ||||||
| 5 yr. CMT + 2.000% 3.846% VRN 3/08/37 (c) | 3,300,000 | 3,019,810 | ||||||
| Bank of Montreal, (Acquired 1/29/25, Cost $1,191,927), 5 yr. CMT + 1.400% | ||||||||
| 3.088% VRN 1/10/37 (c) (d) | 1,425,000 | 1,230,626 | ||||||
| Bank of Nova Scotia 5 yr. CMT + 2.903% | ||||||||
| 7.350% VRN 4/27/85 (c) | 1,856,000 | 1,869,710 | ||||||
| Barclays PLC | ||||||||
| 5 yr. CMT + 5.867% 6.125% VRN (c) (e) | 1,500,000 | 1,500,572 | ||||||
| 5 yr. CMT + 5.431% 8.000% VRN (c) (e) | 2,648,000 | 2,777,559 | ||||||
| BNP Paribas SA | ||||||||
| 5 yr. CMT + 3.196% 4.625% VRN (a) (c) (e) | 2,775,000 | 2,695,313 | ||||||
| 5 yr. CMT + 3.134% 7.450% VRN (a) (c) (e) | 1,155,000 | 1,161,930 | ||||||
| BPCE SA 1 day USD SOFR + 1.730% | ||||||||
| 3.116% VRN 10/19/32 (a) (c) | 1,830,000 | 1,586,254 | ||||||
| Citigroup, Inc. | ||||||||
| 5 yr. CMT + 2.572% 6.750% VRN (c) (e) | 2,110,000 | 2,125,538 | ||||||
| 10 yr. CMT + 2.757% 7.000% VRN (c) (e) (f) | 1,904,000 | 2,001,420 | ||||||
| Danske Bank AS 5 yr. CMT + 3.387% | ||||||||
| 4.375% VRN (a) (c) (e) | 1,000,000 | 983,750 | ||||||
| Goldman Sachs Group, Inc. 5 yr. CMT + 2.461% | ||||||||
| 6.850% VRN (c) (e) | 1,976,000 | 2,039,209 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| HSBC Holdings PLC | ||||||||
| 1 day USD SOFR + 1.560% 5.450% VRN 3/03/36 (c) | $ | 1,990,000 | $ | 2,000,969 | ||||
| 1 day USD SOFR + 1.520% 5.733% VRN 5/17/32 (c) | 1,210,000 | 1,257,941 | ||||||
| 5 yr. CMT + 3.298% 6.875% VRN (c) (e) | 2,069,000 | 2,093,791 | ||||||
| ING Groep NV | ||||||||
| 5 yr. CMT + 2.862% 3.875% VRN (c) (e) | 3,300,000 | 3,065,958 | ||||||
| 5 yr. CMT + 3.506% 4.875% VRN (a) (c) (e) | 542,000 | 508,141 | ||||||
| JP Morgan Chase & Co. 5 yr. CMT + 2.152% | ||||||||
| 6.500% VRN (c) (e) | 1,992,000 | 2,057,286 | ||||||
| Lloyds Banking Group PLC | ||||||||
| 5 yr. USD ICE Swap + 4.496% 7.500% VRN (c) (e) | 1,775,000 | 1,779,766 | ||||||
| 5 yr. CMT + 3.913% 8.000% VRN (c) (e) (f) | 2,050,000 | 2,161,938 | ||||||
| Macquarie Bank Ltd. 5 yr. CMT + 1.700% | ||||||||
| 3.052% VRN 3/03/36 (a) (c) | 2,900,000 | 2,572,897 | ||||||
| Morgan Stanley | ||||||||
| 1 day USD SOFR + 1.360% 2.484% VRN 9/16/36 (c) | 3,010,000 | 2,557,703 | ||||||
| 1 day USD SOFR + 2.620% 5.297% VRN 4/20/37 (c) | 2,435,000 | 2,425,954 | ||||||
| NatWest Group PLC | ||||||||
| 5 yr. CMT + 5.625% 6.000% VRN (c) (e) | 1,950,000 | 1,946,797 | ||||||
| 5 yr. CMT + 2.937% 7.300% VRN (c) (e) | 2,375,000 | 2,361,484 | ||||||
| Nordea Bank Abp 5 yr. CMT + 2.660% | ||||||||
| 6.300% VRN (a) (c) (e) (f) | 3,302,000 | 3,216,280 | ||||||
| Royal Bank of Canada 5 yr. CMT + 2.815% | ||||||||
| 6.750% VRN 8/24/85 (c) | 1,860,000 | 1,861,376 | ||||||
| Synovus Bank | ||||||||
| 5.625% 2/15/28 | 1,925,000 | 1,945,859 | ||||||
| Toronto-Dominion Bank 5 yr. CMT + 4.075% | ||||||||
| 8.125% VRN 10/31/82 (c) | 2,597,000 | 2,712,325 | ||||||
| UBS Group AG 5 yr. USD SOFR ICE Swap + 3.077%, | ||||||||
| 7.000% VRN (a) (c) (e) | 873,000 | 868,444 | ||||||
| Wells Fargo & Co. 5 yr. CMT + 2.767% | ||||||||
| 6.850% VRN (c) (e) | 1,695,000 | 1,781,123 | ||||||
| 64,061,550 | ||||||||
| Beverages — 0.1% | ||||||||
| Bacardi Ltd./Bacardi-Martini BV | ||||||||
| 5.900% 6/15/43 (a) | 697,000 | 674,139 | ||||||
| Building Materials — 0.1% | ||||||||
| JH North America Holdings, Inc. | ||||||||
| 6.125% 7/31/32 (a) | 948,000 | 963,741 | ||||||
| Chemicals — 0.7% | ||||||||
| Celanese US Holdings LLC | ||||||||
| 6.850% STEP 11/15/28 | 2,635,000 | 2,768,795 | ||||||
| Dow Chemical Co. | ||||||||
| 5.600% 2/15/54 | 1,121,000 | 1,020,344 | ||||||
| Huntsman International LLC | ||||||||
| 2.950% 6/15/31 | 1,750,000 | 1,472,965 | ||||||
| 5,262,104 | ||||||||
| Commercial Services — 0.1% | ||||||||
| Triton Container International Ltd. | ||||||||
| 3.150% 6/15/31 (a) | 1,150,000 | 997,765 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Diversified Financial Services — 2.8% | ||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust | ||||||||
| 5 yr. CMT + 2.441% 6.500% VRN 1/31/56 (c) | $ | 1,100,000 | $ | 1,101,752 | ||||
| 5 yr. CMT + 2.720% 6.950% VRN 3/10/55 (c) | 364,000 | 378,265 | ||||||
| Ally Financial, Inc. | ||||||||
| 1 day USD SOFR Index + 1.730% 5.543% VRN 1/17/31 (c) | 401,000 | 406,635 | ||||||
| 1 day USD SOFR + 3.260% 6.992% VRN 6/13/29 (c) | 1,150,000 | 1,210,596 | ||||||
| Apollo Global Management, Inc. | ||||||||
| 5.800% 5/21/54 | 1,949,000 | 1,924,803 | ||||||
| ARES Finance Co. III LLC 5 yr. CMT + 3.237% | ||||||||
| 4.125% VRN 6/30/51 (a) (c) | 2,335,000 | 2,280,686 | ||||||
| Avolon Holdings Funding Ltd. | ||||||||
| 5.375% 5/30/30 (a) | 757,000 | 771,127 | ||||||
| 5.750% 11/15/29 (a) | 2,060,000 | 2,120,514 | ||||||
| BGC Group, Inc. | ||||||||
| 6.150% 4/02/30 (a) | 1,275,000 | 1,292,728 | ||||||
| 6.600% 6/10/29 | 2,645,000 | 2,741,316 | ||||||
| Blue Owl Finance LLC | ||||||||
| 3.125% 6/10/31 | 2,400,000 | 2,131,084 | ||||||
| Charles Schwab Corp. 5 yr. CMT + 3.168% | ||||||||
| 4.000% VRN (c) (e) | 2,820,000 | 2,777,649 | ||||||
| Citadel Securities Global Holdings LLC | ||||||||
| 5.500% 6/18/30 (a) | 316,000 | 319,754 | ||||||
| Macquarie Airfinance Holdings Ltd. | ||||||||
| 5.200% 3/27/28 (a) | 1,000,000 | 1,011,143 | ||||||
| 8.125% 3/30/29 (a) | 1,525,000 | 1,595,119 | ||||||
| 22,063,171 | ||||||||
| Electric — 1.4% | ||||||||
| AES Corp. 5 yr. CMT + 3.201% | ||||||||
| 7.600% VRN 1/15/55 (c) | 2,598,000 | 2,674,900 | ||||||
| Edison International | ||||||||
| 5.250% 11/15/28 | 1,325,000 | 1,311,503 | ||||||
| NextEra Energy Capital Holdings, Inc. 5 yr. CMT + 2.547% | ||||||||
| 3.800% VRN 3/15/82 (c) | 1,865,000 | 1,787,005 | ||||||
| Pacific Gas & Electric Co. | ||||||||
| 5.550% 5/15/29 | 1,175,000 | 1,193,947 | ||||||
| Sempra | ||||||||
| 5 yr. CMT + 2.868% 4.125% VRN 4/01/52 (c) | 2,163,000 | 2,079,830 | ||||||
| 5 yr. CMT + 4.550% 4.875% VRN (c) (e) | 1,690,000 | 1,683,033 | ||||||
| 10,730,218 | ||||||||
| Entertainment — 0.2% | ||||||||
| Warnermedia Holdings, Inc. | ||||||||
| 4.279% 3/15/32 | 1,812,000 | 1,347,675 | ||||||
| 5.141% 3/15/52 | 192,000 | 118,560 | ||||||
| 1,466,235 | ||||||||
| Food — 0.3% | ||||||||
| Smithfield Foods, Inc. | ||||||||
| 2.625% 9/13/31 (a) | 2,735,000 | 2,357,644 | ||||||
| Gas — 0.3% | ||||||||
| CenterPoint Energy Resources Corp. | ||||||||
| 6.625% 11/01/37 | 2,190,000 | 2,447,728 | ||||||
| Health Care - Services — 0.8% | ||||||||
| Centene Corp. | ||||||||
| 3.000% 10/15/30 | 2,445,000 | 2,184,659 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| HCA, Inc. | ||||||||
| 5.900% 6/01/53 | $ | 1,615,000 | $ | 1,559,369 | ||||
| Humana, Inc. | ||||||||
| 5.750% 4/15/54 | 2,055,000 | 1,914,268 | ||||||
| UnitedHealth Group, Inc. | ||||||||
| 5.750% 7/15/64 | 1,021,000 | 993,047 | ||||||
| 6,651,343 | ||||||||
| Insurance — 8.3% | ||||||||
| Allianz SE 5 yr. CMT + 2.973% | ||||||||
| 3.500% VRN (a) (c) (e) | 3,800,000 | 3,735,996 | ||||||
| Allstate Corp. 3 mo. USD Term SOFR + 3.200% | ||||||||
| 7.526% VRN 8/15/53 (c) | 2,220,000 | 2,219,180 | ||||||
| Ascot Group Ltd. | ||||||||
| 4.250% 12/15/30 (a) | 2,025,000 | 1,859,705 | ||||||
| 5 yr. CMT + 2.375% 6.349% VRN 6/15/35 (a) (c) | 893,000 | 921,408 | ||||||
| Aspen Insurance Holdings Ltd. | ||||||||
| 5.750% 7/01/30 | 628,000 | 638,379 | ||||||
| Athene Global Funding | ||||||||
| 2.673% 6/07/31 (a) | 2,635,000 | 2,313,391 | ||||||
| Athene Holding Ltd. 5 yr. CMT + 2.607% | ||||||||
| 6.625% VRN 10/15/54 (c) | 2,270,000 | 2,234,589 | ||||||
| AXIS Specialty Finance LLC 5 yr. CMT + 3.186% | ||||||||
| 4.900% VRN 1/15/40 (c) | 2,450,000 | 2,346,635 | ||||||
| CNO Financial Group, Inc. | ||||||||
| 6.450% 6/15/34 | 2,113,000 | 2,215,979 | ||||||
| Corebridge Financial, Inc. 5 yr. CMT + 3.846% | ||||||||
| 6.875% VRN 12/15/52 (c) | 4,384,000 | 4,522,497 | ||||||
| Enstar Finance LLC | ||||||||
| 5 yr. CMT + 4.006% 5.500% VRN 1/15/42 (c) | 3,219,000 | 3,166,361 | ||||||
| 5 yr. CMT + 5.468% 5.750% VRN 9/01/40 (c) | 2,040,000 | 2,037,498 | ||||||
| Fairfax Financial Holdings Ltd. | ||||||||
| 6.100% 3/15/55 | 1,380,000 | 1,351,710 | ||||||
| Fidus Re Ltd. 1 mo. U.S. T-Bill Rate + 2.500% | ||||||||
| 6.794% FRN 1/08/42 (a) (c) | 6,000,000 | 5,999,344 | ||||||
| Fortitude Group Holdings LLC | ||||||||
| 6.250% 4/01/30 (a) | 1,925,000 | 1,980,458 | ||||||
| Global Atlantic Fin Co. | ||||||||
| 5 yr. CMT + 3.796% 4.700% VRN 10/15/51 (a) (c) | 3,660,000 | 3,592,857 | ||||||
| 6.750% 3/15/54 (a) | 2,379,000 | 2,437,197 | ||||||
| 5 yr. CMT + 3.608% 7.950% VRN 10/15/54 (a) (c) | 596,000 | 620,482 | ||||||
| Kemper Corp. | ||||||||
| 3.800% 2/23/32 | 1,440,000 | 1,308,615 | ||||||
| Liberty Mutual Group, Inc. 5 yr. CMT + 3.315% | ||||||||
| 4.125% VRN 12/15/51 (a) (c) | 3,245,000 | 3,159,977 | ||||||
| MetLife Capital Trust IV | ||||||||
| 8.252% 12/15/67 (a) | 1,520,000 | 1,666,297 | ||||||
| Omnis Funding Trust | ||||||||
| 6.722% 5/15/55 (a) | 1,945,000 | 2,015,555 | ||||||
| Pine Street Trust III | ||||||||
| 6.223% 5/15/54 (a) | 2,255,000 | 2,226,150 | ||||||
| Sammons Financial Group, Inc. | ||||||||
| 4.750% 4/08/32 (a) | 90,000 | 86,193 | ||||||
| 6.875% 4/15/34 (a) | 3,556,000 | 3,807,345 | ||||||
| Selective Insurance Group, Inc. | ||||||||
| 5.900% 4/15/35 | 2,739,000 | 2,800,206 | ||||||
| USF&G Capital I | ||||||||
| 8.500% 12/15/45 (a) | 1,015,000 | 1,079,579 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Vitality Re XV Ltd. 3 mo. U.S. T-Bill Rate + 2.500% | ||||||||
| 6.794% FRN 1/08/29 (a) (c) | $ | 3,276,000 | $ | 3,331,364 | ||||
| 65,674,947 | ||||||||
| Internet — 0.3% | ||||||||
| Expedia Group, Inc. | ||||||||
| 5.400% 2/15/35 | 1,997,000 | 2,010,765 | ||||||
| Investment Companies — 2.7% | ||||||||
| Antares Holdings LP | ||||||||
| 3.950% 7/15/26 (a) | 2,425,000 | 2,385,413 | ||||||
| 6.500% 2/08/29 (a) | 2,650,000 | 2,684,858 | ||||||
| ARES Capital Corp. | ||||||||
| 5.875% 3/01/29 | 1,572,000 | 1,602,902 | ||||||
| ARES Strategic Income Fund | ||||||||
| 5.450% 9/09/28 (a) | 1,367,000 | 1,367,671 | ||||||
| 6.350% 8/15/29 | 2,661,000 | 2,728,133 | ||||||
| Blackstone Secured Lending Fund | ||||||||
| 2.750% 9/16/26 (f) | 1,950,000 | 1,898,664 | ||||||
| Blue Owl Credit Income Corp. | ||||||||
| 5.800% 3/15/30 | 2,720,000 | 2,724,433 | ||||||
| Blue Owl Technology Finance Corp. | ||||||||
| 6.750% 4/04/29 | 2,083,000 | 2,124,316 | ||||||
| Golub Capital BDC, Inc. | ||||||||
| 6.000% 7/15/29 | 1,961,000 | 1,987,627 | ||||||
| HPS Corporate Lending Fund | ||||||||
| 6.250% 9/30/29 | 1,815,000 | 1,850,318 | ||||||
| 21,354,335 | ||||||||
| Media — 1.1% | ||||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
| 6.484% 10/23/45 | 1,925,000 | 1,907,369 | ||||||
| News Corp. | ||||||||
| 3.875% 5/15/29 (a) | 825,000 | 789,311 | ||||||
| 5.125% 2/15/32 (a) | 2,800,000 | 2,740,075 | ||||||
| Paramount Global | ||||||||
| 5 yr. CMT + 3.999% 6.375% VRN 3/30/62 (c) | 1,337,000 | 1,313,650 | ||||||
| 6.875% 4/30/36 | 1,760,000 | 1,802,349 | ||||||
| 8,552,754 | ||||||||
| Oil & Gas — 3.2% | ||||||||
| BP Capital Markets PLC | ||||||||
| 5 yr. CMT + 1.924% 6.125% VRN (c) (e) | 2,205,000 | 2,201,370 | ||||||
| 5 yr. CMT + 2.153% 6.450% VRN (c) (e) (f) | 1,150,000 | 1,175,598 | ||||||
| Continental Resources, Inc. | ||||||||
| 5.750% 1/15/31 (a) | 1,925,000 | 1,943,449 | ||||||
| Expand Energy Corp. | ||||||||
| 5.700% 1/15/35 | 1,334,000 | 1,353,021 | ||||||
| Helmerich & Payne, Inc. | ||||||||
| 5.500% 12/01/34 (a) (f) | 4,060,000 | 3,701,423 | ||||||
| Occidental Petroleum Corp. | ||||||||
| 5.375% 1/01/32 | 1,250,000 | 1,239,714 | ||||||
| 6.050% 10/01/54 | 2,221,000 | 2,034,901 | ||||||
| Ovintiv, Inc. | ||||||||
| 6.500% 8/15/34 | 885,000 | 918,472 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 6.500% 2/01/38 | $ | 1,380,000 | $ | 1,393,126 | ||||
| 7.100% 7/15/53 | 1,709,000 | 1,770,997 | ||||||
| Patterson-UTI Energy, Inc. | ||||||||
| 7.150% 10/01/33 (f) | 1,825,000 | 1,868,756 | ||||||
| Petroleos Mexicanos | ||||||||
| 5.350% 2/12/28 | 845,000 | 811,404 | ||||||
| 6.375% 1/23/45 | 585,000 | 414,369 | ||||||
| 6.500% 3/13/27 | 295,000 | 292,951 | ||||||
| 6.625% 6/15/38 | 202,000 | 157,893 | ||||||
| Santos Finance Ltd. | ||||||||
| 6.875% 9/19/33 (a) | 1,825,000 | 1,992,677 | ||||||
| Woodside Finance Ltd. | ||||||||
| 5.700% 5/19/32 | 1,980,000 | 2,015,889 | ||||||
| 25,286,010 | ||||||||
| Oil & Gas Services — 0.3% | ||||||||
| NOV, Inc. | ||||||||
| 3.950% 12/01/42 | 2,603,000 | 1,937,402 | ||||||
| Pharmaceuticals — 1.0% | ||||||||
| CVS Health Corp. | ||||||||
| 5.050% 3/25/48 | 1,650,000 | 1,424,689 | ||||||
| 5.875% 6/01/53 | 675,000 | 644,946 | ||||||
| 5 yr. CMT + 2.886% 7.000% VRN 3/10/55 (c) | 2,645,000 | 2,728,080 | ||||||
| CVS Pass-Through Trust | ||||||||
| 5.926% 1/10/34 (a) | 1,311,601 | 1,324,112 | ||||||
| Utah Acquisition Sub, Inc. | ||||||||
| 5.250% 6/15/46 | 2,115,000 | 1,715,778 | ||||||
| 7,837,605 | ||||||||
| Pipelines — 1.6% | ||||||||
| Enbridge, Inc. 5 yr. CMT + 3.708% | ||||||||
| 7.375% VRN 1/15/83 (c) | 1,099,000 | 1,130,673 | ||||||
| Energy Transfer LP | ||||||||
| 5.950% 5/15/54 | 1,041,000 | 990,301 | ||||||
| 5 yr. CMT + 5.306% 7.125% VRN (c) (e) | 1,585,000 | 1,614,582 | ||||||
| Enterprise Products Operating LLC | ||||||||
| 3 mo. USD Term SOFR + 3.295% 5.250% VRN 8/16/77 (c) | 2,000,000 | 1,978,833 | ||||||
| 3 mo. USD Term SOFR + 2.832% 5.375% VRN 2/15/78 (c) (f) | 1,206,000 | 1,186,221 | ||||||
| ONEOK, Inc. | ||||||||
| 5.450% 6/01/47 (g) | 2,215,000 | 1,965,632 | ||||||
| Plains All American Pipeline LP 3 mo. USD Term SOFR + 4.372% | ||||||||
| 8.698% VRN (c) (e) | 2,590,000 | 2,595,475 | ||||||
| Western Midstream Operating LP | ||||||||
| 5.450% 11/15/34 | 1,380,000 | 1,352,952 | ||||||
| 12,814,669 | ||||||||
| Private Equity — 0.4% | ||||||||
| Brookfield Finance, Inc. | ||||||||
| 5.968% 3/04/54 | 1,386,000 | 1,383,206 | ||||||
| KKR Group Finance Co. X LLC | ||||||||
| 3.250% 12/15/51 (a) | 2,442,000 | 1,566,117 | ||||||
| 2,949,323 | ||||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Real Estate Investment Trusts (REITS) — 2.1% | ||||||||
| Broadstone Net Lease LLC | ||||||||
| 2.600% 9/15/31 | $ | 2,141,000 | $ | 1,817,723 | ||||
| EPR Properties | ||||||||
| 3.600% 11/15/31 | 880,000 | 799,352 | ||||||
| 3.750% 8/15/29 | 1,650,000 | 1,571,068 | ||||||
| Global Net Lease, Inc./Global Net Lease Operating Partnership LP | ||||||||
| 3.750% 12/15/27 (a) | 3,580,000 | 3,418,989 | ||||||
| Piedmont Operating Partnership LP | ||||||||
| 6.875% 7/15/29 | 1,325,000 | 1,395,596 | ||||||
| 9.250% 7/20/28 (f) | 2,272,000 | 2,530,643 | ||||||
| Service Properties Trust | ||||||||
| 4.950% 10/01/29 (f) | 1,320,000 | 1,151,823 | ||||||
| Store Capital LLC | ||||||||
| 4.625% 3/15/29 | 3,940,000 | 3,874,628 | ||||||
| 16,559,822 | ||||||||
| Semiconductors — 0.5% | ||||||||
| Foundry JV Holdco LLC | ||||||||
| 6.100% 1/25/36 (a) | 2,297,000 | 2,376,506 | ||||||
| Intel Corp. | ||||||||
| 5.600% 2/21/54 | 1,455,000 | 1,334,820 | ||||||
| 3,711,326 | ||||||||
| Software — 0.8% | ||||||||
| AppLovin Corp. | ||||||||
| 5.375% 12/01/31 | 2,080,000 | 2,116,554 | ||||||
| Electronic Arts, Inc. | ||||||||
| 2.950% 2/15/51 | 1,680,000 | 1,049,082 | ||||||
| Microsoft Corp. | ||||||||
| 2.921% 3/17/52 | 2,307,000 | 1,529,873 | ||||||
| Oracle Corp. | ||||||||
| 5.375% 9/27/54 | 2,075,000 | 1,896,833 | ||||||
| 6,592,342 | ||||||||
| Telecommunications — 0.4% | ||||||||
| AT&T, Inc. | ||||||||
| 3.550% 9/15/55 | 2,343,000 | 1,580,934 | ||||||
| T-Mobile USA, Inc. | ||||||||
| 6.000% 6/15/54 | 1,477,000 | 1,503,529 | ||||||
| 3,084,463 | ||||||||
| Venture Capital — 0.7% | ||||||||
| Hercules Capital, Inc. | ||||||||
| 2.625% 9/16/26 | 2,352,000 | 2,274,295 | ||||||
| 3.375% 1/20/27 (f) | 3,080,000 | 2,982,743 | ||||||
| 5,257,038 | ||||||||
| TOTAL CORPORATE DEBT (Cost $314,329,105) | 310,789,375 | |||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Non-U.S. Government Agency Obligations — 21.2% | ||||||||
| Automobile Asset-Backed Securities — 1.7% | ||||||||
| Exeter Automobile Receivables Trust, Series 2024-5A, Class C | ||||||||
| 4.640% 1/15/30 | $ | 2,000,000 | $ | 1,998,462 | ||||
| Hyundai Auto Receivables Trust, Series 2024-C, Class C | ||||||||
| 4.860% 2/17/32 | 3,000,000 | 2,999,098 | ||||||
| LAD Auto Receivables Trust, Series 2024-3A, Class C | ||||||||
| 4.930% 3/15/30 (a) | 3,000,000 | 2,994,283 | ||||||
| Securitized Term Auto Receivables Trust, Series 2025-A, Class D | ||||||||
| 6.746% 7/25/31 (a) | 1,367,287 | 1,383,741 | ||||||
| SFS Auto Receivables Securitization Trust, Series 2024-3A, Class C | ||||||||
| 4.980% 10/20/32 (a) | 3,700,000 | 3,699,450 | ||||||
| 13,075,034 | ||||||||
| Commercial Mortgage-Backed Securities — 6.3% | ||||||||
| Bank, Series 2020-BN30, Class MCDF, | ||||||||
| 3.016% VRN 12/15/53 (c) (h) | 3,165,000 | 1,902,565 | ||||||
| Benchmark Mortgage Trust | ||||||||
| Series 2021-B23, Class 360A, 2.852% VRN 2/15/54 (a) (c) (h) | 3,150,000 | 2,501,618 | ||||||
| Series 2021-B23, Class 360B, 2.852% VRN 2/15/54 (a) (c) (h) | 4,800,000 | 3,570,678 | ||||||
| Series 2021-B25, Class 300C, 3.094% VRN 4/15/54 (a) (c) (h) | 3,100,000 | 2,049,854 | ||||||
| BGME Trust | ||||||||
| Series 2021-VR, Class C, 3.094% VRN 1/10/43 (a) (c) (h) | 11,548,000 | 8,451,732 | ||||||
| Series 2021-VR, Class D, 3.094% VRN 1/10/43 (a) (c) (h) | 3,290,000 | 2,321,223 | ||||||
| BMO Mortgage Trust, Series 2023-C4, Class A5, | ||||||||
| 5.117% VRN 2/15/56 (c) (h) | 1,300,000 | 1,317,111 | ||||||
| BX Trust, Series 2023-LIFE, Class C | ||||||||
| 5.884% 2/15/28 (a) | 600,000 | 576,336 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2019-GC41, Class C | ||||||||
| 3.502% 8/10/56 | 1,259,000 | 1,064,178 | ||||||
| COLEM Mortgage Trust, Series 2022-HLNE, Class D, | ||||||||
| 2.543% VRN 4/12/42 (a) (c) (h) | 1,400,000 | 1,120,876 | ||||||
| DROP Mortgage Trust | ||||||||
| Series 2021-FILE, Class C, 1 mo. USD Term SOFR + 2.364% 6.677% FRN 10/15/43 (a) (c) | 2,065,000 | 1,882,660 | ||||||
| Series 2021-FILE, Class D, 1 mo. USD Term SOFR + 2.864% 7.177% FRN 10/15/43 (a) (c) | 1,162,000 | 997,671 | ||||||
| GS Mortgage Securities Trust, Series 2019-GC39, Class C, | ||||||||
| 4.005% VRN 5/10/52 (c) (h) | 1,357,000 | 1,085,253 | ||||||
| KREF Ltd. | ||||||||
| Series 2021-FL2, Class B, 1 mo. USD Term SOFR + 1.764% 6.078% FRN 2/15/39 (a) (c) | 3,500,000 | 3,419,362 | ||||||
| Series 2021-FL2, Class C, 1 mo. USD Term SOFR + 2.114% 6.428% FRN 2/15/39 (a) (c) | 5,800,000 | 5,750,270 | ||||||
| Series 2021-FL2, Class D, 1 mo. USD Term SOFR + 2.314% 6.628% FRN 2/15/39 (a) (c) | 3,200,000 | 3,151,701 | ||||||
| LEX Mortgage Trust, Series 2024-BBG, Class A, | ||||||||
| 5.036% VRN 10/13/33 (a) (c) (h) | 3,300,000 | 3,310,422 | ||||||
| Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864% | ||||||||
| 6.177% FRN 3/15/38 (a) (c) | 1,784,300 | 1,766,457 | ||||||
| MFT Mortgage Trust | ||||||||
| Series 2020-ABC, Class A, 3.358% 2/10/42 (a) | 1,185,000 | 916,924 | ||||||
| Series 2020-ABC, Class B, 3.593% VRN 2/10/42 (a) (c) (h) | 1,278,000 | 900,720 | ||||||
| US Bank NA, Series 2025-SUP1, Class B | ||||||||
| 5.582% 2/25/32 (a) | 876,302 | 874,992 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Wells Fargo Commercial Mortgage Trust, Series 2018-C45, Class B | ||||||||
| 4.556% 6/16/51 | $ | 390,000 | $ | 367,738 | ||||
| 49,300,341 | ||||||||
| Home Equity Asset-Backed Securities — 0.3% | ||||||||
| Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2003-HE6, Class A3B, 1 mo. USD Term SOFR + 1.074% | ||||||||
| 5.394% FRN 11/25/33 (c) | 1,119,051 | 1,144,937 | ||||||
| Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD Term SOFR + 1.314% | ||||||||
| 5.634% FRN 11/25/35 (a) (c) | 38,505 | 38,436 | ||||||
| Unlock HEA Trust, Series 2024-1, Class A | ||||||||
| 7.000% 4/25/39 (a) | 1,335,272 | 1,348,472 | ||||||
| 2,531,845 | ||||||||
| Other Asset-Backed Securities — 9.5% | ||||||||
| Apidos CLO XLVIII Ltd., Series 2024-48A, Class A1, 3 mo. USD Term SOFR + 1.440% | ||||||||
| 5.722% FRN 7/25/37 (a) (c) | 2,000,000 | 2,005,518 | ||||||
| Apidos CLO XXXII Ltd., Series 2019-32A, Class B1R, 3 mo. USD Term SOFR + 1.500% | ||||||||
| 5.770% FRN 1/20/33 (a) (c) | 1,750,000 | 1,747,655 | ||||||
| ARES Loan Funding VI Ltd., Series 2024-ALF6A, Class A1, 3 mo. USD Term SOFR + 1.470% | ||||||||
| 5.680% FRN 7/10/37 (a) (c) | 1,000,000 | 1,002,862 | ||||||
| Bain Capital Credit CLO Ltd., Series 2022-1A, Class A1, 3 mo. USD Term SOFR + 1.320% | ||||||||
| 5.590% FRN 4/18/35 (a) (c) | 1,000,000 | 1,000,829 | ||||||
| Ballyrock CLO 26 Ltd., Series 2024-26A, Class A1A, 3 mo. USD Term SOFR + 1.510% | ||||||||
| 5.792% FRN 7/25/37 (a) (c) | 1,700,000 | 1,705,188 | ||||||
| Benefit Street Partners CLO V-B Ltd., Series 2018-5BA, Class A1R, 3 mo. USD Term SOFR + 1.530% | ||||||||
| 5.800% FRN 7/20/37 (a) (c) | 2,000,000 | 2,006,522 | ||||||
| Buttermilk Park CLO Ltd., Series 2018-1A, Class B1R, 3 mo. USD Term SOFR + 1.600% | ||||||||
| 5.856% FRN 10/15/31 (a) (c) | 2,000,000 | 2,000,844 | ||||||
| Capital Automotive REIT, Series 2024-3A, Class A1 | ||||||||
| 4.400% 10/15/54 (a) | 2,425,000 | 2,359,369 | ||||||
| CIFC Funding Ltd. | ||||||||
| Series 2018-2A, Class A1R, 3 mo. USD Term SOFR + 1.370% 5.640% FRN 10/20/37 (a) (c) | 3,350,000 | 3,358,472 | ||||||
| Series 2019-6A, Class A1R, 3 mo. USD Term SOFR + 1.450% 5.711% FRN 7/16/37 (a) (c) | 2,650,000 | 2,661,122 | ||||||
| Elmwood CLO I Ltd., Series 2019-1A, Class A1RR, 3 mo. USD Term SOFR + 1.520% | ||||||||
| 5.790% FRN 4/20/37 (a) (c) | 3,000,000 | 3,008,133 | ||||||
| Flatiron CLO 20 Ltd., Series 2020-1A, Class BR, 3 mo. USD Term SOFR + 1.920% | ||||||||
| 6.242% FRN 5/20/36 (a) (c) | 500,000 | 500,517 | ||||||
| Galaxy XXVI CLO Ltd., Series 2018-26A, Class BR, 3 mo. USD Term SOFR + 1.600% | ||||||||
| 5.926% FRN 11/22/31 (a) (c) | 1,000,000 | 1,000,484 | ||||||
| GoldenTree Loan Management US CLO 8 Ltd., Series 2020-8A, Class BRR, 3 mo. USD Term SOFR + 1.550% | ||||||||
| 5.820% FRN 10/20/34 (a) (c) | 3,000,000 | 2,998,605 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Harbor Park CLO 18-1 Ltd., Series 2018-1A, Class B1R, 3 mo. USD Term SOFR + 1.700% | ||||||||
| 5.970% FRN 1/20/31 (a) (c) | $ | 1,300,000 | $ | 1,302,345 | ||||
| Hero Funding Trust | ||||||||
| Series 2016-3A, Class A1, 3.080% 9/20/42 (a) | 270,848 | 246,599 | ||||||
| Series 2017-3A, Class A1, 3.190% 9/20/48 (a) | 309,557 | 273,428 | ||||||
| Series 2017-2A, Class A1, 3.280% 9/20/48 (a) | 92,524 | 82,477 | ||||||
| Series 2016-4A, Class A1, 3.570% 9/20/47 (a) | 285,227 | 262,315 | ||||||
| Series 2017-2A, Class A2, 4.070% 9/20/48 (a) | 74,382 | 67,891 | ||||||
| Series 2018-1A, Class A2, 4.670% 9/20/48 (a) | 538,917 | 501,099 | ||||||
| HPS Loan Management Ltd., Series 2023-18A, Class B, 3 mo. USD Term SOFR + 2.950% | ||||||||
| 7.222% FRN 7/20/36 (a) (c) | 1,000,000 | 1,001,965 | ||||||
| Juniper Valley Park CLO Ltd., Series 2023-1A, Class BR, 3 mo. USD Term SOFR + 1.550% | ||||||||
| 5.820% FRN 7/20/36 (a) (c) | 1,350,000 | 1,347,943 | ||||||
| Labrador Aviation Finance Ltd., Series 2016-1A, Class A1 | ||||||||
| 4.300% 1/15/42 (a) | 1,074,207 | 1,044,643 | ||||||
| Marble Point CLO XIX Ltd., Series 2020-3A, Class AR, 3 mo. USD Term SOFR + 1.400% | ||||||||
| 5.670% FRN 1/19/34 (a) (c) | 2,250,000 | 2,250,536 | ||||||
| Mariner Finance Issuance Trust | ||||||||
| Series 2021-AA, Class B, 2.330% 3/20/36 (a) | 1,771,000 | 1,695,106 | ||||||
| Series 2021-AA, Class C, 2.960% 3/20/36 (a) | 835,000 | 801,449 | ||||||
| MidOcean Credit CLO XII Ltd., Series 2023-12A, Class CR, 3 mo. USD Term SOFR + 2.450% | ||||||||
| 6.720% FRN 4/18/36 (a) (c) | 700,000 | 700,719 | ||||||
| MidOcean Credit CLO XIV Ltd., Series 2024-14A, Class A1, 3 mo. USD Term SOFR + 1.580% | ||||||||
| 5.836% FRN 4/15/37 (a) (c) | 2,000,000 | 2,005,228 | ||||||
| Mosaic Solar Loan Trust, Series 2018-1A, Class A | ||||||||
| 4.010% 6/22/43 (a) | 106,535 | 101,369 | ||||||
| Mosaic Solar Loans LLC | ||||||||
| Series 2017-2A, Class A, 3.820% 6/22/43 (a) | 231,079 | 217,197 | ||||||
| Series 2017-1A, Class A, 4.450% 6/20/42 (a) | 92,766 | 89,221 | ||||||
| OCP CLO Ltd., Series 2023-27A, Class BR, 3 mo. USD Term SOFR + 1.700% | ||||||||
| 5.961% FRN 7/16/35 (a) (c) | 2,500,000 | 2,499,993 | ||||||
| OHA Credit Funding 5 Ltd., Series 2020-5A, Class AR, 3 mo. USD Term SOFR + 1.350% | ||||||||
| 5.620% FRN 10/18/37 (a) (c) | 5,000,000 | 5,016,420 | ||||||
| Orion CLO Ltd., Series 2024-3A, Class A, 3 mo. USD Term SOFR + 1.560% | ||||||||
| 5.842% FRN 7/25/37 (a) (c) | 1,500,000 | 1,504,895 | ||||||
| Parallel Ltd., Series 2021-2A, Class A2, 3 mo. USD Term SOFR + 2.112% | ||||||||
| 6.381% FRN 10/20/34 (a) (c) | 550,000 | 550,399 | ||||||
| Rad CLO 12 Ltd., Series 2021-12A, Class A, 3 mo. USD Term SOFR + 1.432% | ||||||||
| 5.711% FRN 10/30/34 (a) (c) | 2,000,000 | 2,002,932 | ||||||
| Rad CLO 4 Ltd., Series 2019-4A, Class B1R, 3 mo. USD Term SOFR + 1.750% | ||||||||
| 6.032% FRN 4/25/32 (a) (c) | 1,100,000 | 1,100,703 | ||||||
| Rad CLO 6 Ltd., Series 2019-6A, Class A1R, 3 mo. USD Term SOFR + 1.390% | ||||||||
| 5.660% FRN 10/20/37 (a) (c) | 4,000,000 | 4,009,512 | ||||||
| RR 29 Ltd., Series 2024-29RA, Class A1R, 3 mo. USD Term SOFR + 1.390% | ||||||||
| 5.646% FRN 7/15/39 (a) (c) | 2,000,000 | 2,003,980 | ||||||
| RR 7 Ltd., Series 2019-7A, Class A2B, 3 mo. USD Term SOFR + 1.850% | ||||||||
| 6.106% FRN 1/15/37 (a) (c) | 750,000 | 751,076 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class D | ||||||||
| 3.170% 11/20/37 (a) | $ | 316,230 | $ | 309,147 | ||||
| Structured Receivables Finance LLC, Series 2010-B, Class A | ||||||||
| 3.730% 8/15/36 (a) | 10,069 | 10,050 | ||||||
| Sunnova Helios II Issuer LLC, Series 2018-1A, Class A | ||||||||
| 4.870% 7/20/48 (a) | 518,423 | 487,553 | ||||||
| Sunnova Hestia II Issuer LLC, Series 2024-GRID1, Class 1A | ||||||||
| 5.630% 7/20/51 (a) | 1,110,830 | 1,109,641 | ||||||
| Tesla Sustainable Energy Trust, Series 2024-1A, Class A3 | ||||||||
| 5.290% 6/20/50 (a) | 4,500,000 | 4,518,372 | ||||||
| Thrust Engine Leasing DAC | ||||||||
| Series 2021-1A, Class B, 6.121% 7/15/40 (a) | 1,424,518 | 1,394,851 | ||||||
| Series 2021-1A, Class C, 7.386% 7/15/40 (a) | 390,430 | 378,351 | ||||||
| Vivint Solar Financing V LLC, Series 2018-1A, Class B | ||||||||
| 7.370% 4/30/48 (a) | 951,873 | 907,756 | ||||||
| Whitebox CLO III Ltd., Series 2021-3A, Class A1R, 3 mo. USD Term SOFR + 1.270% | ||||||||
| 5.526% FRN 10/15/35 (a) (c) | 4,750,000 | 4,752,351 | ||||||
| 74,655,632 | ||||||||
| Real Estate Investment Trusts (REITS) — 0.4% | ||||||||
| SBA Tower Trust | ||||||||
| 4.831% 10/15/29 (a) | 3,250,000 | 3,253,396 | ||||||
| Student Loans Asset-Backed Securities — 1.9% | ||||||||
| College Avenue Student Loans LLC | ||||||||
| Series 2019-A, Class B, 3.810% 12/28/48 (a) | 1,006,698 | 968,408 | ||||||
| Series 2019-A, Class C, 4.460% 12/28/48 (a) | 672,934 | 635,317 | ||||||
| Education Loan Asset-Backed Trust I | ||||||||
| Series 2003-1, Class A2, 4.403% FRN 2/01/43 (a) (c) (h) | 1,300,000 | 1,202,335 | ||||||
| Series 2003-2, Class 2A1, 5.089% FRN 8/01/43 (a) (c) (h) | 1,950,000 | 1,816,538 | ||||||
| Series 2013-1, Class B1, 30 day USD SOFR Average + 1.114% 5.420% FRN 11/25/33 (a) (c) | 383,166 | 377,220 | ||||||
| Navient Student Loan Trust, Series 2018-EA, Class B | ||||||||
| 4.440% 12/15/59 (a) | 730,000 | 715,233 | ||||||
| Nelnet Student Loan Trust | ||||||||
| Series 2019-5, Class B, 3.450% 10/25/67 (a) | 2,850,000 | 2,230,452 | ||||||
| Series 2014-3A, Class B, 30 day USD SOFR Average + 1.614% 5.920% FRN 10/25/50 (a) (c) | 975,000 | 936,301 | ||||||
| Series 2015-2A, Class B, 30 day USD SOFR Average + 1.614% 5.920% FRN 5/26/54 (a) (c) | 1,130,000 | 1,087,277 | ||||||
| SLC Student Loan Trust, Series 2005-1, Class B, 90 day USD SOFR Average + 0.462% | ||||||||
| 4.819% FRN 2/15/45 (c) | 624,851 | 586,650 | ||||||
| SLM Student Loan Trust | ||||||||
| Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 4.835% FRN 10/25/40 (c) | 1,409,044 | 1,333,043 | ||||||
| Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% 4.935% FRN 1/25/55 (c) | 723,269 | 690,881 | ||||||
| SMB Private Education Loan Trust, Series 2024-E, Class B | ||||||||
| 5.710% 10/16/56 (a) | 2,500,000 | 2,464,369 | ||||||
| 15,044,024 | ||||||||
| Whole Loan Collateral Collateralized Mortgage Obligations — 1.1% | ||||||||
| Banc of America Mortgage Trust, Series 2004-G, Class 2A7, | ||||||||
| 6.538% VRN 8/25/34 (c) (h) | 13,245 | 13,178 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Ellington Financial Mortgage Trust | ||||||||
| Series 2024-INV2, Class A2, 5.289% STEP 10/25/69 (a) | $ | 1,905,302 | $ | 1,897,244 | ||||
| Series 2024-INV2, Class A3, 5.441% STEP 10/25/69 (a) | 1,905,302 | 1,898,697 | ||||||
| Flagstar Mortgage Trust, Series 2021-6INV, Class A18, | ||||||||
| 2.500% VRN 8/25/51 (a) (c) (h) | 4,003,658 | 3,248,280 | ||||||
| New Residential Mortgage Loan Trust, Series 2021-INV1, Class A4, | ||||||||
| 2.500% VRN 6/25/51 (a) (c) (h) | 2,392,742 | 1,942,794 | ||||||
| Wells Fargo Mortgage-Backed Securities Trust, Series 2019-1, Class A1, | ||||||||
| 3.920% VRN 11/25/48 (a) (c) (h) | 18,143 | 17,187 | ||||||
| 9,017,380 | ||||||||
| TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $178,428,258) | 166,877,652 | |||||||
| Sovereign Debt Obligations — 0.2% | ||||||||
| Mexico Government International Bond | ||||||||
| 4.750% 3/08/44 | 1,778,000 | 1,397,775 | ||||||
| TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,788,668) | 1,397,775 | |||||||
| U.S. Government Agency Obligations and Instrumentalities (i) — 30.5% | ||||||||
| Collateralized Mortgage Obligations — 0.0% | ||||||||
| Federal Home Loan Mortgage Corp. REMICS | ||||||||
| Series 2178, Class PB 7.000% 8/15/29 | 26,267 | 27,195 | ||||||
| Pass-Through Securities — 30.5% | ||||||||
| Federal Home Loan Mortgage Corp. | ||||||||
| Pool #RA4245 2.000% 12/01/50 | 3,827,701 | 3,073,301 | ||||||
| Pool #RA4255 2.000% 1/01/51 | 7,744,817 | 6,230,496 | ||||||
| Pool #RA5576 2.500% 7/01/51 | 6,245,439 | 5,250,494 | ||||||
| Pool #SD7226 2.500% 5/01/52 | 21,814,290 | 18,250,492 | ||||||
| Pool #SD0905 3.000% 3/01/52 | 3,005,133 | 2,631,635 | ||||||
| Pool #RA2483 3.500% 6/01/50 | 4,152,055 | 3,774,334 | ||||||
| Pool #Z40047 4.000% 10/01/41 | 55,249 | 53,523 | ||||||
| Pool #SD1523 4.000% 8/01/52 | 4,218,736 | 3,960,684 | ||||||
| Pool #SD1603 4.000% 9/01/52 | 2,788,720 | 2,598,967 | ||||||
| Pool #SD8245 4.500% 9/01/52 | 2,457,601 | 2,359,579 | ||||||
| Pool #SD8257 4.500% 10/01/52 | 1,730,568 | 1,660,867 | ||||||
| Pool #SD8266 4.500% 11/01/52 | 6,341,303 | 6,085,900 | ||||||
| Pool #SD7323 5.000% 12/01/54 | 9,959,929 | 9,763,003 | ||||||
| Pool #SD8268 5.500% 11/01/52 | 4,045,944 | 4,061,089 | ||||||
| Pool #SD4364 5.500% 10/01/53 | 4,581,810 | 4,613,280 | ||||||
| Federal National Mortgage Association | ||||||||
| Pool #MA4577 2.000% 4/01/52 | 6,047,832 | 4,799,169 | ||||||
| Pool #CB0414 2.500% 5/01/51 | 5,654,386 | 4,737,698 | ||||||
| Pool #FM8596 2.500% 9/01/51 | 1,925,085 | 1,618,405 | ||||||
| Pool #FS3035 2.500% 4/01/52 | 6,993,111 | 5,894,354 | ||||||
| Pool #MA3029 3.000% 6/01/32 | 1,055,392 | 1,024,956 | ||||||
| Pool #MA3090 3.000% 8/01/32 | 365,352 | 354,547 | ||||||
| Pool #FS1075 3.000% 3/01/52 | 3,073,730 | 2,695,548 | ||||||
| Pool #CB3304 3.000% 4/01/52 | 4,780,215 | 4,189,085 | ||||||
| Pool #CB3305 3.000% 4/01/52 | 5,738,431 | 5,021,634 | ||||||
| Pool #AS1304 3.500% 12/01/28 | 206,915 | 204,560 | ||||||
| Pool #MA1356 3.500% 2/01/43 | 2,715,853 | 2,538,638 | ||||||
| Pool #CA6096 3.500% 6/01/50 | 5,682,400 | 5,140,600 | ||||||
| Pool #FM4017 3.500% 8/01/50 | 262,028 | 238,027 | ||||||
| Pool #CB3842 3.500% 6/01/52 | 9,062,623 | 8,229,682 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Pool #MA4626 4.000% 6/01/52 | $ | 9,263,450 | $ | 8,650,505 | ||||
| Pool #CA1909 4.500% 6/01/48 | 1,728,391 | 1,678,222 | ||||||
| Pool #CB3866 4.500% 6/01/52 | 4,726,282 | 4,555,495 | ||||||
| Pool #CB4129 4.500% 7/01/52 | 4,383,599 | 4,208,757 | ||||||
| Pool #MA4733 4.500% 9/01/52 | 3,492,705 | 3,353,397 | ||||||
| Pool #AD6437 5.000% 6/01/40 | 144,165 | 145,835 | ||||||
| Pool #AD6996 5.000% 7/01/40 | 947,011 | 958,006 | ||||||
| Pool #AL8173 5.000% 2/01/44 | 362,949 | 367,097 | ||||||
| Pool #MA4785 5.000% 10/01/52 | 1,279,303 | 1,260,505 | ||||||
| Pool #MA4806 5.000% 11/01/52 | 4,075,871 | 4,022,350 | ||||||
| Pool #CB9465 5.000% 11/01/54 | 10,111,456 | 9,993,690 | ||||||
| Pool #MA4842 5.500% 12/01/52 | 14,133,066 | 14,185,971 | ||||||
| Pool #MA5215 5.500% 12/01/53 | 4,355,670 | 4,361,086 | ||||||
| Pool #FA0095 6.000% 12/01/54 | 9,880,951 | 10,124,107 | ||||||
| Government National Mortgage Association | ||||||||
| Pool #781038 6.500% 5/15/29 | 8,321 | 8,544 | ||||||
| Pool #781468 6.500% 7/15/32 | 976 | 1,008 | ||||||
| Pool #781496 6.500% 9/15/32 | 4,041 | 4,158 | ||||||
| Pool #781124 7.000% 12/15/29 | 1,411 | 1,439 | ||||||
| Pool #781319 7.000% 7/15/31 | 29,597 | 30,451 | ||||||
| Pool #565982 7.000% 7/15/32 | 8,946 | 9,281 | ||||||
| Pool #522777 8.000% 12/15/29 | 1,733 | 1,761 | ||||||
| Pool #523043 8.000% 3/15/30 | 71 | 72 | ||||||
| Pool #529134 8.000% 3/15/30 | 846 | 870 | ||||||
| Pool #477036 8.000% 4/15/30 | 79 | 81 | ||||||
| Pool #528714 8.000% 4/15/30 | 681 | 701 | ||||||
| Pool #544640 8.000% 11/15/30 | 6,096 | 6,287 | ||||||
| Pool #531298 8.500% 8/15/30 | 124 | 126 | ||||||
| Government National Mortgage Association II | ||||||||
| Pool #MA6038 3.000% 7/20/49 | 2,188,246 | 1,947,032 | ||||||
| Pool #MA6283 3.000% 11/20/49 | 3,969,301 | 3,516,253 | ||||||
| Pool #MA6409 3.000% 1/20/50 | 4,141,433 | 3,675,856 | ||||||
| Pool #MA4321 3.500% 3/20/47 | 2,470,967 | 2,281,984 | ||||||
| Pool #MA9722 4.000% 6/20/54 | 2,685,356 | 2,501,098 | ||||||
| Pool #MA8647 5.000% 2/20/53 | 3,403,307 | 3,360,806 | ||||||
| Pool #MA8725 5.000% 3/20/53 | 3,453,245 | 3,409,041 | ||||||
| Pool #MA8947 5.000% 6/20/53 | 1,933,069 | 1,908,173 | ||||||
| Pool #MB0025 5.000% 11/20/54 | 1,962,313 | 1,927,996 | ||||||
| Pool #MB0091 5.000% 12/20/54 | 2,264,642 | 2,224,683 | ||||||
| Pool #MA8429 5.500% 11/20/52 | 5,205,801 | 5,243,269 | ||||||
| Pool #MA8648 5.500% 2/20/53 | 1,294,134 | 1,302,235 | ||||||
| Pool #MA8801 5.500% 4/20/53 | 4,130,822 | 4,156,680 | ||||||
| Pool #MA8879 5.500% 5/20/53 | 3,693,495 | 3,716,617 | ||||||
| Pool #MA8948 5.500% 6/20/53 | 1,181,016 | 1,188,409 | ||||||
| Pool #MA9171 5.500% 9/20/53 | 3,408,827 | 3,429,101 | ||||||
| Pool #MA9241 5.500% 10/20/53 | 3,060,587 | 3,077,833 | ||||||
| Pool #MA9488 5.500% 2/20/54 | 2,101,815 | 2,110,375 | ||||||
| 239,961,790 | ||||||||
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $249,825,223) | 239,988,985 | |||||||
| U.S. Treasury Obligations — 6.3% | ||||||||
| U.S. Treasury Bonds & Notes — 6.3% | ||||||||
| U.S. Treasury Bonds | ||||||||
| 2.250% 8/15/49 (j) | 25,650,000 | 16,074,855 | ||||||
| 3.500% 2/15/39 | 4,500,000 | 4,056,551 | ||||||
| 4.625% 11/15/44 | 16,000,000 | 15,655,633 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| U.S. Treasury Notes | ||||||||
| 3.875% 3/15/28 | $ | 7,000,000 | $ | 7,033,182 | ||||
| 4.250% 2/28/31 | 7,000,000 | 7,132,908 | ||||||
| 49,953,129 | ||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $49,366,690) | 49,953,129 | |||||||
| TOTAL BONDS & NOTES (Cost $793,737,944) | 769,006,916 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $793,737,944) | 769,006,916 | |||||||
| Short-Term Investments — 2.9% | ||||||||
| Commercial Paper — 1.3% | ||||||||
| WPP CP LLC | ||||||||
| 4.728% 7/22/25 (a) | 10,000,000 | 9,971,733 | ||||||
| 9,971,733 | ||||||||
| Number of Shares | ||||||||
| Investment of Cash Collateral from Securities Loaned — 1.4% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (k) | 11,448,378 | 11,448,378 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 0.2% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (l) | $ | 1,345,112 | 1,345,112 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $22,766,365) | 22,765,223 | |||||||
| TOTAL INVESTMENTS — 100.6% (Cost $816,504,309) (m) | 791,772,139 | |||||||
| Other Assets/(Liabilities) — (0.6)% | (4,872,328 | ) | ||||||
| NET ASSETS — 100.0% | $ | 786,899,811 | ||||||
| Abbreviation Legend |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury Index |
| FRN | Floating Rate Note |
| ICE | Inter-Continental Exchange |
| REMICS | Real Estate Mortgage Investment Conduits |
| SOFR | Secured Overnight Financing Rate |
| STEP | Step Coupon Bond |
| VRN | Variable Rate Note |
| MassMutual Core Bond 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 June 30, 2025, the aggregate market value of these securities amounted to $260,981,170 or 33.17% of net assets. |
| (b) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (c) | Floating rate or variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (d) | Restricted security. Certain securities are restricted to resale. At June 30, 2025, these securities amounted to a value of $1,230,626 or 0.16% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
| (e) | Security is perpetual and has no stated maturity date. |
| (f) | Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2025, was $17,949,657 or 2.28% of net assets. The Fund received $6,941,866 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments.(Note 2). |
| (g) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2025, these securities amounted to a value of $1,965,632 or 0.25% of net assets. |
| (h) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at June 30, 2025. |
| (i) | 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. |
| (j) | All or a portion of this security is pledged/held as collateral for open derivatives. |
| (k) | Represents investment of security lending cash collateral and 7-day effective yield as of June 30, 2025. (Note 2). |
| (l) | Maturity value of $1,345,215. Collateralized by U.S. Government Agency obligations with a rate of 3.750%, maturity date of 6/30/27, and an aggregate market value, including accrued interest, of $1,372,200. |
| (m) | See Note 3 for aggregate cost for federal tax purposes. |
| Futures contracts | ||||||||||||||
| Expiration Date | Number of Contracts | Notional Amount | Value/Net Unrealized Appreciation (Depreciation) | |||||||||||
| Long | ||||||||||||||
| U.S. Treasury Long Bond | 9/19/25 | 203 | $ | 22,648,802 | $ | 791,354 | ||||||||
| U.S. Treasury Note 10 Year | 9/19/25 | 192 | 21,289,003 | 238,997 | ||||||||||
| U.S. Treasury Ultra Bond | 9/19/25 | 145 | 16,613,873 | 659,252 | ||||||||||
| U.S. Treasury Note 2 Year | 9/30/25 | 300 | 62,168,136 | 238,895 | ||||||||||
| $ | 1,928,498 | |||||||||||||
| Short | ||||||||||||||
| U.S. Treasury Ultra 10 Year | 9/19/25 | 30 | $ | (3,351,699 | ) | $ | (76,270 | ) | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Principal Amount | Value | |||||||
| Bonds & Notes — 97.0% | ||||||||
| Corporate Debt — 39.6% | ||||||||
| Agriculture — 0.3% | ||||||||
| Imperial Brands Finance PLC | ||||||||
| 6.375% 7/01/55 (a) (b) | $ | 200,000 | $ | 202,804 | ||||
| Airlines — 0.3% | ||||||||
| United Airlines Pass-Through Trust | ||||||||
| Series 2018-1, Class B, 4.600% 9/01/27 | 39,437 | 38,949 | ||||||
| Series 2024-1, Class AA, 5.450% 8/15/38 | 161,581 | 163,071 | ||||||
| 202,020 | ||||||||
| Auto Manufacturers — 1.0% | ||||||||
| Ford Motor Credit Co. LLC | ||||||||
| 5.303% 9/06/29 | 115,000 | 112,929 | ||||||
| General Motors Co. | ||||||||
| 5.200% 4/01/45 | 100,000 | 85,687 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 6.150% 7/15/35 | 155,000 | 158,484 | ||||||
| Stellantis Finance US, Inc. | ||||||||
| 6.375% 9/12/32 (a) | 350,000 | 359,904 | ||||||
| 717,004 | ||||||||
| Banks — 8.0% | ||||||||
| Bank of America Corp. 5 yr. CMT + 2.000% | ||||||||
| 3.846% VRN 3/08/37 (c) | 345,000 | 315,707 | ||||||
| Bank of Nova Scotia 5 yr. CMT + 2.903% | ||||||||
| 7.350% VRN 4/27/85 (c) | 320,000 | 322,364 | ||||||
| Barclays PLC 5 yr. CMT + 3.410% | ||||||||
| 4.375% VRN (c) (d) (e) | 375,000 | 349,065 | ||||||
| BNP Paribas SA 5 yr. CMT + 3.340% | ||||||||
| 4.625% VRN (a) (c) (d) (e) | 375,000 | 333,610 | ||||||
| BPCE SA 1 day USD SOFR + 1.730% | ||||||||
| 3.116% VRN 10/19/32 (a) (c) | 450,000 | 390,062 | ||||||
| Citigroup, Inc. | ||||||||
| 5 yr. CMT + 2.572% 6.750% VRN (c) (d) | 140,000 | 141,031 | ||||||
| 10 yr. CMT + 2.757% 7.000% VRN (c) (d) (e) | 101,000 | 106,168 | ||||||
| Citizens Financial Group, Inc. 1 day USD SOFR + 2.325% | ||||||||
| 6.645% VRN 4/25/35 (c) | 156,000 | 168,149 | ||||||
| Goldman Sachs Group, Inc. 5 yr. CMT + 2.461% | ||||||||
| 6.850% VRN (c) (d) | 285,000 | 294,117 | ||||||
| HSBC Holdings PLC | ||||||||
| 6.500% 9/15/37 | 125,000 | 132,632 | ||||||
| 5 yr. CMT + 2.635% 6.950% VRN (c) (d) | 300,000 | 301,134 | ||||||
| Huntington Bancshares, Inc. 5 yr. CMT + 1.700% | ||||||||
| 6.141% VRN 11/18/39 (c) | 140,000 | 142,716 | ||||||
| ING Groep NV 5 yr. CMT + 2.862% | ||||||||
| 3.875% VRN (c) (d) | 400,000 | 371,631 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| JP Morgan Chase & Co. 5 yr. CMT + 2.152% | ||||||||
| 6.500% VRN (c) (d) | $ | 200,000 | $ | 206,555 | ||||
| Lloyds Banking Group PLC 5 yr. CMT + 3.913% | ||||||||
| 8.000% VRN (c) (d) (e) | 205,000 | 216,194 | ||||||
| Morgan Stanley 1 day USD SOFR + 1.360% | ||||||||
| 2.484% VRN 9/16/36 (c) | 210,000 | 178,444 | ||||||
| NatWest Group PLC 5 yr. CMT + 2.937% | ||||||||
| 7.300% VRN (c) (d) (e) | 375,000 | 372,866 | ||||||
| Nordea Bank Abp 5 yr. CMT + 2.660% | ||||||||
| 6.300% VRN (a) (c) (d) (e) | 300,000 | 292,212 | ||||||
| Royal Bank of Canada 5 yr. CMT + 2.815% | ||||||||
| 6.750% VRN 8/24/85 (c) | 200,000 | 200,148 | ||||||
| State Street Corp. 5 yr. CMT + 2.135% | ||||||||
| 6.450% VRN (c) (d) | 185,000 | 188,220 | ||||||
| Synovus Financial Corp. 1 day USD SOFR + 2.347% | ||||||||
| 6.168% VRN 11/01/30 (c) | 405,000 | 415,471 | ||||||
| UBS Group AG 5 yr. USD SOFR ICE Swap + 3.077%, | ||||||||
| 7.000% VRN (a) (c) (d) | 254,000 | 252,674 | ||||||
| 5,691,170 | ||||||||
| Beverages — 0.1% | ||||||||
| Bacardi Ltd. | ||||||||
| 5.150% 5/15/38 (a) | 100,000 | 92,140 | ||||||
| Building Materials — 0.1% | ||||||||
| JH North America Holdings, Inc. | ||||||||
| 6.125% 7/31/32 (a) | 81,000 | 82,345 | ||||||
| Chemicals — 0.7% | ||||||||
| Celanese US Holdings LLC | ||||||||
| 6.850% STEP 11/15/28 | 160,000 | 168,124 | ||||||
| Dow Chemical Co. | ||||||||
| 5.600% 2/15/54 | 67,000 | 60,984 | ||||||
| Huntsman International LLC | ||||||||
| 2.950% 6/15/31 | 325,000 | 273,551 | ||||||
| 502,659 | ||||||||
| Diversified Financial Services — 2.5% | ||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust 5 yr. CMT + 2.441% | ||||||||
| 6.500% VRN 1/31/56 (c) | 150,000 | 150,239 | ||||||
| Ally Financial, Inc. | ||||||||
| 7 yr. CMT + 3.481% 4.700% VRN (c) (d) | 120,000 | 107,622 | ||||||
| 1 day USD SOFR + 3.260% 6.992% VRN 6/13/29 (c) | 65,000 | 68,425 | ||||||
| American Express Co. 5 yr. CMT + 2.854% | ||||||||
| 3.550% VRN (c) (d) | 100,000 | 97,665 | ||||||
| Apollo Global Management, Inc. | ||||||||
| 5.800% 5/21/54 | 106,000 | 104,684 | ||||||
| ARES Finance Co. III LLC 5 yr. CMT + 3.237% | ||||||||
| 4.125% VRN 6/30/51 (a) (c) | 370,000 | 361,393 | ||||||
| Avolon Holdings Funding Ltd. | ||||||||
| 5.375% 5/30/30 (a) | 114,000 | 116,127 | ||||||
| BGC Group, Inc. | ||||||||
| 6.600% 6/10/29 | 425,000 | 440,476 | ||||||
| Charles Schwab Corp. 5 yr. CMT + 3.168% | ||||||||
| 4.000% VRN (c) (d) | 190,000 | 187,147 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Macquarie Airfinance Holdings Ltd. | ||||||||
| 5.200% 3/27/28 (a) | $ | 150,000 | $ | 151,671 | ||||
| 1,785,449 | ||||||||
| Electric — 1.7% | ||||||||
| AES Corp. 5 yr. CMT + 2.890% | ||||||||
| 6.950% VRN 7/15/55 (c) | 67,000 | 65,359 | ||||||
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC | ||||||||
| 6.375% 2/15/32 (a) | 417,000 | 417,680 | ||||||
| Edison International | ||||||||
| 5.250% 11/15/28 | 75,000 | 74,236 | ||||||
| 5 yr. CMT + 3.864% 8.125% VRN 6/15/53 (c) (e) | 120,000 | 115,907 | ||||||
| NextEra Energy Capital Holdings, Inc. 5 yr. CMT + 2.547% | ||||||||
| 3.800% VRN 3/15/82 (c) | 210,000 | 201,218 | ||||||
| Pacific Gas & Electric Co. | ||||||||
| 4.300% 3/15/45 | 70,000 | 52,835 | ||||||
| 5.550% 5/15/29 | 105,000 | 106,693 | ||||||
| Sempra 5 yr. CMT + 2.789% | ||||||||
| 6.875% VRN 10/01/54 (c) | 147,000 | 148,240 | ||||||
| 1,182,168 | ||||||||
| Entertainment — 0.2% | ||||||||
| Warnermedia Holdings, Inc. | ||||||||
| 4.279% 3/15/32 | 215,000 | 159,906 | ||||||
| 5.141% 3/15/52 | 10,000 | 6,175 | ||||||
| 166,081 | ||||||||
| Food — 0.4% | ||||||||
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | ||||||||
| 7.250% 11/15/53 | 115,000 | 129,475 | ||||||
| Smithfield Foods, Inc. | ||||||||
| 2.625% 9/13/31 (a) | 165,000 | 142,235 | ||||||
| 271,710 | ||||||||
| Health Care - Services — 0.8% | ||||||||
| Centene Corp. | ||||||||
| 3.000% 10/15/30 | 175,000 | 156,366 | ||||||
| CHS/Community Health Systems, Inc. | ||||||||
| 4.750% 2/15/31 (a) | 445,000 | 380,423 | ||||||
| UnitedHealth Group, Inc. | ||||||||
| 5.750% 7/15/64 | 53,000 | 51,549 | ||||||
| 588,338 | ||||||||
| Insurance — 8.6% | ||||||||
| Allianz SE 5 yr. CMT + 2.973% | ||||||||
| 3.500% VRN (a) (c) (d) | 376,000 | 369,667 | ||||||
| Allstate Corp. 3 mo. USD Term SOFR + 3.200% | ||||||||
| 7.526% VRN 8/15/53 (c) | 155,000 | 154,943 | ||||||
| American National Group, Inc. | ||||||||
| 6.000% 7/15/35 | 165,000 | 165,972 | ||||||
| Ascot Group Ltd. | ||||||||
| 4.250% 12/15/30 (a) | 200,000 | 183,674 | ||||||
| 5 yr. CMT + 2.375% 6.349% VRN 6/15/35 (a) (c) | 66,000 | 68,100 | ||||||
| Aspen Insurance Holdings Ltd. | ||||||||
| 5.750% 7/01/30 | 54,000 | 54,892 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Athene Holding Ltd. 5 yr. CMT + 2.607% | ||||||||
| 6.625% VRN 10/15/54 (c) | $ | 145,000 | $ | 142,738 | ||||
| AXIS Specialty Finance LLC 5 yr. CMT + 3.186% | ||||||||
| 4.900% VRN 1/15/40 (c) | 175,000 | 167,617 | ||||||
| Brighthouse Financial, Inc. | ||||||||
| 3.850% 12/22/51 | 255,000 | 163,969 | ||||||
| Corebridge Financial, Inc. 5 yr. CMT + 3.846% | ||||||||
| 6.875% VRN 12/15/52 (c) | 265,000 | 273,372 | ||||||
| Enstar Finance LLC | ||||||||
| 5 yr. CMT + 4.006% 5.500% VRN 1/15/42 (c) | 125,000 | 122,956 | ||||||
| 5 yr. CMT + 5.468% 5.750% VRN 9/01/40 (c) | 680,000 | 679,166 | ||||||
| Fidus Re Ltd. 1 mo. U.S. T-Bill Rate + 2.500% | ||||||||
| 6.794% FRN 1/08/42 (a) (c) | 900,000 | 899,902 | ||||||
| Fortitude Group Holdings LLC | ||||||||
| 6.250% 4/01/30 (a) | 169,000 | 173,869 | ||||||
| Global Atlantic Fin Co. | ||||||||
| 5 yr. CMT + 3.796% 4.700% VRN 10/15/51 (a) (c) | 420,000 | 412,295 | ||||||
| 6.750% 3/15/54 (a) | 36,000 | 36,881 | ||||||
| Liberty Mutual Group, Inc. 5 yr. CMT + 3.315% | ||||||||
| 4.125% VRN 12/15/51 (a) (c) | 365,000 | 355,436 | ||||||
| Lincoln National Corp., (Acquired 11/15/22, Cost $169,000), 5 yr. CMT + 5.318% | ||||||||
| 9.250% VRN (c) (d) (f) | 169,000 | 184,105 | ||||||
| MetLife Capital Trust IV | ||||||||
| 8.252% 12/15/67 (a) | 225,000 | 246,656 | ||||||
| Omnis Funding Trust | ||||||||
| 6.722% 5/15/55 (a) | 165,000 | 170,985 | ||||||
| Reinsurance Group of America, Inc. 5 yr. CMT + 2.392% | ||||||||
| 6.650% VRN 9/15/55 (c) | 155,000 | 154,489 | ||||||
| Sammons Financial Group, Inc. | ||||||||
| 4.750% 4/08/32 (a) | 350,000 | 335,195 | ||||||
| Selective Insurance Group, Inc. | ||||||||
| 5.900% 4/15/35 | 206,000 | 210,603 | ||||||
| USF&G Capital I | ||||||||
| 8.500% 12/15/45 (a) | 95,000 | 101,044 | ||||||
| Vitality Re XVI Ltd. 3 mo. U.S. T-Bill Rate + 1.750% | ||||||||
| 6.044% FRN 1/08/30 (a) (c) | 302,000 | 302,060 | ||||||
| 6,130,586 | ||||||||
| Investment Companies — 3.3% | ||||||||
| Antares Holdings LP | ||||||||
| 6.500% 2/08/29 (a) | 325,000 | 329,275 | ||||||
| Apollo Debt Solutions BDC | ||||||||
| 6.550% 3/15/32 (a) | 98,000 | 100,097 | ||||||
| ARES Capital Corp. | ||||||||
| 5.875% 3/01/29 | 92,000 | 93,808 | ||||||
| ARES Strategic Income Fund | ||||||||
| 6.350% 8/15/29 | 250,000 | 256,307 | ||||||
| Blackstone Private Credit Fund | ||||||||
| 4.950% 9/26/27 | 92,000 | 91,544 | ||||||
| Blackstone Secured Lending Fund | ||||||||
| 5.300% 6/30/30 | 300,000 | 297,254 | ||||||
| Blue Owl Capital Corp. | ||||||||
| 8.450% 11/15/26 | 280,000 | 290,883 | ||||||
| Blue Owl Credit Income Corp. | ||||||||
| 5.800% 3/15/30 | 160,000 | 160,261 | ||||||
| Blue Owl Technology Finance Corp. | ||||||||
| 6.750% 4/04/29 | 112,000 | 114,222 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Golub Capital BDC, Inc. | ||||||||
| 6.000% 7/15/29 | $ | 258,000 | $ | 261,503 | ||||
| HPS Corporate Lending Fund | ||||||||
| 5.450% 1/14/28 | 290,000 | 290,817 | ||||||
| Sixth Street Specialty Lending, Inc. | ||||||||
| 6.125% 3/01/29 | 79,000 | 80,868 | ||||||
| 2,366,839 | ||||||||
| Leisure Time — 0.2% | ||||||||
| Sabre GLBL, Inc. | ||||||||
| 10.750% 11/15/29 (a) (e) | 163,000 | 167,490 | ||||||
| Media — 0.7% | ||||||||
| News Corp. | ||||||||
| 3.875% 5/15/29 (a) | 295,000 | 282,238 | ||||||
| Paramount Global 5 yr. CMT + 3.999% | ||||||||
| 6.375% VRN 3/30/62 (c) | 179,000 | 175,874 | ||||||
| Time Warner Cable LLC | ||||||||
| 4.500% 9/15/42 | 80,000 | 63,719 | ||||||
| 521,831 | ||||||||
| Mining — 0.5% | ||||||||
| Novelis Corp. | ||||||||
| 3.875% 8/15/31 (a) | 360,000 | 323,484 | ||||||
| Oil & Gas — 4.6% | ||||||||
| Antero Resources Corp. | ||||||||
| 7.625% 2/01/29 (a) | 44,000 | 45,172 | ||||||
| BP Capital Markets PLC 5 yr. CMT + 1.924% | ||||||||
| 6.125% VRN (c) (d) | 240,000 | 239,605 | ||||||
| Continental Resources, Inc. | ||||||||
| 5.750% 1/15/31 (a) | 265,000 | 267,540 | ||||||
| Helmerich & Payne, Inc. | ||||||||
| 5.500% 12/01/34 (a) (e) | 355,000 | 323,647 | ||||||
| Hilcorp Energy I LP/Hilcorp Finance Co. | ||||||||
| 7.250% 2/15/35 (a) | 593,000 | 579,866 | ||||||
| Occidental Petroleum Corp. | ||||||||
| 6.050% 10/01/54 | 137,000 | 125,521 | ||||||
| 7.875% 9/15/31 | 250,000 | 280,234 | ||||||
| Ovintiv, Inc. | ||||||||
| 6.250% 7/15/33 | 230,000 | 237,461 | ||||||
| 6.500% 2/01/38 | 120,000 | 121,141 | ||||||
| 7.100% 7/15/53 | 195,000 | 202,074 | ||||||
| Parkland Corp. | ||||||||
| 6.625% 8/15/32 (a) | 315,000 | 321,955 | ||||||
| Patterson-UTI Energy, Inc. | ||||||||
| 7.150% 10/01/33 | 135,000 | 138,237 | ||||||
| Petroleos Mexicanos | ||||||||
| 5.350% 2/12/28 | 150,000 | 144,036 | ||||||
| 6.375% 1/23/45 | 35,000 | 24,791 | ||||||
| Santos Finance Ltd. | ||||||||
| 6.875% 9/19/33 (a) | 225,000 | 245,673 | ||||||
| 3,296,953 | ||||||||
| Oil & Gas Services — 0.1% | ||||||||
| NOV, Inc. | ||||||||
| 3.950% 12/01/42 | 114,000 | 84,850 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Pharmaceuticals — 0.7% | ||||||||
| CVS Health Corp. | ||||||||
| 5.050% 3/25/48 | $ | 85,000 | $ | 73,393 | ||||
| 5 yr. CMT + 2.886% 7.000% VRN 3/10/55 (c) | 146,000 | 150,586 | ||||||
| CVS Pass-Through Trust | ||||||||
| 5.926% 1/10/34 (a) | 136,625 | 137,928 | ||||||
| 7.507% 1/10/32 (a) | 9,289 | 9,727 | ||||||
| Utah Acquisition Sub, Inc. | ||||||||
| 5.250% 6/15/46 | 180,000 | 146,024 | ||||||
| 517,658 | ||||||||
| Pipelines — 0.9% | ||||||||
| Enbridge, Inc. 5 yr. CMT + 3.708% | ||||||||
| 7.375% VRN 1/15/83 (c) (e) | 160,000 | 164,611 | ||||||
| Energy Transfer LP | ||||||||
| 5.950% 5/15/54 | 63,000 | 59,932 | ||||||
| Enterprise Products Operating LLC 3 mo. USD Term SOFR + 2.832% | ||||||||
| 5.375% VRN 2/15/78 (c) (e) | 102,000 | 100,327 | ||||||
| Plains All American Pipeline LP | ||||||||
| 5.950% 6/15/35 | 170,000 | 174,766 | ||||||
| 3 mo. USD Term SOFR + 4.372% 8.698% VRN (c) (d) | 120,000 | 120,254 | ||||||
| 619,890 | ||||||||
| Private Equity — 0.1% | ||||||||
| KKR Group Finance Co. X LLC | ||||||||
| 3.250% 12/15/51 (a) | 68,000 | 43,610 | ||||||
| Real Estate Investment Trusts (REITS) — 2.0% | ||||||||
| Broadstone Net Lease LLC | ||||||||
| 2.600% 9/15/31 | 200,000 | 169,801 | ||||||
| EPR Properties | ||||||||
| 3.600% 11/15/31 | 215,000 | 195,296 | ||||||
| 3.750% 8/15/29 | 95,000 | 90,456 | ||||||
| Piedmont Operating Partnership LP | ||||||||
| 9.250% 7/20/28 (e) | 223,000 | 248,386 | ||||||
| Service Properties Trust | ||||||||
| 4.950% 10/01/29 (e) | 590,000 | 514,830 | ||||||
| Store Capital LLC | ||||||||
| 4.625% 3/15/29 | 235,000 | 231,101 | ||||||
| 1,449,870 | ||||||||
| Telecommunications — 1.4% | ||||||||
| AT&T, Inc. | ||||||||
| 3.550% 9/15/55 | 219,000 | 147,770 | ||||||
| Consolidated Communications, Inc. | ||||||||
| 6.500% 10/01/28 (a) | 261,000 | 265,641 | ||||||
| Rogers Communications, Inc. | ||||||||
| 5.300% 2/15/34 | 175,000 | 175,186 | ||||||
| Sable International Finance Ltd. | ||||||||
| 7.125% 10/15/32 (a) | 322,000 | 322,855 | ||||||
| T-Mobile USA, Inc. | ||||||||
| 6.000% 6/15/54 | 85,000 | 86,527 | ||||||
| 997,979 | ||||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Venture Capital — 0.4% | ||||||||
| Hercules Capital, Inc. | ||||||||
| 2.625% 9/16/26 | $ | 293,000 | $ | 283,320 | ||||
| TOTAL
CORPORATE DEBT (Cost $28,491,722) | 28,288,248 | |||||||
| Non-U.S. Government Agency Obligations — 22.6% | ||||||||
| Commercial Mortgage-Backed Securities — 5.4% | ||||||||
| Bank | ||||||||
| Series 2020-BN30, Class MCDF, 3.016% VRN 12/15/53 (c) (g) | 500,000 | 300,563 | ||||||
| Series 2019-BN17, Class C, 4.660% VRN 4/15/52 (c) (g) | 331,000 | 287,560 | ||||||
| Benchmark Mortgage Trust, Series 2021-B25, Class 300C, | ||||||||
| 3.094% VRN 4/15/54 (a) (c) (g) | 500,000 | 330,622 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2019-GC41, Class C | ||||||||
| 3.502% 8/10/56 | 222,000 | 187,647 | ||||||
| GS Mortgage Securities Trust, Series 2018-GS10, Class D | ||||||||
| 3.000% 7/10/51 (a) | 599,000 | 396,897 | ||||||
| Harvest Commercial Capital Loan Trust | ||||||||
| Series 2025-1, Class M2, 6.735% VRN 6/25/57 (c) (g) | 199,494 | 206,135 | ||||||
| Series 2025-1, Class M3, 7.129% VRN 6/25/57 (c) (g) | 199,494 | 205,762 | ||||||
| Series 2025-1, Class M4, 9.044% VRN 6/25/57 (c) (g) | 398,988 | 406,157 | ||||||
| JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class C, | ||||||||
| 4.710% VRN 8/15/47 (c) (g) | 111,267 | 110,316 | ||||||
| Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864% | ||||||||
| 6.177% FRN 3/15/38 (a) (c) | 302,400 | 299,376 | ||||||
| RFR Trust, Series 2025-SGRM, Class C, | ||||||||
| 6.013% VRN 3/11/41 (a) (c) (g) | 300,000 | 302,566 | ||||||
| US Bank NA, Series 2025-SUP1, Class C, 30 day USD SOFR Average + 1.900% | ||||||||
| 6.205% FRN 2/25/32 (a) (c) | 262,891 | 261,702 | ||||||
| Wells Fargo Commercial Mortgage Trust | ||||||||
| Series 2015-NXS1, Class C, 3.848% VRN 5/15/48 (c) (g) | 103,999 | 100,421 | ||||||
| Series 2021-FCMT, Class C, 1 mo. USD Term SOFR + 2.514% 6.827% FRN 5/15/31 (a) (c) | 461,000 | 456,470 | ||||||
| 3,852,194 | ||||||||
| 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% | ||||||||
| 4.062% FRN 10/25/34 (c) | 43,558 | 41,393 | ||||||
| Other Asset-Backed Securities — 11.9% | ||||||||
| AIMCO CLO 15 Ltd., Series 2021-15A, Class AR, 3 mo. USD Term SOFR + 1.200% | ||||||||
| 5.484% FRN 4/17/38 (a) (c) | 500,000 | 499,982 | ||||||
| CIFC Funding Ltd., Series 2019-6A, Class A1R, 3 mo. USD Term SOFR + 1.450% | ||||||||
| 5.711% FRN 7/16/37 (a) (c) | 500,000 | 502,099 | ||||||
| Goldentree Loan Management US CLO 1 Ltd., Series 2017-1A, Class B1R3, 3 mo. USD Term SOFR + 1.350% | ||||||||
| 5.620% FRN 4/20/34 (a) (c) | 500,000 | 495,876 | ||||||
| Goodgreen Trust | ||||||||
| Series 2019-2A, Class B, 3.860% 4/15/55 (a) | 75,213 | 62,483 | ||||||
| Series 2021-1A, Class C, 5.740% 10/15/56 (a) | 330,355 | 264,138 | ||||||
| Hero Funding Trust | ||||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2016-3A, Class A1, 3.080% 9/20/42 (a) | $ | 36,826 | $ | 33,529 | ||||
| Series 2017-3A, Class A1, 3.190% 9/20/48 (a) | 52,604 | 46,465 | ||||||
| Series 2017-2A, Class A1, 3.280% 9/20/48 (a) | 19,956 | 17,789 | ||||||
| Series 2016-4A, Class A2, 4.290% 9/20/47 (a) | 38,506 | 36,155 | ||||||
| HINNT LLC, Series 2025-A, Class D | ||||||||
| 8.220% 3/15/44 (a) | 682,958 | 684,536 | ||||||
| Horizon Aircraft Finance I Ltd., Series 2018-1, Class B | ||||||||
| 5.270% 12/15/38 (a) | 225,200 | 187,364 | ||||||
| Horizon Aircraft Finance II Ltd., Series 2019-1, Class B | ||||||||
| 4.703% 7/15/39 (a) | 159,169 | 144,844 | ||||||
| JG Wentworth XLIII LLC, Series 2019-1A, Class B | ||||||||
| 4.510% 8/15/73 (a) | 115,666 | 100,142 | ||||||
| Magnetite XXVI Ltd., Series 2020-26A, Class AR2, 3 mo. USD Term SOFR + 1.150% | ||||||||
| 5.416% FRN 1/25/38 (a) (c) | 500,000 | 501,546 | ||||||
| MCA Fund Holding LLC, Series 2020-1, Class A | ||||||||
| 3.250% 11/15/35 (a) | 109,046 | 107,492 | ||||||
| MidOcean Credit CLO XII Ltd., Series 2023-12A, Class CR, 3 mo. USD Term SOFR + 2.450% | ||||||||
| 6.720% FRN 4/18/36 (a) (c) | 250,000 | 250,257 | ||||||
| Mosaic Solar Loans LLC, Series 2017-1A, Class A | ||||||||
| 4.450% 6/20/42 (a) | 15,461 | 14,870 | ||||||
| Neuberger Berman Loan Advisers CLO 44 Ltd., Series 2021-44A, Class BR, 3 mo. USD Term SOFR + 1.500% | ||||||||
| 5.761% FRN 10/16/35 (a) (c) | 500,000 | 499,777 | ||||||
| Oak Hill Credit Partners X-R Ltd., Series 2014-10RA, Class AR2, 3 mo. USD Term SOFR + 1.130% | ||||||||
| 5.400% FRN 4/20/38 (a) (c) | 500,000 | 498,651 | ||||||
| OCP CLO Ltd. | ||||||||
| Series 2015-9A, Class AR3, 3 mo. USD Term SOFR + 1.100% 5.356% FRN 1/15/37 (a) (c) | 500,000 | 498,934 | ||||||
| Series 2015-9A, Class BR3, 3 mo. USD Term SOFR + 1.450% 5.706% FRN 1/15/37 (a) (c) | 500,000 | 499,725 | ||||||
| Parallel Ltd., Series 2021-2A, Class A2, 3 mo. USD Term SOFR + 2.112% | ||||||||
| 6.381% FRN 10/20/34 (a) (c) | 250,000 | 250,182 | ||||||
| Pioneer Aircraft Finance Ltd., Series 2019-1, Class B | ||||||||
| 4.948% 6/15/44 (a) | 341,661 | 324,581 | ||||||
| Rad CLO 12 Ltd., Series 2021-12A, Class A, 3 mo. USD Term SOFR + 1.432% | ||||||||
| 5.711% FRN 10/30/34 (a) (c) | 500,000 | 500,733 | ||||||
| Rad CLO 4 Ltd., Series 2019-4A, Class B1R, 3 mo. USD Term SOFR + 1.750% | ||||||||
| 6.032% FRN 4/25/32 (a) (c) | 250,000 | 250,160 | ||||||
| Renew Financial, Series 2021-1, Class M | ||||||||
| 3.210% 11/20/56 (a) | 134,241 | 110,485 | ||||||
| Rockford Tower CLO Ltd., Series 2018-1A, Class B, 3 mo. USD Term SOFR + 1.982% | ||||||||
| 6.304% FRN 5/20/31 (a) (c) | 250,000 | 250,465 | ||||||
| Sixth Street CLO XIV Ltd., Series 2019-14A, Class A1R2, 3 mo. USD Term SOFR + 1.150% | ||||||||
| 5.467% FRN 1/20/38 (a) (c) | 500,000 | 499,008 | ||||||
| Slam Ltd., Series 2021-1A, Class B | ||||||||
| 3.422% 6/15/46 (a) | 219,750 | 204,408 | ||||||
| Sunnova Helios II Issuer LLC, Series 2018-1A, Class A | ||||||||
| 4.870% 7/20/48 (a) | 95,315 | 89,640 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Thrust Engine Leasing DAC, Series 2021-1A, Class C | ||||||||
| 7.386% 7/15/40 (a) | $ | 130,143 | $ | 126,117 | ||||
| 8,552,433 | ||||||||
| Student Loans Asset-Backed Securities — 3.1% | ||||||||
| College Avenue Student Loans LLC | ||||||||
| Series 2021-A, Class D, 4.120% 7/25/51 (a) | 134,686 | 124,984 | ||||||
| Series 2019-A, Class C, 4.460% 12/28/48 (a) | 100,605 | 94,981 | ||||||
| Series 2019-A, Class D, 5.500% 12/28/48 (a) | 70,694 | 62,547 | ||||||
| Commonbond Student Loan Trust, Series 2017-AGS, Class C | ||||||||
| 5.280% 5/25/41 (a) | 33,079 | 30,964 | ||||||
| Goal Capital Funding Trust, Series 2006-1, Class B, 3 mo. USD LIBOR + 0.450% | ||||||||
| 5.304% FRN 8/25/42 (c) (h) | 240,278 | 217,696 | ||||||
| Navient Student Loan Trust | ||||||||
| Series 2018-EA, Class B, 4.440% 12/15/59 (a) | 140,000 | 137,168 | ||||||
| Series 2018-1A, Class B, 30 day USD SOFR Average + 1.314% 5.620% FRN 3/25/67 (a) (c) | 250,000 | 232,280 | ||||||
| Nelnet Student Loan Trust | ||||||||
| Series 2005-4, Class A4R2, 1.191% FRN 3/22/32 (c) (g) | 45,000 | 44,757 | ||||||
| Series 2006-3, Class B, 90 day USD SOFR Average + 0.512% 4.853% FRN 6/25/41 (c) | 53,752 | 48,477 | ||||||
| Series 2012-2A, Class B, 30 day USD SOFR Average + 1.114% 5.420% FRN 11/25/36 (a) (c) | 200,000 | 198,505 | ||||||
| Series 2012-1A, Class B, 30 day USD SOFR Average + 1.114% 5.420% FRN 6/25/42 (a) (c) | 150,000 | 147,582 | ||||||
| Series 2012-4A, Class B, 30 day USD SOFR Average + 1.114% 5.420% FRN 7/26/49 (a) (c) | 250,000 | 227,303 | ||||||
| Series 2014-2A, Class B, 30 day USD SOFR Average + 1.614% 5.920% FRN 6/25/41 (a) (c) | 100,000 | 97,664 | ||||||
| SLM Student Loan Trust | ||||||||
| Series 2006-4, Class B, 90 day USD SOFR Average + 0.462% 4.825% FRN 1/25/70 (c) | 75,866 | 71,427 | ||||||
| Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 4.835% FRN 10/25/40 (c) | 105,678 | 99,978 | ||||||
| Series 2005-6, Class B, 90 day USD SOFR Average + 0.552% 4.915% FRN 1/25/44 (c) | 140,691 | 133,645 | ||||||
| Series 2004-3, Class B, 90 day USD SOFR Average + 0.732% 5.095% FRN 10/25/64 (c) | 48,523 | 45,700 | ||||||
| SMB Private Education Loan Trust, Series 2019-A, Class B | ||||||||
| 4.000% 11/17/42 (a) | 185,000 | 176,663 | ||||||
| South Carolina Student Loan Corp., Series 2015-A, Class A, 1 mo. USD Term SOFR + 1.614% | ||||||||
| 5.934% FRN 1/25/36 (c) | 9,905 | 9,882 | ||||||
| 2,202,203 | ||||||||
| Whole Loan Collateral Collateralized Mortgage Obligations — 2.1% | ||||||||
| Angel Oak Mortgage Trust I LLC, Series 2019-4, Class M1, | ||||||||
| 3.459% VRN 7/26/49 (a) (c) (g) | 169,304 | 167,264 | ||||||
| Banc of America Mortgage Trust, Series 2004-G, Class 2A7, | ||||||||
| 6.538% VRN 8/25/34 (c) (g) | 2,118 | 2,108 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| New Residential Mortgage Loan Trust, Series 2021-NQM3, Class B1, | ||||||||
| 3.398% VRN 11/27/56 (a) (c) (g) | $ | 1,600,000 | $ | 1,329,369 | ||||
| 1,498,741 | ||||||||
| TOTAL
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $17,180,354) | 16,146,964 | |||||||
| Sovereign Debt Obligations — 0.2% | ||||||||
| Mexico Government International Bond | ||||||||
| 4.750% 3/08/44 | 174,000 | 136,790 | ||||||
| TOTAL
SOVEREIGN DEBT OBLIGATIONS (Cost $193,231) | 136,790 | |||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (i) — 23.2% | ||||||||
| Collateralized Mortgage Obligations — 0.0% | ||||||||
| Federal Home Loan Mortgage Corp. REMICS | ||||||||
| Series 2178, Class PB 7.000% 8/15/29 | 1,428 | 1,478 | ||||||
| Pass-Through Securities — 23.2% | ||||||||
| Federal Home Loan Mortgage Corp. | ||||||||
| Pool #RA4245 2.000% 12/01/50 | 407,579 | 327,250 | ||||||
| Pool #RA4255 2.000% 1/01/51 | 818,835 | 658,731 | ||||||
| Pool #SD0905 3.000% 3/01/52 | 608,634 | 532,989 | ||||||
| Pool #SD1523 4.000% 8/01/52 | 891,282 | 836,764 | ||||||
| Pool #SD8266 4.500% 11/01/52 | 1,268,261 | 1,217,180 | ||||||
| Federal National Mortgage Association | ||||||||
| Pool #FM8596 2.500% 9/01/51 | 388,719 | 326,793 | ||||||
| Pool #FS3035 2.500% 4/01/52 | 1,301,044 | 1,096,624 | ||||||
| Pool #MA3029 3.000% 6/01/32 | 149,463 | 145,153 | ||||||
| Pool #MA3090 3.000% 8/01/32 | 61,924 | 60,093 | ||||||
| Pool #AR3007 3.000% 2/01/43 | 74,079 | 67,418 | ||||||
| Pool #FS1075 3.000% 3/01/52 | 622,528 | 545,934 | ||||||
| Pool #CB3304 3.000% 4/01/52 | 972,247 | 852,017 | ||||||
| Pool #AS1304 3.500% 12/01/28 | 28,328 | 28,005 | ||||||
| Pool #MA1356 3.500% 2/01/43 | 359,742 | 336,268 | ||||||
| Pool #FM4017 3.500% 8/01/50 | 44,600 | 40,515 | ||||||
| Pool #CB3842 3.500% 6/01/52 | 1,921,809 | 1,745,177 | ||||||
| Pool #CA1909 4.500% 6/01/48 | 281,206 | 273,044 | ||||||
| Pool #CB3866 4.500% 6/01/52 | 697,320 | 672,122 | ||||||
| Pool #CB4129 4.500% 7/01/52 | 924,980 | 888,086 | ||||||
| Pool #AD6437 5.000% 6/01/40 | 18,764 | 18,982 | ||||||
| Pool #AD6996 5.000% 7/01/40 | 123,743 | 125,179 | ||||||
| Pool #AL8173 5.000% 2/01/44 | 47,961 | 48,509 | ||||||
| Pool #CB9465 5.000% 11/01/54 | 2,041,736 | 2,017,957 | ||||||
| Government National Mortgage Association | ||||||||
| Pool #579140 6.500% 1/15/32 | 240 | 247 | ||||||
| Pool #587280 6.500% 9/15/32 | 93 | 96 | ||||||
| Pool #550659 6.500% 9/15/35 | 38,909 | 40,451 | ||||||
| Pool #538689 6.500% 12/15/35 | 3,142 | 3,279 | ||||||
| Pool #780651 7.000% 10/15/27 | 87 | 88 | ||||||
| Pool #462384 7.000% 11/15/27 | 50 | 50 | ||||||
| Pool #482668 7.000% 8/15/28 | 174 | 176 | ||||||
| Pool #423836 8.000% 8/15/26 | 27 | 27 | ||||||
| Government National Mortgage Association II | ||||||||
| Pool #MA6038 3.000% 7/20/49 | 367,773 | 327,232 | ||||||
| Pool #MA6283 3.000% 11/20/49 | 664,715 | 588,846 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Pool #MA6409 3.000% 1/20/50 | $ | 696,211 | $ | 617,944 | ||||
| Pool #MA4321 3.500% 3/20/47 | 437,567 | 404,101 | ||||||
| Pool #MA9722 4.000% 6/20/54 | 575,434 | 535,950 | ||||||
| Pool #MB0025 5.000% 11/20/54 | 1,177,388 | 1,156,798 | ||||||
| 16,536,075 | ||||||||
| TOTAL
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $17,686,564) | 16,537,553 | |||||||
| U.S. Treasury Obligations — 11.4% | ||||||||
| U.S. Treasury Bonds & Notes — 11.4% | ||||||||
| U.S. Treasury Bonds | ||||||||
| 2.250% 8/15/49 (j) | 2,040,000 | 1,278,468 | ||||||
| 4.125% 8/15/44 | 2,000,000 | 1,831,509 | ||||||
| 4.625% 2/15/55 | 800,000 | 778,503 | ||||||
| U.S. Treasury Notes | ||||||||
| 1.250% 3/31/28 | 3,700,000 | 3,463,740 | ||||||
| 4.000% 3/31/30 | 800,000 | 807,355 | ||||||
| 8,159,575 | ||||||||
| TOTAL
U.S. TREASURY OBLIGATIONS (Cost $8,215,463) | 8,159,575 | |||||||
| TOTAL
BONDS & NOTES (Cost $71,767,334) | 69,269,130 | |||||||
| Number
of Shares | ||||||||
| Equities — 0.3% | ||||||||
| Preferred Stock — 0.3% | ||||||||
| Financials — 0.3% | ||||||||
| KKR & Co., Inc. 6.875% Series T | 7,000 | 180,040 | ||||||
| TOTAL
PREFERRED STOCK (Cost $175,000) | 180,040 | |||||||
| TOTAL
EQUITIES (Cost $175,000) | 180,040 | |||||||
| Warrants — 0.0% | ||||||||
| Materials — 0.0% | ||||||||
| Hercules LLC, Expires 3/31/29, Strike 0.09 (k) (l) (m) | 150 | 3,491 | ||||||
| TOTAL
WARRANTS (Cost $0) | 3,491 | |||||||
| TOTAL
LONG-TERM INVESTMENTS (Cost $71,942,334) | 69,452,661 | |||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Short-Term Investments — 6.4% | ||||||||
| Commercial Paper — 1.4% | ||||||||
| DTE Electric Co. | ||||||||
| 4.546% 7/21/25 | $ | 1,000,000 | $ | 997,397 | ||||
| Number
of Shares | ||||||||
| Investment of Cash Collateral from Securities Loaned — 3.5% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (n) | 2,473,015 | 2,473,015 | ||||||
| Principal
Amount | ||||||||
| Repurchase Agreement — 1.5% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (o) | $ | 1,044,357 | 1,044,357 | |||||
| TOTAL
SHORT-TERM INVESTMENTS (Cost $4,514,889) | 4,514,769 | |||||||
| TOTAL
INVESTMENTS — 103.7% (Cost $76,457,223) (p) | 73,967,430 | |||||||
| Other Assets/ (Liabilities) — (3.7)% | (2,616,191 | ) | ||||||
| NET ASSETS — 100.0% | $ | 71,351,239 | ||||||
| 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 |
| VRN | Variable Rate Note |
| Notes to Portfolio of Investments | |
| Percentages are stated as a percent of net assets. | |
| (a) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2025, the aggregate market value of these securities amounted to $24,624,582 or 34.51% of net assets. |
| (b) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (c) | Floating rate or variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (d) | Security is perpetual and has no stated maturity date. |
| (e) | Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2025, was $2,841,442 or 3.98% of net assets. The Fund received $431,348 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (f) | Restricted security. Certain securities are restricted to resale. At June 30, 2025, these securities amounted to a value of $184,105 or 0.26% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| (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 June 30, 2025. |
| (h) | LIBOR, the London Interbank Offered Rate, was a benchmark interest rate used in loans, notes, derivatives, and other instruments or investments. As a result of benchmark reforms, publication of LIBOR settings has ceased, effective with the last published synthetic rate on September 30, 2024. This security continues to earn interest according to the last published synthetic LIBOR rate (4.85372%) plus 0.450%. The issuer has not identified an alternate floating rate benchmark for this security. |
| (i) | 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. |
| (j) | All or a portion of this security is pledged/held as collateral for open derivatives. |
| (k) | Investment is valued using significant unobservable inputs. |
| (l) | Non-income producing security. |
| (m) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2025, these securities amounted to a value of $3,491 or 0.00% of net assets. |
| (n) | Represents investment of security lending cash collateral and 7-day effective yield as of June 30, 2025. (Note 2). |
| (o) | Maturity value of $1,044,437. Collateralized by U.S. Government Agency obligations with a rate of 3.750%, maturity date of 6/30/27, and an aggregate market value, including accrued interest, of $1,065,322. |
| (p) | See Note 3 for aggregate cost for federal tax purposes. |
| OTC Options Written | ||||||||||||||||||||||||||||||||
| Description | Counterparty | Expiration Date | Exercise Price | No. of Contracts | Notional | Amount | Value | Premiums Paid/ (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||
| Call | ||||||||||||||||||||||||||||||||
| EUR Call ILS Put | Bank of America N.A. | 8/13/25 | 4.15 | 125,000 | EUR | 125,000 | $ | (603 | ) | $ | (1,190 | ) | $ | 587 | ||||||||||||||||||
| USD Call ILS Put | Bank of America N.A. | 9/24/25 | 3.51 | 200,000 | USD | 200,000 | (1,293 | ) | (1,891 | ) | 598 | |||||||||||||||||||||
| EUR Call ILS Put | Bank of America N.A. | 11/13/25 | 4.15 | 125,000 | EUR | 125,000 | (1,901 | ) | (2,269 | ) | 368 | |||||||||||||||||||||
| $ | (3,797 | ) | $ | (5,350 | ) | $ | 1,553 | |||||||||||||||||||||||||
| Put | ||||||||||||||||||||||||||||||||
| USD Put TWD Call | Bank of America N.A. | 9/08/25 | 28.60 | 100,000 | USD | 100,000 | $ | (1,824 | ) | $ | (925 | ) | $ | (899 | ) | |||||||||||||||||
| USD Put TWD Call | Bank of America N.A. | 12/05/25 | 27.25 | 100,000 | USD | 100,000 | (1,708 | ) | (909 | ) | (799 | ) | ||||||||||||||||||||
| USD Put TWD Call | Barclays Bank PLC | 7/11/25 | 30.00 | 100,000 | USD | 100,000 | (3,159 | ) | (1,548 | ) | (1,611 | ) | ||||||||||||||||||||
| AUD Put USD Call | Goldman Sachs International | 9/18/25 | 0.63 | 200,000 | AUD | 200,000 | (654 | ) | (938 | ) | 284 | |||||||||||||||||||||
| AUD Put USD Call | Goldman Sachs International | 12/18/25 | 0.63 | 200,000 | AUD | 200,000 | (1,271 | ) | (1,549 | ) | 278 | |||||||||||||||||||||
| AUD Put USD Call | Goldman Sachs International | 3/18/26 | 0.63 | 200,000 | AUD | 200,000 | (1,880 | ) | (2,141 | ) | 261 | |||||||||||||||||||||
| AUD Put USD Call | Goldman Sachs International | 6/18/26 | 0.63 | 200,000 | AUD | 200,000 | (2,477 | ) | (2,707 | ) | 230 | |||||||||||||||||||||
| $ | (12,973 | ) | $ | (10,717 | ) | $ | (2,256 | ) | ||||||||||||||||||||||||
| $ | (16,770 | ) | $ | (16,067 | ) | $ | (703 | ) | ||||||||||||||||||||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Forward contracts | ||||||||||||||||
| Counterparty | Settlement Date | Currency Purchased | Currency Sold | Unrealized Appreciation (Depreciation) | ||||||||||||
| BNP Paribas SA | 8/12/25 | USD | 249,857 | ZAR | 4,552,500 | $ | (6,519 | ) | ||||||||
| BNP Paribas SA | 11/10/25 | USD | 377,808 | HKD | 2,915,000 | 3,131 | ||||||||||
| Citibank N.A. | 9/11/25 | ZMW | 5,000,000 | USD | 200,000 | 6,049 | ||||||||||
| Citibank N.A. | 9/22/25 | EGP | 2,710,542 | USD | 50,000 | 2,995 | ||||||||||
| Citibank N.A. | 12/08/25 | BRL | 1,771,000 | USD | 300,844 | 12,581 | ||||||||||
| Citibank N.A. | 1/20/26 | KES | 1,872,991 | USD | 13,393 | 754 | ||||||||||
| Goldman Sachs International | 7/08/25 | BRL | 169,787 | USD | 28,362 | 2,842 | ||||||||||
| Goldman Sachs International | 7/08/25 | USD | 30,950 | BRL | 169,787 | (254 | ) | |||||||||
| Goldman Sachs International | 8/05/25 | BRL | 653,149 | USD | 113,286 | 5,972 | ||||||||||
| Goldman Sachs International | 8/12/25 | TRY | 5,934,000 | USD | 137,418 | 6,553 | ||||||||||
| Goldman Sachs International | 9/25/25 | KZT | 80,949,600 | USD | 152,090 | (285 | ) | |||||||||
| Goldman Sachs International | 9/29/25 | EGP | 5,367,948 | USD | 101,419 | 3,249 | ||||||||||
| Goldman Sachs International | 12/08/25 | MXN | 5,883,900 | USD | 301,487 | 6,662 | ||||||||||
| Goldman Sachs International | 12/08/25 | BRL | 169,800 | USD | 29,806 | 245 | ||||||||||
| HSBC Bank PLC | 8/12/25 | TRY | 9,658,500 | USD | 225,066 | 9,269 | ||||||||||
| HSBC Bank PLC | 8/12/25 | PLN | 756,400 | USD | 199,964 | 9,687 | ||||||||||
| HSBC Bank PLC | 8/12/25 | USD | 196,467 | RON | 908,000 | (13,583 | ) | |||||||||
| HSBC Bank PLC | 8/12/25 | USD | 278,793 | TWD | 8,274,000 | (5,368 | ) | |||||||||
| JP Morgan Chase Bank N.A. | 7/22/25 | NGN | 29,148,170 | USD | 17,596 | 1,147 | ||||||||||
| JP Morgan Chase Bank N.A. | 10/06/25 | NGN | 48,580,294 | USD | 30,174 | (234 | ) | |||||||||
| JP Morgan Chase Bank N.A. | 10/14/25 | NGN | 48,580,294 | USD | 29,988 | (173 | ) | |||||||||
| JP Morgan Chase Bank N.A. | 11/03/25 | NGN | 29,645,371 | USD | 16,940 | 1,065 | ||||||||||
| JP Morgan Chase Bank N.A. | 11/10/25 | NGN | 19,316,320 | USD | 10,913 | 776 | ||||||||||
| Morgan Stanley & Co. LLC | 7/08/25 | PEN | 559,089 | USD | 152,067 | 5,730 | ||||||||||
| Standard Chartered Bank | 7/08/25 | USD | 157,490 | PEN | 559,089 | (307 | ) | |||||||||
| Standard Chartered Bank | 1/20/26 | KES | 9,941,000 | USD | 74,998 | 85 | ||||||||||
| $ | 52,069 | |||||||||||||||
| Futures contracts | ||||||||||||||
| Expiration Date | Number of Contracts | Notional Amount | Value/Net Unrealized Appreciation (Depreciation) | |||||||||||
| Long | ||||||||||||||
| U.S. Treasury Long Bond | 9/19/25 | 19 | $ | 2,115,149 | $ | 78,757 | ||||||||
| U.S. Treasury Note 10 Year | 9/19/25 | 4 | 446,138 | 2,362 | ||||||||||
| U.S. Treasury Ultra Bond | 9/19/25 | 16 | 1,825,028 | 80,972 | ||||||||||
| U.S. Treasury Note 2 Year | 9/30/25 | 10 | 2,072,271 | 7,963 | ||||||||||
| $ | 170,054 | |||||||||||||
| Short | ||||||||||||||
| U.S. Treasury Ultra 10 Year | 9/19/25 | 9 | $ | (1,005,510 | ) | $ | (22,881 | ) | ||||||
| Currency Legend | |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| EGP | Egyptian Pound |
| EUR | Euro |
| HKD | Hong Kong Dollar |
| KES | Kenyan Shilling |
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| KZT | Kazakhstan Tenge |
| MXN | Mexican Peso |
| NGN | Nigerian Naira |
| PEN | Peruvian New Sol |
| PLN | Polish Zloty |
| RON | New Romanian Leu |
| TRY | New Turkish Lira |
| TWD | Taiwan Dollar |
| USD | U.S. Dollar |
| ZAR | South African Rand |
| ZMW | Zambian Kwacha |
| MassMutual High Yield Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number of Shares | Value | |||||||
| Equities — 0.0% | ||||||||
| Preferred Stock — 0.0% | ||||||||
| Financials — 0.0% | ||||||||
| Veritas Kapital Assurance PLC, Series G (a) | 4,266 | $ | 95,985 | |||||
| Veritas Kapital Assurance PLC, Series G-1 (a) | 2,948 | 66,330 | ||||||
| 162,315 | ||||||||
| TOTAL PREFERRED STOCK (Cost $113,149) | 162,315 | |||||||
| TOTAL EQUITIES (Cost $113,149) | 162,315 | |||||||
| Principal Amount | ||||||||
| Bonds & Notes — 93.3% | ||||||||
| Bank Loans — 9.1% | ||||||||
| Advertising — 0.5% | ||||||||
| CMG Media Corp., 2024 Term Loan, 3 mo. USD Term SOFR + 3.500% | ||||||||
| 7.896% VRN 6/18/29 (b) | $ | 827,151 | 799,350 | |||||
| Neptune Bidco US, Inc., 2022 USD Term Loan B, 3 mo. USD Term SOFR + 5.000% | ||||||||
| 9.330% VRN 4/11/29 (b) | 1,458,320 | 1,375,765 | ||||||
| 2,175,115 | ||||||||
| Beverages — 0.2% | ||||||||
| Sazerac Company, Inc., Term Loan B, | ||||||||
| 0.000% 6/25/32 (c) | 797,252 | 796,256 | ||||||
| Chemicals — 0.1% | ||||||||
| PMHC II, Inc., 2022 Term Loan B, 3 mo. USD Term SOFR + 4.250% | ||||||||
| 8.642% VRN 4/23/29 (b) | 500,052 | 435,600 | ||||||
| Computers — 0.7% | ||||||||
| Bingo Holdings I LLC, Term Loan B, | ||||||||
| 0.000% 6/11/32 (c) | 981,612 | 965,661 | ||||||
| Veritas US, Inc., 2024 Priority Term Loan, 3 mo. USD Term SOFR + 12.500%, | ||||||||
| 16.796% VRN 12/09/29 (b) | 1,031 | 1,031 | ||||||
| Vision Solutions, Inc., 2021 Incremental Term Loan, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 8.541% VRN 4/24/28 (b) | 1,968,172 | 1,862,382 | ||||||
| 2,829,074 | ||||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Electric — 0.9% | ||||||||
| Astoria Energy LLC, 2025 Term Loan B, | ||||||||
| 0.000% 6/16/32 (c) | $ | 1,586,909 | $ | 1,586,909 | ||||
| Invenergy Thermal Operating I LLC | ||||||||
| 2025 Term Loan B, | ||||||||
| 0.000% 5/17/32 (c) | 2,422,788 | 2,437,325 | ||||||
| 2025 Term Loan C, | ||||||||
| 0.000% 5/17/32 (c) | 161,519 | 162,488 | ||||||
| 4,186,722 | ||||||||
| Entertainment — 0.4% | ||||||||
| J&J Ventures Gaming LLC, 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 3.500% | ||||||||
| 7.827% VRN 4/26/30 (b) | 1,798,549 | 1,775,653 | ||||||
| Health Care - Services — 1.2% | ||||||||
| NAPA Management Services Corp., Term Loan B, 1 mo. USD Term SOFR + 5.250% | ||||||||
| 9.677% VRN 2/23/29 (b) | 1,006,797 | 804,934 | ||||||
| Radiology Partners, Inc., 2025 Term Loan, | ||||||||
| 0.000% 7/01/32 (c) | 2,234,841 | 2,215,286 | ||||||
| Star Parent, Inc., Term Loan B, | ||||||||
| 0.000% 9/27/30 (c) | 1,144,104 | 1,132,308 | ||||||
| Team Health Holdings, Inc., 2022 Term Loan B, 3 mo. USD Term SOFR + 5.250% | ||||||||
| 9.530% VRN 3/02/27 (b) | 1,199,570 | 1,191,881 | ||||||
| 5,344,409 | ||||||||
| Leisure Time — 0.6% | ||||||||
| Sabre GLBL, Inc. | ||||||||
| 2021 Term Loan B2, 1 mo. USD Term SOFR + 3.500% | ||||||||
| 7.941% VRN 12/17/27 (b) (c) | 1,579,128 | 1,548,667 | ||||||
| 2021 Term Loan B1, 1 mo. USD Term SOFR + 3.500% | ||||||||
| 7.941% VRN 12/17/27 (b) (c) | 1,348,735 | 1,322,718 | ||||||
| 2,871,385 | ||||||||
| Media — 0.4% | ||||||||
| Learfield Communications LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 4.500%, | ||||||||
| 8.827% VRN 6/30/28 (b) | 2,058,019 | 2,069,852 | ||||||
| Oil & Gas — 0.7% | ||||||||
| CVR Energy, Inc., Term Loan B, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 8.296% VRN 12/30/27 (b) (c) | 3,206,925 | 3,201,570 | ||||||
| Packaging & Containers — 0.8% | ||||||||
| Five Star Intermediate Holding LLC, Term Loan, 3 mo. USD Term SOFR + 4.250% | ||||||||
| 8.557% VRN 5/05/29 (b) | 2,090,992 | 2,084,029 | ||||||
| Trident TPI Holdings, Inc., 2024 Term Loan B7, 3 mo. USD Term SOFR + 3.750% | ||||||||
| 8.046% VRN 9/15/28 (b) | 1,804,006 | 1,769,965 | ||||||
| 3,853,994 | ||||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Pharmaceuticals — 0.4% | ||||||||
| Bausch Health Cos., Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 6.250% | ||||||||
| 10.561% VRN 10/08/30 (b) | $ | 1,982,569 | $ | 1,907,905 | ||||
| Pipelines — 0.2% | ||||||||
| ITT Holdings LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.725% | ||||||||
| 7.052% VRN 10/11/30 (b) | 820,507 | 821,328 | ||||||
| Real Estate — 0.2% | ||||||||
| Hill Top Energy Center LLC, Term Loan B, | ||||||||
| 0.000% 6/17/32 (c) | 870,485 | 869,397 | ||||||
| Retail — 0.5% | ||||||||
| QXO, Inc., Term Loan B, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 7.296% VRN 4/30/32 (b) | 502,679 | 505,675 | ||||||
| Sizzling Platter LLC, 2025 Term Loan, | ||||||||
| 0.000% 6/25/32 (c) | 1,870,187 | 1,814,081 | ||||||
| 2,319,756 | ||||||||
| Software — 1.0% | ||||||||
| Boxer Parent Co., Inc., 2024 2nd Lien Term Loan, 3 mo. USD Term SOFR + 5.750% | ||||||||
| 10.083% VRN 7/30/32 (b) | 3,020,349 | 2,931,641 | ||||||
| Central Parent, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.250% | ||||||||
| 7.546% VRN 7/06/29 (b) | 362,175 | 301,547 | ||||||
| Ivanti Software, Inc., | ||||||||
| 2025 1st Lien Term Loan (Acquired 5/02/25, Cost $1,197,098), 3 mo. USD Term SOFR + 4.750% | ||||||||
| 9.016% VRN 6/01/29 (b) (d) | 1,462,022 | 1,212,572 | ||||||
| 2025 Newco Term Loan (Acquired 5/08/25-5/15/25, Cost $205,909), 3 mo. USD Term SOFR + 5.750% | ||||||||
| 10.079% VRN 6/01/29 (b) (d) | 216,619 | 222,756 | ||||||
| 4,668,516 | ||||||||
| Telecommunications — 0.3% | ||||||||
| Zayo Group Holdings, Inc., USD Term Loan, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 7.441% VRN 3/09/27 (b) | 1,657,000 | 1,572,825 | ||||||
| TOTAL BANK LOANS (Cost $42,020,597) | 41,699,357 | |||||||
| Corporate Debt — 84.2% | ||||||||
| Advertising — 0.5% | ||||||||
| Clear Channel Outdoor Holdings, Inc. | ||||||||
| 9.000% 9/15/28 (e) | 45,000 | 47,152 | ||||||
| 7.500% 6/01/29 (e) (f) | 213,000 | 197,003 | ||||||
| 7.875% 4/01/30 (e) | 750,000 | 774,183 | ||||||
| CMG Media Corp. | ||||||||
| 8.875% 6/18/29 (e) | 463,000 | 436,453 | ||||||
| Neptune Bidco US, Inc. | ||||||||
| 9.290% 4/15/29 (e) | 706,000 | 687,422 | ||||||
| 2,142,213 | ||||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Aerospace & Defense — 1.5% | ||||||||
| Goat Holdco LLC | ||||||||
| 6.750% 2/01/32 (e) | $ | 2,172,000 | $ | 2,207,925 | ||||
| TransDigm, Inc. | ||||||||
| 4.875% 5/01/29 | 1,539,000 | 1,512,192 | ||||||
| 6.000% 1/15/33 (e) | 2,225,000 | 2,237,090 | ||||||
| 6.750% 8/15/28 (e) | 853,000 | 871,033 | ||||||
| 6,828,240 | ||||||||
| Airlines — 1.2% | ||||||||
| American Airlines, Inc. | ||||||||
| 7.250% 2/15/28 (e) (f) | 744,000 | 759,809 | ||||||
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. | ||||||||
| 5.750% 4/20/29 (e) | 760,000 | 759,333 | ||||||
| JetBlue Airways Corp./JetBlue Loyalty LP | ||||||||
| 9.875% 9/20/31 (e) (f) | 1,356,000 | 1,319,227 | ||||||
| OneSky Flight LLC | ||||||||
| 8.875% 12/15/29 (e) | 1,150,000 | 1,197,427 | ||||||
| United Airlines, Inc. | ||||||||
| 4.625% 4/15/29 (e) | 1,629,000 | 1,581,214 | ||||||
| 5,617,010 | ||||||||
| Auto Manufacturers — 0.9% | ||||||||
| Ford Motor Credit Co. LLC | ||||||||
| 5.800% 3/05/27 | 2,000,000 | 2,015,778 | ||||||
| JB Poindexter & Co., Inc. | ||||||||
| 8.750% 12/15/31 (e) | 2,011,000 | 2,046,592 | ||||||
| 4,062,370 | ||||||||
| Auto Parts & Equipment — 1.2% | ||||||||
| Adient Global Holdings Ltd. | ||||||||
| 7.500% 2/15/33 (e) (f) | 3,377,000 | 3,453,324 | ||||||
| Phinia, Inc. | ||||||||
| 6.750% 4/15/29 (e) | 580,000 | 598,664 | ||||||
| 6.625% 10/15/32 (e) | 1,266,000 | 1,285,729 | ||||||
| 5,337,717 | ||||||||
| Building Materials — 2.9% | ||||||||
| Builders FirstSource, Inc. | ||||||||
| 6.750% 5/15/35 (e) | 2,000,000 | 2,059,230 | ||||||
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. | ||||||||
| 6.625% 12/15/30 (e) | 1,538,000 | 1,572,101 | ||||||
| JH North America Holdings, Inc. | ||||||||
| 5.875% 1/31/31 (e) | 2,209,000 | 2,228,289 | ||||||
| 6.125% 7/31/32 (e) | 596,000 | 605,896 | ||||||
| Knife River Corp. | ||||||||
| 7.750% 5/01/31 (e) | 2,533,000 | 2,670,360 | ||||||
| Smyrna Ready Mix Concrete LLC | ||||||||
| 6.000% 11/01/28 (e) | 1,627,000 | 1,623,031 | ||||||
| 8.875% 11/15/31 (e) (f) | 1,301,000 | 1,364,042 | ||||||
| Wilsonart LLC | ||||||||
| 11.000% 8/15/32 (e) | 1,178,000 | 1,070,244 | ||||||
| 13,193,193 | ||||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Chemicals — 2.8% | ||||||||
| Celanese US Holdings LLC | ||||||||
| 6.415% STEP 7/15/27 | $ | 1,060,000 | $ | 1,097,719 | ||||
| 6.629% STEP 7/15/32 (f) | 878,000 | 920,471 | ||||||
| 7.200% STEP 11/15/33 | 383,000 | 406,577 | ||||||
| Consolidated Energy Finance SA | ||||||||
| 5.625% 10/15/28 (e) | 4,296,000 | 3,682,823 | ||||||
| 12.000% 2/15/31 (e) (f) | 254,000 | 249,133 | ||||||
| Methanex Corp. | ||||||||
| 5.125% 10/15/27 | 1,108,000 | 1,104,227 | ||||||
| Olympus Water US Holding Corp. | ||||||||
| 9.750% 11/15/28 (e) | 3,107,000 | 3,271,764 | ||||||
| Vibrantz Technologies, Inc. | ||||||||
| 9.000% 2/15/30 (e) (f) | 3,041,000 | 2,048,714 | ||||||
| 12,781,428 | ||||||||
| Commercial Services — 2.7% | ||||||||
| ADT Security Corp. | ||||||||
| 4.875% 7/15/32 (e) | 483,000 | 463,334 | ||||||
| Albion Financing 1 SARL/Aggreko Holdings, Inc. | ||||||||
| 7.000% 5/21/30 (e) | 1,043,000 | 1,064,410 | ||||||
| Alta Equipment Group, Inc. | ||||||||
| 9.000% 6/01/29 (e) (f) | 949,000 | 884,965 | ||||||
| APi Group DE, Inc. | ||||||||
| 4.750% 10/15/29 (e) | 2,186,000 | 2,145,272 | ||||||
| Cimpress PLC | ||||||||
| 7.375% 9/15/32 (e) | 1,556,000 | 1,485,206 | ||||||
| Herc Holdings, Inc. | ||||||||
| 7.000% 6/15/30 (e) | 336,000 | 350,904 | ||||||
| 7.250% 6/15/33 (e) | 369,000 | 386,639 | ||||||
| PROG Holdings, Inc. | ||||||||
| 6.000% 11/15/29 (e) | 2,753,100 | 2,643,477 | ||||||
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. | ||||||||
| 6.750% 8/15/32 (e) | 791,000 | 821,508 | ||||||
| Upbound Group, Inc. | ||||||||
| 6.375% 2/15/29 (e) | 953,000 | 942,748 | ||||||
| Williams Scotsman, Inc. | ||||||||
| 4.625% 8/15/28 (e) | 972,000 | 955,278 | ||||||
| 12,143,741 | ||||||||
| Computers — 0.6% | ||||||||
| McAfee Corp. | ||||||||
| 7.375% 2/15/30 (e) (f) | 1,399,000 | 1,321,193 | ||||||
| Parsons Corp. | ||||||||
| 2.625% 3/01/29 | 1,057,000 | 1,123,591 | ||||||
| Seagate Data Storage Technology Pte. Ltd. | ||||||||
| 5.875% 7/15/30 (e) | 373,000 | 378,568 | ||||||
| 2,823,352 | ||||||||
| Distribution & Wholesale — 0.9% | ||||||||
| Resideo Funding, Inc. | ||||||||
| 4.000% 9/01/29 (e) | 1,882,000 | 1,773,974 | ||||||
| 6.500% 7/15/32 (e) | 2,129,000 | 2,181,144 | ||||||
| 3,955,118 | ||||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Diversified Financial Services — 6.4% | ||||||||
| Azorra Finance Ltd. | ||||||||
| 7.250% 1/15/31 (e) (g) | $ | 1,250,000 | $ | 1,276,153 | ||||
| GGAM Finance Ltd. | ||||||||
| 6.875% 4/15/29 (e) | 3,185,000 | 3,292,742 | ||||||
| 8.000% 2/15/27 (e) | 2,005,000 | 2,067,237 | ||||||
| Jefferson Capital Holdings LLC | ||||||||
| 6.000% 8/15/26 (e) (f) | 3,260,000 | 3,243,930 | ||||||
| 8.250% 5/15/30 (e) | 5,399,000 | 5,594,172 | ||||||
| 9.500% 2/15/29 (e) | 2,630,000 | 2,776,094 | ||||||
| OneMain Finance Corp. | ||||||||
| 3.500% 1/15/27 | 1,124,000 | 1,100,406 | ||||||
| 7.125% 9/15/32 | 1,225,000 | 1,268,205 | ||||||
| PRA Group, Inc. | ||||||||
| 5.000% 10/01/29 (e) (f) | 5,939,000 | 5,473,330 | ||||||
| 8.375% 2/01/28 (e) | 445,000 | 456,681 | ||||||
| 8.875% 1/31/30 (e) | 1,053,000 | 1,085,222 | ||||||
| Rocket Cos., Inc. | ||||||||
| 6.125% 8/01/30 (e) | 709,000 | 722,492 | ||||||
| 6.375% 8/01/33 (e) | 709,000 | 725,449 | ||||||
| 29,082,113 | ||||||||
| Electric — 4.8% | ||||||||
| Atlantica Sustainable Infrastructure Ltd. | ||||||||
| 4.125% 6/15/28 (e) | 3,474,000 | 3,320,845 | ||||||
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC | ||||||||
| 6.375% 2/15/32 (e) | 2,416,000 | 2,419,938 | ||||||
| Edison International | ||||||||
| 5 yr. CMT + 3.658% 7.875% VRN 6/15/54 (b) (f) | 294,000 | 278,526 | ||||||
| 5 yr. CMT + 3.864% 8.125% VRN 6/15/53 (b) (f) | 210,000 | 202,838 | ||||||
| Lightning Power LLC | ||||||||
| 7.250% 8/15/32 (e) | 3,631,000 | 3,821,449 | ||||||
| Pike Corp. | ||||||||
| 5.500% 9/01/28 (e) (f) | 2,144,000 | 2,142,599 | ||||||
| Talen Energy Supply LLC | ||||||||
| 8.625% 6/01/30 (e) | 5,939,000 | 6,364,625 | ||||||
| XPLR Infrastructure Operating Partners LP | ||||||||
| 4.500% 9/15/27 (e) | 2,281,000 | 2,223,516 | ||||||
| 8.375% 1/15/31 (e) (f) | 525,000 | 560,755 | ||||||
| 8.625% 3/15/33 (e) (f) | 578,000 | 619,487 | ||||||
| 21,954,578 | ||||||||
| Electrical Components & Equipment — 0.2% | ||||||||
| WESCO Distribution, Inc. | ||||||||
| 6.375% 3/15/33 (e) (f) | 736,000 | 760,716 | ||||||
| Electronics — 0.8% | ||||||||
| Atkore, Inc. | ||||||||
| 4.250% 6/01/31 (e) | 4,171,000 | 3,860,190 | ||||||
| Energy - Alternate Sources — 0.6% | ||||||||
| XPLR Infrastructure LP, Convertible, | ||||||||
| 2.500% 6/15/26 (e) (f) | 2,939,000 | 2,806,741 | ||||||
| Engineering & Construction — 3.1% | ||||||||
| Arcosa, Inc. | ||||||||
| 4.375% 4/15/29 (e) | 5,752,000 | 5,564,160 | ||||||
| 6.875% 8/15/32 (e) | 4,202,000 | 4,360,920 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Global Infrastructure Solutions, Inc. | ||||||||
| 5.625% 6/01/29 (e) | $ | 1,098,000 | $ | 1,093,965 | ||||
| 7.500% 4/15/32 (e) | 1,457,000 | 1,484,995 | ||||||
| Railworks Holdings LP/Railworks Rally, Inc. | ||||||||
| 8.250% 11/15/28 (e) | 1,673,000 | 1,710,643 | ||||||
| 14,214,683 | ||||||||
| Entertainment — 2.0% | ||||||||
| AMC Entertainment Holdings, Inc. | ||||||||
| 7.500% 2/15/29 (e) (f) | 428,000 | 337,392 | ||||||
| Caesars Entertainment, Inc. | ||||||||
| 6.500% 2/15/32 (e) | 1,168,000 | 1,198,503 | ||||||
| Flutter Treasury DAC | ||||||||
| 5.875% 6/04/31 (e) | 1,603,000 | 1,615,022 | ||||||
| Jacobs Entertainment, Inc. | ||||||||
| 6.750% 2/15/29 (e) | 1,294,000 | 1,245,475 | ||||||
| Live Nation Entertainment, Inc. | ||||||||
| 4.750% 10/15/27 (e) | 1,108,000 | 1,095,954 | ||||||
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. | ||||||||
| 4.875% 5/01/29 (e) | 987,000 | 950,744 | ||||||
| Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's Wonderland Co. | ||||||||
| 6.625% 5/01/32 (e) (f) | 459,000 | 473,429 | ||||||
| Vail Resorts, Inc. | ||||||||
| 5.625% 7/15/30 (e) (g) | 882,000 | 885,308 | ||||||
| Voyager Parent LLC | ||||||||
| 9.250% 7/01/32 (e) | 1,080,000 | 1,123,661 | ||||||
| 8,925,488 | ||||||||
| Environmental Controls — 0.7% | ||||||||
| Enviri Corp. | ||||||||
| 5.750% 7/31/27 (e) (f) | 3,342,000 | 3,298,429 | ||||||
| Food — 1.4% | ||||||||
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | ||||||||
| 6.250% 3/15/33 (e) | 2,125,000 | 2,190,505 | ||||||
| B&G Foods, Inc. | ||||||||
| 8.000% 9/15/28 (e) | 614,000 | 591,151 | ||||||
| Performance Food Group, Inc. | ||||||||
| 4.250% 8/01/29 (e) | 2,272,000 | 2,190,774 | ||||||
| Viking Baked Goods Acquisition Corp. | ||||||||
| 8.625% 11/01/31 (e) | 1,517,000 | 1,486,309 | ||||||
| 6,458,739 | ||||||||
| Health Care - Services — 6.9% | ||||||||
| CHS/Community Health Systems, Inc. | ||||||||
| 4.750% 2/15/31 (e) | 1,415,000 | 1,209,659 | ||||||
| 5.250% 5/15/30 (e) | 50,000 | 44,337 | ||||||
| 5.625% 3/15/27 (e) | 556,000 | 547,649 | ||||||
| 6.000% 1/15/29 (e) | 1,141,000 | 1,097,492 | ||||||
| 6.125% 4/01/30 (e) (f) | 452,000 | 334,237 | ||||||
| 6.875% 4/15/29 (e) (f) | 472,000 | 376,349 | ||||||
| Fortrea Holdings, Inc. | ||||||||
| 7.500% 7/01/30 (e) (f) | 1,461,000 | 1,322,461 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| IQVIA, Inc. | ||||||||
| 6.250% 6/01/32 (e) | $ | 1,357,000 | $ | 1,392,578 | ||||
| LifePoint Health, Inc. | ||||||||
| 5.375% 1/15/29 (e) | 426,000 | 397,053 | ||||||
| 9.875% 8/15/30 (e) | 2,970,000 | 3,212,670 | ||||||
| 10.000% 6/01/32 (e) (f) | 2,519,000 | 2,598,764 | ||||||
| 11.000% 10/15/30 (e) | 1,134,000 | 1,251,024 | ||||||
| Molina Healthcare, Inc. | ||||||||
| 4.375% 6/15/28 (e) | 4,448,000 | 4,347,567 | ||||||
| 6.250% 1/15/33 (e) (f) | 2,540,000 | 2,585,463 | ||||||
| Radiology Partners, Inc. | ||||||||
| 8.500% 7/15/32 (e) | 3,334,000 | 3,341,768 | ||||||
| PIK 9.781%, Cash 9.781% 2/15/30 (e) (h) | 3,963,921 | 3,894,552 | ||||||
| Star Parent, Inc. | ||||||||
| 9.000% 10/01/30 (e) | 460,000 | 483,837 | ||||||
| Team Health Holdings, Inc. PIK 4.500%, Cash | ||||||||
| 13.500% 6/30/28 (e) (h) | 2,938,830 | 3,188,631 | ||||||
| 31,626,091 | ||||||||
| Home Builders — 1.9% | ||||||||
| Ashton Woods USA LLC/Ashton Woods Finance Co. | ||||||||
| 4.625% 8/01/29 (e) | 1,241,000 | 1,185,155 | ||||||
| Forestar Group, Inc. | ||||||||
| 6.500% 3/15/33 (e) | 645,000 | 649,892 | ||||||
| Mattamy Group Corp. | ||||||||
| 4.625% 3/01/30 (e) | 5,293,000 | 5,087,323 | ||||||
| 5.250% 12/15/27 (e) | 25,000 | 24,880 | ||||||
| New Home Co., Inc. | ||||||||
| 8.500% 11/01/30 (e) | 538,000 | 547,934 | ||||||
| 9.250% 10/01/29 (e) | 1,014,000 | 1,051,240 | ||||||
| 8,546,424 | ||||||||
| Housewares — 0.5% | ||||||||
| Newell Brands, Inc. | ||||||||
| 6.375% 9/15/27 | 506,000 | 512,794 | ||||||
| 6.375% 5/15/30 | 463,000 | 450,417 | ||||||
| 6.625% 5/15/32 (f) | 389,000 | 371,090 | ||||||
| 6.875% STEP 4/01/36 (f) | 417,000 | 399,654 | ||||||
| 8.500% 6/01/28 (e) | 597,000 | 626,976 | ||||||
| 2,360,931 | ||||||||
| Insurance — 0.1% | ||||||||
| Ryan Specialty LLC | ||||||||
| 5.875% 8/01/32 (e) | 495,000 | 498,894 | ||||||
| Internet — 0.3% | ||||||||
| GrubHub Holdings, Inc. | ||||||||
| 5.500% 7/01/27 (e) (f) | 1,244,000 | 1,207,189 | ||||||
| Wayfair LLC | ||||||||
| 7.250% 10/31/29 (e) | 382,000 | 382,171 | ||||||
| 1,589,360 | ||||||||
| Investment Companies — 1.8% | ||||||||
| HA Sustainable Infrastructure Capital, Inc. | ||||||||
| 6.375% 7/01/34 | 1,945,000 | 1,945,121 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| HAT Holdings I LLC/HAT Holdings II LLC | ||||||||
| 3.375% 6/15/26 (e) (f) | $ | 1,726,000 | $ | 1,689,421 | ||||
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | ||||||||
| 5.250% 5/15/27 | 1,921,000 | 1,861,316 | ||||||
| 9.000% 6/15/30 | 2,847,000 | 2,662,220 | ||||||
| 8,158,078 | ||||||||
| Leisure Time — 1.1% | ||||||||
| Carnival Corp. | ||||||||
| 6.125% 2/15/33 (e) | 2,170,000 | 2,220,240 | ||||||
| Sabre GLBL, Inc. | ||||||||
| Convertible, 7.320% 8/01/26 | 589,000 | 648,194 | ||||||
| 8.625% 6/01/27 (e) | 1,141,000 | 1,168,099 | ||||||
| 11.125% 7/15/30 (e) | 539,000 | 563,794 | ||||||
| VOC Escrow Ltd. | ||||||||
| 5.000% 2/15/28 (e) | 232,000 | 230,828 | ||||||
| 4,831,155 | ||||||||
| Lodging — 0.2% | ||||||||
| Full House Resorts, Inc. | ||||||||
| 8.250% 2/15/28 (e) (f) | 608,000 | 590,778 | ||||||
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. | ||||||||
| 6.625% 1/15/32 (e) | 373,000 | 378,792 | ||||||
| 969,570 | ||||||||
| Machinery - Diversified — 1.0% | ||||||||
| Regal Rexnord Corp. | ||||||||
| 6.400% 4/15/33 | 4,379,000 | 4,623,367 | ||||||
| Media — 5.5% | ||||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||
| 4.250% 2/01/31 (e) | 2,361,000 | 2,205,584 | ||||||
| 4.250% 1/15/34 (e) (f) | 1,588,000 | 1,413,617 | ||||||
| 4.500% 5/01/32 | 853,000 | 794,350 | ||||||
| 5.125% 5/01/27 (e) | 1,075,000 | 1,071,542 | ||||||
| CSC Holdings LLC | ||||||||
| 4.500% 11/15/31 (e) (f) | 896,000 | 630,502 | ||||||
| 5.750% 1/15/30 (e) | 1,139,000 | 563,333 | ||||||
| 7.500% 4/01/28 (e) | 800,000 | 593,832 | ||||||
| 11.750% 1/31/29 (e) | 2,186,000 | 2,079,227 | ||||||
| Cumulus Media New Holdings, Inc. | ||||||||
| 8.000% 7/01/29 (e) | 847,000 | 232,925 | ||||||
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. | ||||||||
| 5.875% 8/15/27 (e) | 3,680,000 | 3,667,989 | ||||||
| 10.000% 2/15/31 (e) | 465,000 | 451,433 | ||||||
| DISH DBS Corp. | ||||||||
| 5.125% 6/01/29 | 380,000 | 253,278 | ||||||
| 5.250% 12/01/26 (e) | 845,000 | 766,837 | ||||||
| 5.750% 12/01/28 (e) | 212,000 | 183,512 | ||||||
| 7.375% 7/01/28 | 748,000 | 540,204 | ||||||
| DISH Network Corp. | ||||||||
| 11.750% 11/15/27 (e) | 1,026,000 | 1,057,627 | ||||||
| Gray Media, Inc. | ||||||||
| 5.375% 11/15/31 (e) (f) | 747,000 | 560,128 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| iHeartCommunications, Inc. | ||||||||
| 4.750% 1/15/28 (e) | $ | 912,000 | $ | 733,886 | ||||
| LCPR Senior Secured Financing DAC | ||||||||
| 6.750% 10/15/27 (e) | 1,039,000 | 699,860 | ||||||
| McGraw-Hill Education, Inc. | ||||||||
| 5.750% 8/01/28 (e) | 1,360,000 | 1,368,193 | ||||||
| 8.000% 8/01/29 (e) | 427,000 | 434,772 | ||||||
| Sinclair Television Group, Inc. | ||||||||
| 8.125% 2/15/33 (e) | 960,000 | 969,808 | ||||||
| Time Warner Cable Enterprises LLC | ||||||||
| 8.375% 7/15/33 | 836,000 | 973,509 | ||||||
| Virgin Media Secured Finance PLC | ||||||||
| 4.500% 8/15/30 (e) | 236,000 | 219,336 | ||||||
| 5.500% 5/15/29 (e) | 2,187,000 | 2,151,095 | ||||||
| Virgin Media Vendor Financing Notes IV DAC | ||||||||
| 5.000% 7/15/28 (e) | 588,000 | 575,643 | ||||||
| 25,192,022 | ||||||||
| Mining — 1.9% | ||||||||
| Constellium SE | ||||||||
| 3.750% 4/15/29 (e) | 4,024,000 | 3,781,265 | ||||||
| 5.625% 6/15/28 (e) | 1,405,000 | 1,396,781 | ||||||
| 6.375% 8/15/32 (e) (f) | 585,000 | 594,729 | ||||||
| First Quantum Minerals Ltd. | ||||||||
| 8.000% 3/01/33 (e) | 1,214,000 | 1,245,188 | ||||||
| Novelis Corp. | ||||||||
| 3.250% 11/15/26 (e) | 304,000 | 299,128 | ||||||
| 3.875% 8/15/31 (e) | 313,000 | 281,251 | ||||||
| 4.750% 1/30/30 (e) | 1,000,000 | 958,187 | ||||||
| 8,556,529 | ||||||||
| Miscellaneous - Manufacturing — 0.9% | ||||||||
| Amsted Industries, Inc. | ||||||||
| 4.625% 5/15/30 (e) | 1,770,000 | 1,702,446 | ||||||
| 6.375% 3/15/33 (e) | 2,510,000 | 2,551,332 | ||||||
| 4,253,778 | ||||||||
| Oil & Gas — 4.4% | ||||||||
| Civitas Resources, Inc. | ||||||||
| 8.750% 7/01/31 (e) | 1,064,000 | 1,075,820 | ||||||
| CVR Energy, Inc. | ||||||||
| 5.750% 2/15/28 (e) | 3,551,000 | 3,400,102 | ||||||
| Hilcorp Energy I LP/Hilcorp Finance Co. | ||||||||
| 6.000% 4/15/30 (e) | 443,000 | 430,660 | ||||||
| 6.000% 2/01/31 (e) | 1,792,000 | 1,728,168 | ||||||
| 6.875% 5/15/34 (e) | 1,600,000 | 1,532,530 | ||||||
| 7.250% 2/15/35 (e) | 2,075,000 | 2,029,041 | ||||||
| Parkland Corp. | ||||||||
| 4.500% 10/01/29 (e) | 3,308,000 | 3,179,931 | ||||||
| 4.625% 5/01/30 (e) | 1,669,000 | 1,598,170 | ||||||
| 6.625% 8/15/32 (e) | 3,903,000 | 3,989,182 | ||||||
| Sunoco LP | ||||||||
| 6.250% 7/01/33 (e) | 753,000 | 765,574 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Sunoco LP/Sunoco Finance Corp. | ||||||||
| 4.500% 5/15/29 | $ | 216,000 | $ | 209,691 | ||||
| 19,938,869 | ||||||||
| Oil & Gas Services — 0.2% | ||||||||
| Weatherford International Ltd. | ||||||||
| 8.625% 4/30/30 (e) | 886,000 | 913,224 | ||||||
| Packaging & Containers — 1.4% | ||||||||
| Clydesdale Acquisition Holdings, Inc. | ||||||||
| 8.750% 4/15/30 (e) | 1,054,000 | 1,078,056 | ||||||
| Mauser Packaging Solutions Holding Co. | ||||||||
| 7.875% 4/15/27 (e) | 878,000 | 892,392 | ||||||
| 9.250% 4/15/27 (e) | 2,291,000 | 2,274,937 | ||||||
| Trident TPI Holdings, Inc. | ||||||||
| 12.750% 12/31/28 (e) | 2,020,000 | 2,142,778 | ||||||
| 6,388,163 | ||||||||
| Pharmaceuticals — 1.6% | ||||||||
| 1261229 BC Ltd. | ||||||||
| 10.000% 4/15/32 (e) | 727,000 | 733,376 | ||||||
| Bausch Health Americas, Inc. | ||||||||
| 8.500% 1/31/27 (e) | 390,000 | 371,475 | ||||||
| 9.250% 4/01/26 (e) | 367,000 | 364,706 | ||||||
| Bausch Health Cos., Inc. | ||||||||
| 4.875% 6/01/28 (e) | 1,347,000 | 1,136,255 | ||||||
| 5.250% 1/30/30 (e) (f) | 1,102,000 | 697,775 | ||||||
| 11.000% 9/30/28 (e) (f) | 525,000 | 519,750 | ||||||
| 14.000% 10/15/30 (e) | 367,000 | 321,125 | ||||||
| Grifols SA | ||||||||
| 4.750% 10/15/28 (e) | 1,213,000 | 1,166,090 | ||||||
| Herbalife Ltd., Convertible, | ||||||||
| 4.250% 6/15/28 | 399,000 | 361,095 | ||||||
| HLF Financing SARL LLC/Herbalife International, Inc. | ||||||||
| 4.875% 6/01/29 (e) | 388,000 | 326,249 | ||||||
| 12.250% 4/15/29 (e) | 787,000 | 856,319 | ||||||
| Organon & Co./Organon Foreign Debt Co-Issuer BV | ||||||||
| 6.750% 5/15/34 (e) | 680,000 | 653,035 | ||||||
| 7,507,250 | ||||||||
| Pipelines — 5.0% | ||||||||
| CQP Holdco LP/BIP-V Chinook Holdco LLC | ||||||||
| 5.500% 6/15/31 (e) | 4,134,000 | 4,083,963 | ||||||
| Genesis Energy LP/Genesis Energy Finance Corp. | ||||||||
| 8.000% 5/15/33 | 662,000 | 692,136 | ||||||
| Harvest Midstream I LP | ||||||||
| 7.500% 9/01/28 (e) | 1,911,000 | 1,943,556 | ||||||
| ITT Holdings LLC | ||||||||
| 6.500% 8/01/29 (e) | 7,722,000 | 7,343,244 | ||||||
| NGL Energy Operating LLC/NGL Energy Finance Corp. | ||||||||
| 8.125% 2/15/29 (e) | 624,000 | 630,428 | ||||||
| 8.375% 2/15/32 (e) | 1,455,000 | 1,459,369 | ||||||
| Northriver Midstream Finance LP | ||||||||
| 6.750% 7/15/32 (e) | 1,549,000 | 1,604,188 | ||||||
| Rockies Express Pipeline LLC | ||||||||
| 4.950% 7/15/29 (e) | 230,000 | 225,790 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Venture Global Calcasieu Pass LLC | ||||||||
| 3.875% 8/15/29 (e) | $ | 869,000 | $ | 819,232 | ||||
| 4.125% 8/15/31 (e) | 994,000 | 920,039 | ||||||
| Venture Global LNG, Inc. | ||||||||
| 7.000% 1/15/30 (e) (f) | 684,000 | 691,464 | ||||||
| 8.125% 6/01/28 (e) | 635,000 | 656,300 | ||||||
| 8.375% 6/01/31 (e) | 665,000 | 690,693 | ||||||
| 9.875% 2/01/32 (e) | 396,000 | 427,665 | ||||||
| Venture Global Plaquemines LNG LLC | ||||||||
| 6.750% 1/15/36 (g) | 510,000 | 510,000 | ||||||
| 22,698,067 | ||||||||
| Real Estate Investment Trusts (REITS) — 2.4% | ||||||||
| Global Net Lease, Inc. | ||||||||
| 4.500% 9/30/28 (e) | 763,000 | 739,298 | ||||||
| Global Net Lease, Inc./Global Net Lease Operating Partnership LP | ||||||||
| 3.750% 12/15/27 (e) | 993,000 | 948,340 | ||||||
| RLJ Lodging Trust LP | ||||||||
| 4.000% 9/15/29 (e) | 2,345,000 | 2,188,228 | ||||||
| Service Properties Trust | ||||||||
| 4.950% 2/15/27 | 905,000 | 893,282 | ||||||
| 5.500% 12/15/27 | 505,000 | 500,353 | ||||||
| 8.375% 6/15/29 | 512,000 | 532,525 | ||||||
| 8.875% 6/15/32 (f) | 1,110,000 | 1,141,366 | ||||||
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC | ||||||||
| 6.000% 1/15/30 (e) | 436,000 | 408,445 | ||||||
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC | ||||||||
| 6.500% 2/15/29 (e) (f) | 2,682,000 | 2,592,230 | ||||||
| 10.500% 2/15/28 (e) | 553,000 | 586,204 | ||||||
| Uniti Group, Inc., Convertible, | ||||||||
| 7.500% 12/01/27 (e) | 314,000 | 346,342 | ||||||
| 10,876,613 | ||||||||
| Retail — 4.6% | ||||||||
| 1011778 BC ULC/New Red Finance, Inc. | ||||||||
| 4.375% 1/15/28 (e) | 2,199,000 | 2,156,450 | ||||||
| 5.625% 9/15/29 (e) | 415,000 | 420,861 | ||||||
| 6.125% 6/15/29 (e) | 1,577,000 | 1,617,330 | ||||||
| Bath & Body Works, Inc. | ||||||||
| 6.875% 11/01/35 | 1,317,000 | 1,365,903 | ||||||
| Carvana Co. PIK 14.000%, Cash | ||||||||
| 9.000% 6/01/31 (e) (h) | 3,078,761 | 3,647,074 | ||||||
| CEC Entertainment LLC | ||||||||
| 6.750% 5/01/26 (e) | 1,826,000 | 1,812,003 | ||||||
| Murphy Oil USA, Inc. | ||||||||
| 3.750% 2/15/31 (e) | 1,053,000 | 971,369 | ||||||
| QXO Building Products, Inc. | ||||||||
| 6.750% 4/30/32 (e) | 2,158,000 | 2,223,176 | ||||||
| Staples, Inc. | ||||||||
| 10.750% 9/01/29 (e) | 832,000 | 787,426 | ||||||
| 12.750% 1/15/30 (e) | 602,744 | 398,870 | ||||||
| Suburban Propane Partners LP/Suburban Energy Finance Corp. | ||||||||
| 5.000% 6/01/31 (e) | 1,271,000 | 1,202,489 | ||||||
| Superior Plus LP/Superior General Partner, Inc. | ||||||||
| 4.500% 3/15/29 (e) | 4,415,000 | 4,246,231 | ||||||
| 20,849,182 | ||||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Software — 1.8% | ||||||||
| Cloud Software Group, Inc. | ||||||||
| 6.500% 3/31/29 (e) | $ | 1,775,000 | $ | 1,791,530 | ||||
| 9.000% 9/30/29 (e) | 2,491,000 | 2,581,985 | ||||||
| Fair Isaac Corp. | ||||||||
| 6.000% 5/15/33 (e) | 1,212,000 | 1,223,109 | ||||||
| SS&C Technologies, Inc. | ||||||||
| 5.500% 9/30/27 (e) | 2,666,000 | 2,668,338 | ||||||
| 8,264,962 | ||||||||
| Telecommunications — 3.7% | ||||||||
| Altice Financing SA | ||||||||
| 5.000% 1/15/28 (e) | 1,412,000 | 1,062,239 | ||||||
| Altice France SA | ||||||||
| 5.500% 10/15/29 (e) | 1,065,000 | 882,794 | ||||||
| C&W Senior Finance Ltd. | ||||||||
| 9.000% 1/15/33 (e) | 935,000 | 956,072 | ||||||
| CommScope LLC | ||||||||
| 4.750% 9/01/29 (e) (f) | 613,000 | 598,462 | ||||||
| 9.500% 12/15/31 (e) (f) | 1,490,000 | 1,560,347 | ||||||
| Connect Finco SARL/Connect US Finco LLC | ||||||||
| 9.000% 9/15/29 (e) | 1,020,000 | 1,025,231 | ||||||
| Consolidated Communications, Inc. | ||||||||
| 5.000% 10/01/28 (e) | 1,858,000 | 1,877,478 | ||||||
| EchoStar Corp. | ||||||||
| Convertible, PIK 3.875%, Cash 3.875% 11/30/30 (h) | 352,352 | 414,895 | ||||||
| PIK 6.750%, Cash 6.750% 11/30/30 (h) | 774,997 | 707,286 | ||||||
| 10.750% 11/30/29 | 2,858,500 | 2,944,255 | ||||||
| Level 3 Financing, Inc. | ||||||||
| 6.875% 6/30/33 (e) | 678,636 | 690,528 | ||||||
| 11.000% 11/15/29 (e) | 1,362,153 | 1,562,510 | ||||||
| Sable International Finance Ltd. | ||||||||
| 7.125% 10/15/32 (e) | 1,159,000 | 1,162,079 | ||||||
| Windstream Services LLC/Windstream Escrow Finance Corp. | ||||||||
| 8.250% 10/01/31 (e) | 714,000 | 747,762 | ||||||
| Zayo Group Holdings, Inc. | ||||||||
| 4.000% 3/01/27 (e) | 283,000 | 265,391 | ||||||
| 6.125% 3/01/28 (e) (f) | 510,000 | 440,117 | ||||||
| 16,897,446 | ||||||||
| Transportation — 1.8% | ||||||||
| Carriage Purchaser, Inc. | ||||||||
| 7.875% 10/15/29 (e) | 1,473,000 | 1,308,830 | ||||||
| Seaspan Corp. | ||||||||
| 5.500% 8/01/29 (e) | 7,043,320 | 6,695,531 | ||||||
| 8,004,361 | ||||||||
| TOTAL CORPORATE DEBT (Cost $382,523,299) | 383,790,395 | |||||||
| TOTAL BONDS & NOTES (Cost $424,543,896) | 425,489,752 | |||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Exchange-Traded Funds — 2.0% | ||||||||
| Exchange-Traded Funds — 2.0% | ||||||||
| iShares Broad USD High Yield Corporate Bond ETF (f) | ||||||||
| 244,000 | $ | 9,152,440 | ||||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $8,912,222) | 9,152,440 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $433,569,267) | 434,804,507 | |||||||
| Short-Term Investments — 13.9% | ||||||||
| Principal Amount | ||||||||
| Commercial Paper — 3.1% | ||||||||
| J.M. Smucker Co. | ||||||||
| 4.703% 7/08/25 (e) | $ | 6,000,000 | 5,993,888 | |||||
| WPP CP LLC | ||||||||
| 4.728% 7/22/25 (e) | 8,000,000 | 7,977,387 | ||||||
| 13,971,275 | ||||||||
| Number of Shares | ||||||||
| Investment of Cash Collateral from Securities Loaned — 9.0% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (i) | 40,868,033 | 40,868,033 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 1.8% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (j) | $ | 8,022,001 | 8,022,001 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $62,862,932) | 62,861,309 | |||||||
| TOTAL INVESTMENTS — 109.2% (Cost $496,432,199) (k) | 497,665,816 | |||||||
| Other Assets/(Liabilities) — (9.2)% | (41,984,775 | ) | ||||||
| NET ASSETS — 100.0% | $ | 455,681,041 | ||||||
Abbreviation Legend
| CMT | Constant Maturity Treasury Index |
| ETF | Exchange-Traded Fund |
| PIK | Payment in kind |
| SOFR | Secured Overnight Financing Rate |
| STEP | Step Coupon Bond |
| VRN | Variable Rate Note |
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | Floating rate or variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (c) | All or a portion of the security represents unsettled bank loan commitments at June 30, 2025, where the rate will be determined at time of settlement. |
| (d) | Restricted security. Certain securities are restricted to resale. At June 30, 2025, these securities amounted to a value of $1,435,328 or 0.31% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
| (e) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2025, the aggregate market value of these securities amounted to $360,422,839 or 79.10% of net assets. |
| (f) | Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2025, was $53,582,021 or 11.76% of net assets. The Fund received $13,961,024 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (g) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (h) | Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
| (i) | Represents investment of security lending cash collateral and 7-day effective yield as of June 30, 2025. (Note 2). |
| (j) | Maturity value of $8,022,614. Collateralized by U.S. Government Agency obligations with a rate of 3.750%, maturity date of 6/30/27, and an aggregate market value, including accrued interest, of $8,182,637. |
| (k) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Balanced Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number of Shares | Value | |||||||
| Equities — 65.0% | ||||||||
| Common Stock — 65.0% | ||||||||
| Communication Services — 2.8% | ||||||||
| Electronic Arts, Inc. | 1,007 | $ | 160,818 | |||||
| Liberty Media Corp-Liberty Formula One Class C (a) | 851 | 88,930 | ||||||
| Netflix, Inc. (a) | 650 | 870,434 | ||||||
| ROBLOX Corp. Class A (a) | 379 | 39,871 | ||||||
| Take-Two Interactive Software, Inc. (a) | 93 | 22,585 | ||||||
| Verizon Communications, Inc. | 17,990 | 778,427 | ||||||
| Walt Disney Co. | 4,369 | 541,800 | ||||||
| Warner Bros Discovery, Inc. (a) | 2,279 | 26,117 | ||||||
| 2,528,982 | ||||||||
| Consumer Discretionary — 6.2% | ||||||||
| AutoZone, Inc. (a) | 116 | 430,619 | ||||||
| Booking Holdings, Inc. | 146 | 845,229 | ||||||
| Carvana Co. (a) | 97 | 32,685 | ||||||
| DR Horton, Inc. | 405 | 52,213 | ||||||
| eBay, Inc. | 2,806 | 208,935 | ||||||
| Flutter Entertainment PLC (a) | 369 | 105,445 | ||||||
| Hilton Worldwide Holdings, Inc. | 691 | 184,041 | ||||||
| Home Depot, Inc. | 2,673 | 980,029 | ||||||
| Las Vegas Sands Corp. | 1,503 | 65,396 | ||||||
| Lowe’s Cos., Inc. | 2,126 | 471,696 | ||||||
| Lululemon Athletica, Inc. (a) | 309 | 73,412 | ||||||
| Marriott International, Inc. Class A | 419 | 114,475 | ||||||
| NIKE, Inc. Class B | 1,950 | 138,528 | ||||||
| O’Reilly Automotive, Inc. (a) | 7,226 | 651,279 | ||||||
| Ross Stores, Inc. | 743 | 94,792 | ||||||
| Royal Caribbean Cruises Ltd. | 438 | 137,155 | ||||||
| Starbucks Corp. | 1,421 | 130,206 | ||||||
| TJX Cos., Inc. | 5,400 | 666,846 | ||||||
| Yum! Brands, Inc. | 1,728 | 256,055 | ||||||
| 5,639,036 | ||||||||
| Consumer Staples — 3.1% | ||||||||
| Church & Dwight Co., Inc. | 227 | 21,817 | ||||||
| Coca-Cola Co. | 2,769 | 195,907 | ||||||
| Colgate-Palmolive Co. | 1,850 | 168,165 | ||||||
| Constellation Brands, Inc. Class A | 203 | 33,024 | ||||||
| Dollar General Corp. | 590 | 67,484 | ||||||
| General Mills, Inc. | 2,024 | 104,863 | ||||||
| Hershey Co. | 213 | 35,347 | ||||||
| Kenvue, Inc. | 1,053 | 22,039 | ||||||
| Keurig Dr. Pepper, Inc. | 1,469 | 48,565 | ||||||
| Kimberly-Clark Corp. | 555 | 71,551 | ||||||
| Kroger Co. | 3,168 | 227,241 | ||||||
| McCormick & Co., Inc. | 135 | 10,236 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Mondelez International, Inc. Class A | 1,674 | $ | 112,895 | |||||
| PepsiCo, Inc. | 1,995 | 263,420 | ||||||
| Procter & Gamble Co. | 3,639 | 579,765 | ||||||
| Sysco Corp. | 674 | 51,049 | ||||||
| Target Corp. | 862 | 85,036 | ||||||
| Walmart, Inc. | 7,426 | 726,114 | ||||||
| 2,824,518 | ||||||||
| Energy — 1.4% | ||||||||
| Baker Hughes Co. | 1,553 | 59,542 | ||||||
| Cheniere Energy, Inc. | 1,164 | 283,457 | ||||||
| Kinder Morgan, Inc. | 11,712 | 344,333 | ||||||
| Marathon Petroleum Corp. | 777 | 129,068 | ||||||
| ONEOK, Inc. | 819 | 66,855 | ||||||
| Schlumberger NV | 6,735 | 227,643 | ||||||
| Williams Cos., Inc. | 2,516 | 158,030 | ||||||
| 1,268,928 | ||||||||
| Financials — 11.8% | ||||||||
| Aflac, Inc. | 922 | 97,234 | ||||||
| Allstate Corp. | 869 | 174,938 | ||||||
| American Express Co. | 1,013 | 323,127 | ||||||
| American International Group, Inc. | 1,735 | 148,499 | ||||||
| Ameriprise Financial, Inc. | 158 | 84,329 | ||||||
| Aon PLC Class A | 200 | 71,352 | ||||||
| Apollo Global Management, Inc. | 276 | 39,156 | ||||||
| Arch Capital Group Ltd. | 950 | 86,497 | ||||||
| Arthur J Gallagher & Co. | 273 | 87,393 | ||||||
| Bank of America Corp. | 9,218 | 436,196 | ||||||
| Bank of New York Mellon Corp. | 1,320 | 120,265 | ||||||
| Berkshire Hathaway, Inc. Class B (a) | 3,185 | 1,547,177 | ||||||
| Blackrock, Inc. | 90 | 94,432 | ||||||
| Block, Inc. (a) | 297 | 20,175 | ||||||
| Capital One Financial Corp. | 445 | 94,678 | ||||||
| Charles Schwab Corp. | 1,643 | 149,907 | ||||||
| Chubb Ltd. | 1,355 | 392,571 | ||||||
| Citigroup, Inc. | 5,923 | 504,166 | ||||||
| CME Group, Inc. | 1,506 | 415,084 | ||||||
| Corpay, Inc. (a) | 129 | 42,805 | ||||||
| Fidelity National Information Services, Inc. | 1,224 | 99,646 | ||||||
| Fifth Third Bancorp | 605 | 24,884 | ||||||
| Fiserv, Inc. (a) | 2,449 | 422,232 | ||||||
| Hartford Insurance Group, Inc. | 1,159 | 147,042 | ||||||
| Intercontinental Exchange, Inc. | 610 | 111,917 | ||||||
| KKR & Co., Inc. | 322 | 42,836 | ||||||
| Marsh & McLennan Cos., Inc. | 1,192 | 260,619 | ||||||
| Mastercard, Inc. Class A | 2,040 | 1,146,358 | ||||||
| MetLife, Inc. | 1,977 | 158,990 | ||||||
| Moody’s Corp. | 139 | 69,721 | ||||||
| Morgan Stanley | 2,206 | 310,737 | ||||||
| MSCI, Inc. | 88 | 50,753 | ||||||
| Nasdaq, Inc. | 400 | 35,768 | ||||||
| NU Holdings Ltd. Class A (a) | 1,445 | 19,825 | ||||||
| PayPal Holdings, Inc. (a) | 3,721 | 276,545 | ||||||
| PNC Financial Services Group, Inc. | 332 | 61,891 | ||||||
| Progressive Corp. | 1,821 | 485,952 | ||||||
| Prudential Financial, Inc. | 179 | 19,232 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Regions Financial Corp. | 1,640 | $ | 38,573 | |||||
| S&P Global, Inc. | 435 | 229,371 | ||||||
| State Street Corp. | 203 | 21,587 | ||||||
| T. Rowe Price Group, Inc. | 339 | 32,713 | ||||||
| Travelers Cos., Inc. | 831 | 222,326 | ||||||
| Truist Financial Corp. | 447 | 19,217 | ||||||
| US Bancorp | 1,084 | 49,051 | ||||||
| Visa, Inc. Class A | 3,575 | 1,269,304 | ||||||
| Willis Towers Watson PLC | 458 | 140,377 | ||||||
| 10,697,448 | ||||||||
| Health Care — 6.5% | ||||||||
| Abbott Laboratories | 3,698 | 502,965 | ||||||
| AbbVie, Inc. | 3,129 | 580,805 | ||||||
| Agilent Technologies, Inc. | 198 | 23,366 | ||||||
| Amgen, Inc. | 511 | 142,676 | ||||||
| Becton Dickinson & Co. | 525 | 90,431 | ||||||
| Boston Scientific Corp. (a) | 3,067 | 329,426 | ||||||
| Bristol-Myers Squibb Co. | 8,918 | 412,814 | ||||||
| Cardinal Health, Inc. | 691 | 116,088 | ||||||
| Cencora, Inc. | 513 | 153,823 | ||||||
| Centene Corp. (a) | 514 | 27,900 | ||||||
| Cigna Group | 672 | 222,150 | ||||||
| CVS Health Corp. | 2,695 | 185,901 | ||||||
| Danaher Corp. | 459 | 90,671 | ||||||
| Dexcom, Inc. (a) | 172 | 15,014 | ||||||
| Edwards Lifesciences Corp. (a) | 414 | 32,379 | ||||||
| Elevance Health, Inc. | 282 | 109,687 | ||||||
| Eli Lilly & Co. | 423 | 329,741 | ||||||
| GE HealthCare Technologies, Inc. (a) | 217 | 16,073 | ||||||
| Gilead Sciences, Inc. | 6,590 | 730,633 | ||||||
| Humana, Inc. | 159 | 38,872 | ||||||
| IDEXX Laboratories, Inc. (a) | 49 | 26,281 | ||||||
| Intuitive Surgical, Inc. (a) | 138 | 74,991 | ||||||
| IQVIA Holdings, Inc. (a) | 152 | 23,954 | ||||||
| Labcorp Holdings, Inc. | 185 | 48,564 | ||||||
| McKesson Corp. | 317 | 232,291 | ||||||
| Medtronic PLC | 2,591 | 225,857 | ||||||
| Merck & Co., Inc. | 4,144 | 328,039 | ||||||
| Mettler-Toledo International, Inc. (a) | 26 | 30,543 | ||||||
| Pfizer, Inc. | 8,510 | 206,282 | ||||||
| Regeneron Pharmaceuticals, Inc. | 61 | 32,025 | ||||||
| ResMed, Inc. | 143 | 36,894 | ||||||
| STERIS PLC | 122 | 29,307 | ||||||
| Stryker Corp. | 377 | 149,153 | ||||||
| Thermo Fisher Scientific, Inc. | 274 | 111,096 | ||||||
| Veeva Systems, Inc. Class A (a) | 98 | 28,222 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 253 | 112,636 | ||||||
| Waters Corp. (a) | 40 | 13,962 | ||||||
| Zoetis, Inc. | 382 | 59,573 | ||||||
| 5,921,085 | ||||||||
| Industrials — 4.6% | ||||||||
| AMETEK, Inc. | 398 | 72,022 | ||||||
| Automatic Data Processing, Inc. | 1,433 | 441,937 | ||||||
| Carrier Global Corp. | 223 | 16,321 | ||||||
| Cintas Corp. | 418 | 93,160 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Copart, Inc. (a) | 1,848 | $ | 90,681 | |||||
| CSX Corp. | 4,218 | 137,633 | ||||||
| Deere & Co. | 845 | 429,674 | ||||||
| Eaton Corp. PLC | 373 | 133,157 | ||||||
| Emerson Electric Co. | 786 | 104,798 | ||||||
| Equifax, Inc. | 48 | 12,450 | ||||||
| Fastenal Co. | 2,206 | 92,652 | ||||||
| FedEx Corp. | 246 | 55,918 | ||||||
| Ferguson Enterprises, Inc. | 353 | 76,866 | ||||||
| GE Vernova, Inc. | 230 | 121,705 | ||||||
| Honeywell International, Inc. | 493 | 114,810 | ||||||
| Illinois Tool Works, Inc. | 273 | 67,499 | ||||||
| Ingersoll Rand, Inc. | 341 | 28,364 | ||||||
| Johnson Controls International PLC | 1,236 | 130,546 | ||||||
| Norfolk Southern Corp. | 244 | 62,457 | ||||||
| Old Dominion Freight Line, Inc. | 157 | 25,481 | ||||||
| Otis Worldwide Corp. | 716 | 70,898 | ||||||
| Paychex, Inc. | 655 | 95,276 | ||||||
| Republic Services, Inc. | 1,171 | 288,780 | ||||||
| Rockwell Automation, Inc. | 111 | 36,871 | ||||||
| Trane Technologies PLC | 262 | 114,602 | ||||||
| Union Pacific Corp. | 1,102 | 253,548 | ||||||
| United Parcel Service, Inc. Class B | 1,225 | 123,652 | ||||||
| United Rentals, Inc. | 95 | 71,573 | ||||||
| Verisk Analytics, Inc. | 545 | 169,768 | ||||||
| Vertiv Holdings Co. Class A | 407 | 52,263 | ||||||
| W.W. Grainger, Inc. | 68 | 70,736 | ||||||
| Waste Connections, Inc. | 915 | 170,849 | ||||||
| Waste Management, Inc. | 1,237 | 283,050 | ||||||
| Xylem, Inc. | 108 | 13,971 | ||||||
| 4,123,968 | ||||||||
| Information Technology — 24.2% | ||||||||
| Accenture PLC Class A | 1,516 | 453,117 | ||||||
| Adobe, Inc. (a) | 712 | 275,459 | ||||||
| Advanced Micro Devices, Inc. (a) | 946 | 134,237 | ||||||
| Amphenol Corp. Class A | 2,201 | 217,349 | ||||||
| Analog Devices, Inc. | 726 | 172,802 | ||||||
| ANSYS, Inc. (a) | 135 | 47,415 | ||||||
| Apple, Inc. | 17,523 | 3,595,194 | ||||||
| Applied Materials, Inc. | 1,237 | 226,458 | ||||||
| AppLovin Corp. Class A (a) | 447 | 156,486 | ||||||
| Arista Networks, Inc. (a) | 1,305 | 133,515 | ||||||
| Autodesk, Inc. (a) | 373 | 115,470 | ||||||
| Broadcom, Inc. | 4,544 | 1,252,554 | ||||||
| Cadence Design Systems, Inc. (a) | 494 | 152,226 | ||||||
| CDW Corp. | 127 | 22,681 | ||||||
| Cisco Systems, Inc. | 13,681 | 949,188 | ||||||
| Cognizant Technology Solutions Corp. Class A | 1,393 | 108,696 | ||||||
| Corning, Inc. | 2,009 | 105,653 | ||||||
| Crowdstrike Holdings, Inc. Class A (a) | 278 | 141,588 | ||||||
| Datadog, Inc. Class A (a) | 245 | 32,911 | ||||||
| Dell Technologies, Inc. Class C | 478 | 58,603 | ||||||
| Fair Isaac Corp. (a) | 37 | 67,634 | ||||||
| Fortinet, Inc. (a) | 1,338 | 141,453 | ||||||
| Gartner, Inc. (a) | 89 | 35,976 | ||||||
| GLOBALFOUNDRIES, Inc. (a) | 115 | 4,393 | ||||||
| Hewlett Packard Enterprise Co. | 1,950 | 39,877 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| HP, Inc. | 1,483 | $ | 36,274 | |||||
| HubSpot, Inc. (a) | 86 | 47,870 | ||||||
| Intel Corp. | 2,944 | 65,946 | ||||||
| International Business Machines Corp. | 3,241 | 955,382 | ||||||
| Intuit, Inc. | 576 | 453,675 | ||||||
| Keysight Technologies, Inc. (a) | 524 | 85,863 | ||||||
| KLA Corp. | 218 | 195,271 | ||||||
| Lam Research Corp. | 1,859 | 180,955 | ||||||
| Marvell Technology, Inc. | 859 | 66,487 | ||||||
| Micron Technology, Inc. | 1,367 | 168,483 | ||||||
| Microsoft Corp. | 8,600 | 4,277,726 | ||||||
| Monolithic Power Systems, Inc. | 34 | 24,867 | ||||||
| Motorola Solutions, Inc. | 401 | 168,604 | ||||||
| NetApp, Inc. | 305 | 32,498 | ||||||
| NVIDIA Corp. | 27,466 | 4,339,353 | ||||||
| Oracle Corp. | 1,668 | 364,675 | ||||||
| Palo Alto Networks, Inc. (a) | 718 | 146,931 | ||||||
| QUALCOMM, Inc. | 2,609 | 415,509 | ||||||
| Salesforce, Inc. | 1,673 | 456,210 | ||||||
| ServiceNow, Inc. (a) | 271 | 278,610 | ||||||
| Snowflake, Inc. Class A (a) | 180 | 40,279 | ||||||
| Super Micro Computer, Inc. (a) | 145 | 7,106 | ||||||
| Synopsys, Inc. (a) | 113 | 57,933 | ||||||
| TE Connectivity PLC | 1,059 | 178,621 | ||||||
| Texas Instruments, Inc. | 1,079 | 224,022 | ||||||
| Workday, Inc. Class A (a) | 394 | 94,560 | ||||||
| 22,004,645 | ||||||||
| Materials — 1.1% | ||||||||
| Air Products & Chemicals, Inc. | 134 | 37,796 | ||||||
| Dow, Inc. | 344 | 9,109 | ||||||
| Ecolab, Inc. | 312 | 84,065 | ||||||
| Linde PLC (LIN US) | 1,313 | 616,033 | ||||||
| Martin Marietta Materials, Inc. | 66 | 36,231 | ||||||
| Newmont Corp. (NEM US) | 2,602 | 151,593 | ||||||
| PPG Industries, Inc. | 370 | 42,088 | ||||||
| Southern Copper Corp. | 119 | 12,039 | ||||||
| Vulcan Materials Co. | 173 | 45,122 | ||||||
| 1,034,076 | ||||||||
| Real Estate — 1.3% | ||||||||
| AvalonBay Communities, Inc. | 329 | 66,952 | ||||||
| CBRE Group, Inc. Class A (a) | 681 | 95,422 | ||||||
| Crown Castle, Inc. | 318 | 32,668 | ||||||
| Digital Realty Trust, Inc. | 280 | 48,812 | ||||||
| Equinix, Inc. | 123 | 97,843 | ||||||
| Equity Residential | 1,083 | 73,092 | ||||||
| Extra Space Storage, Inc. | 132 | 19,462 | ||||||
| Prologis, Inc. | 761 | 79,996 | ||||||
| Public Storage | 290 | 85,092 | ||||||
| SBA Communications Corp. | 186 | 43,680 | ||||||
| Simon Property Group, Inc. | 549 | 88,257 | ||||||
| Ventas, Inc. | 909 | 57,403 | ||||||
| VICI Properties, Inc. | 5,531 | 180,311 | ||||||
| Welltower, Inc. | 1,078 | 165,721 | ||||||
| 1,134,711 | ||||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Utilities — 2.0% | ||||||||
| Ameren Corp. | 466 | $ | 44,755 | |||||
| American Electric Power Co., Inc. | 1,298 | 134,681 | ||||||
| American Water Works Co., Inc. | 201 | 27,961 | ||||||
| CMS Energy Corp. | 642 | 44,478 | ||||||
| Consolidated Edison, Inc. | 526 | 52,784 | ||||||
| Constellation Energy Corp. | 159 | 51,319 | ||||||
| Duke Energy Corp. | 3,238 | 382,084 | ||||||
| Edison International | 428 | 22,085 | ||||||
| Entergy Corp. | 1,209 | 100,492 | ||||||
| Eversource Energy | 341 | 21,694 | ||||||
| Exelon Corp. | 4,074 | 176,893 | ||||||
| FirstEnergy Corp. | 1,580 | 63,611 | ||||||
| NextEra Energy, Inc. | 1,060 | 73,585 | ||||||
| PPL Corp. | 3,331 | 112,888 | ||||||
| Public Service Enterprise Group, Inc. | 740 | 62,293 | ||||||
| Sempra | 313 | 23,716 | ||||||
| Southern Co. | 2,416 | 221,861 | ||||||
| WEC Energy Group, Inc. | 1,431 | 149,110 | ||||||
| Xcel Energy, Inc. | 723 | 49,236 | ||||||
| 1,815,526 | ||||||||
| TOTAL COMMON STOCK (Cost $47,211,326) | 58,992,923 | |||||||
| TOTAL EQUITIES (Cost $47,211,326) | 58,992,923 | |||||||
| Principal Amount | ||||||||
| Bonds & Notes — 37.4% | ||||||||
| Corporate Debt — 11.7% | ||||||||
| Agriculture — 0.1% | ||||||||
| Bunge Ltd. Finance Corp. | ||||||||
| 3.250% 8/15/26 | $ | 47,000 | 46,420 | |||||
| Airlines — 0.1% | ||||||||
| American Airlines Pass-Through Trust, Series 2021-1A, Class EETC, | ||||||||
| 2.875% 1/11/36 | 59,750 | 52,598 | ||||||
| Delta Air Lines, Inc./SkyMiles IP Ltd. | ||||||||
| 4.500% 10/20/25 (b) | 13,832 | 13,799 | ||||||
| 66,397 | ||||||||
| Auto Manufacturers — 0.1% | ||||||||
| PACCAR Financial Corp. | ||||||||
| 4.600% 1/10/28 | 91,000 | 92,167 | ||||||
| Banks — 3.8% | ||||||||
| Australia & New Zealand Banking Group Ltd. 5 yr. CMT + 1.700% | ||||||||
| 2.570% VRN 11/25/35 (b) (c) | 225,000 | 197,368 | ||||||
| Bank of America Corp. | ||||||||
| 4.183% 11/25/27 | 41,000 | 40,835 | ||||||
| 3 mo. USD Term SOFR + 2.076% 4.244% VRN 4/24/38 (c) | 23,000 | 20,941 | ||||||
| 3 mo. USD Term SOFR + 1.572% 4.271% VRN 7/23/29 (c) | 18,000 | 17,941 | ||||||
| 4.750% 4/21/45 | 63,000 | 55,740 | ||||||
| 1 day USD SOFR + 1.910% 5.288% VRN 4/25/34 (c) | 69,000 | 70,382 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 5 yr. CMT + 3.231% 6.125% VRN 12/31/99 (c) (d) | $ | 162,000 | $ | 164,618 | ||||
| 5 yr. CMT + 2.684% 6.625% VRN (c) (d) | 23,000 | 23,820 | ||||||
| 7.750% 5/14/38 | 20,000 | 23,874 | ||||||
| Bank of New York Mellon Corp. | ||||||||
| 5 yr. CMT + 2.630% 3.750% VRN (c) (d) | 156,000 | 152,359 | ||||||
| 1 day USD SOFR + 1.230% 5.060% VRN 7/22/32 (c) | 41,000 | 41,968 | ||||||
| 1 day USD SOFR + 1.350% 5.316% VRN 6/06/36 (c) | 22,000 | 22,458 | ||||||
| Bank of Nova Scotia | ||||||||
| 4.500% 12/16/25 | 36,000 | 35,975 | ||||||
| Citigroup, Inc. | ||||||||
| 4.450% 9/29/27 | 27,000 | 27,026 | ||||||
| 1 day USD SOFR + 2.086% 4.910% VRN 5/24/33 (c) | 71,000 | 70,841 | ||||||
| 1 day USD SOFR + 1.463% 4.952% VRN 5/07/31 (c) | 74,000 | 74,843 | ||||||
| 5.500% 9/13/25 | 54,000 | 54,065 | ||||||
| 5.875% 1/30/42 | 18,000 | 18,609 | ||||||
| 6.000% 10/31/33 | 16,000 | 16,802 | ||||||
| 6.625% 6/15/32 | 14,000 | 15,267 | ||||||
| 8.125% 7/15/39 | 14,000 | 17,628 | ||||||
| Citizens Financial Group, Inc. 1 day USD SOFR + 1.259% | ||||||||
| 5.253% VRN 3/05/31 (c) | 24,000 | 24,322 | ||||||
| Comerica, Inc. 1 day USD SOFR + 2.155% | ||||||||
| 5.982% VRN 1/30/30 (c) | 27,000 | 27,656 | ||||||
| Cooperatieve Rabobank UA 1 yr. CMT + 0.550% | ||||||||
| 1.106% VRN 2/24/27 (b) (c) | 250,000 | 244,517 | ||||||
| Fifth Third Bancorp | ||||||||
| 1 day USD SOFR + 1.840% 5.631% VRN 1/29/32 (c) | 28,000 | 29,139 | ||||||
| 1 day USD SOFR + 2.340% 6.339% VRN 7/27/29 (c) | 14,000 | 14,746 | ||||||
| Goldman Sachs Group, Inc. | ||||||||
| 1 day USD SOFR + 0.798% 1.431% VRN 3/09/27 (c) | 227,000 | 222,096 | ||||||
| 4.250% 10/21/25 | 32,000 | 31,961 | ||||||
| 1 day USD SOFR + 1.420% 5.016% VRN 10/23/35 (c) | 51,000 | 50,383 | ||||||
| 1 day USD SOFR + 1.696% 5.734% VRN 1/28/56 (c) | 32,000 | 31,994 | ||||||
| 1 day USD SOFR + 1.552% 5.851% VRN 4/25/35 (c) | 63,000 | 66,068 | ||||||
| 5.950% 1/15/27 | 72,000 | 73,958 | ||||||
| 6.750% 10/01/37 | 32,000 | 35,129 | ||||||
| Huntington Bancshares, Inc. 1 day USD SOFR + 2.020% | ||||||||
| 6.208% VRN 8/21/29 (c) | 29,000 | 30,430 | ||||||
| JP Morgan Chase & Co. | ||||||||
| 3 mo. USD Term SOFR + 1.422% 3.702% VRN 5/06/30 (c) | 160,000 | 155,726 | ||||||
| 1 day USD SOFR + 0.860% 4.505% VRN 10/22/28 (c) | 47,000 | 47,141 | ||||||
| 1 day USD SOFR + 1.340% 4.946% VRN 10/22/35 (c) | 56,000 | 55,413 | ||||||
| 5.600% 7/15/41 | 41,000 | 42,100 | ||||||
| Mizuho Financial Group, Inc. | ||||||||
| 2.564% 9/13/31 | 200,000 | 174,607 | ||||||
| Morgan Stanley | ||||||||
| 1 day USD SOFR + 1.485% 3.217% VRN 4/22/42 (c) | 44,000 | 33,382 | ||||||
| 3 mo. USD Term SOFR + 1.890% 4.431% VRN 1/23/30 (c) | 79,000 | 78,889 | ||||||
| 1 day USD SOFR + 1.870% 5.250% VRN 4/21/34 (c) | 73,000 | 74,259 | ||||||
| 1 day USD SOFR + 1.555% 5.320% VRN 7/19/35 (c) | 69,000 | 69,842 | ||||||
| PNC Financial Services Group, Inc. | ||||||||
| 1 day USD SOFR + 1.259% 4.812% VRN 10/21/32 (c) | 51,000 | 51,117 | ||||||
| 1 day USD SOFR + 1.933% 5.068% VRN 1/24/34 (c) | 54,000 | 54,269 | ||||||
| 1 day USD SOFR + 1.841% 5.582% VRN 6/12/29 (c) | 85,000 | 88,028 | ||||||
| State Street Corp. | ||||||||
| 4.834% 4/24/30 | 35,000 | 35,649 | ||||||
| Truist Financial Corp. 1 day USD SOFR + 1.620% | ||||||||
| 5.435% VRN 1/24/30 (c) | 40,000 | 41,199 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| US Bancorp | ||||||||
| 1 day USD SOFR + 1.600% 4.839% VRN 2/01/34 (c) | $ | 79,000 | $ | 78,006 | ||||
| 1 day USD SOFR + 2.020% 5.775% VRN 6/12/29 (c) | 66,000 | 68,535 | ||||||
| Wells Fargo & Co. | ||||||||
| 1 day USD SOFR + 1.110% 5.244% VRN 1/24/31 (c) | 119,000 | 122,075 | ||||||
| 1 day USD SOFR + 2.020% 5.389% VRN 4/24/34 (c) | 67,000 | 68,558 | ||||||
| 1 day USD SOFR + 1.990% 5.557% VRN 7/25/34 (c) | 54,000 | 55,730 | ||||||
| 5 yr. CMT + 3.606% 7.625% VRN (c) (d) | 30,000 | 32,222 | ||||||
| 3,472,506 | ||||||||
| Beverages — 0.0% | ||||||||
| Keurig Dr. Pepper, Inc. | ||||||||
| 5.150% 5/15/35 | 18,000 | 17,962 | ||||||
| Biotechnology — 0.5% | ||||||||
| Amgen, Inc. | ||||||||
| 2.200% 2/21/27 | 347,000 | 335,658 | ||||||
| 5.250% 3/02/33 | 54,000 | 55,297 | ||||||
| 5.650% 3/02/53 | 36,000 | 35,150 | ||||||
| 426,105 | ||||||||
| Commercial Services — 0.3% | ||||||||
| Moody’s Corp. | ||||||||
| 4.250% 2/01/29 | 209,000 | 208,931 | ||||||
| PayPal Holdings, Inc. | ||||||||
| 3.250% 6/01/50 | 27,000 | 18,373 | ||||||
| Rollins, Inc. | ||||||||
| 5.250% 2/24/35 | 16,000 | 16,058 | ||||||
| 243,362 | ||||||||
| Computers — 0.2% | ||||||||
| Apple, Inc. | ||||||||
| 2.650% 5/11/50 | 27,000 | 16,937 | ||||||
| 3.000% 6/20/27 | 177,000 | 173,930 | ||||||
| 190,867 | ||||||||
| Diversified Financial Services — 0.2% | ||||||||
| American Express Co. | ||||||||
| 1 day USD SOFR + 1.260% 4.731% VRN 4/25/29 (c) | 61,000 | 61,694 | ||||||
| 1 day USD SOFR Index + 1.020% 5.085% VRN 1/30/31 (c) | 32,000 | 32,751 | ||||||
| Capital One Financial Corp. 1 day USD SOFR + 2.036% | ||||||||
| 6.183% VRN 1/30/36 (c) | 23,000 | 23,415 | ||||||
| Mastercard, Inc. | ||||||||
| 4.350% 1/15/32 | 103,000 | 102,566 | ||||||
| 220,426 | ||||||||
| Electric — 0.2% | ||||||||
| Alabama Power Co. | ||||||||
| 5.100% 4/02/35 | 8,000 | 8,062 | ||||||
| MidAmerican Energy Co. | ||||||||
| 5.300% 2/01/55 | 20,000 | 19,024 | ||||||
| Nevada Power Co. | ||||||||
| 6.650% 4/01/36 | 20,000 | 22,055 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Xcel Energy, Inc. | ||||||||
| 6.500% 7/01/36 | $ | 99,000 | $ | 106,148 | ||||
| 155,289 | ||||||||
| Environmental Controls — 0.0% | ||||||||
| Republic Services, Inc. | ||||||||
| 5.000% 4/01/34 | 28,000 | 28,416 | ||||||
| Food — 0.5% | ||||||||
| Campbell’s Co. | ||||||||
| 5.250% 10/13/54 | 12,000 | 10,945 | ||||||
| Conagra Brands, Inc. | ||||||||
| 4.850% 11/01/28 | 170,000 | 171,646 | ||||||
| General Mills, Inc. | ||||||||
| 3.000% 2/01/51 | 112,000 | 71,521 | ||||||
| Ingredion, Inc. | ||||||||
| 3.200% 10/01/26 | 25,000 | 24,599 | ||||||
| Kroger Co. | ||||||||
| 5.000% 9/15/34 | 43,000 | 42,693 | ||||||
| 5.500% 9/15/54 | 26,000 | 24,681 | ||||||
| Mars, Inc. | ||||||||
| 3.950% 4/01/49 (b) | 67,000 | 52,540 | ||||||
| 5.200% 3/01/35 (b) | 54,000 | 54,647 | ||||||
| 5.700% 5/01/55 (b) | 24,000 | 23,941 | ||||||
| 477,213 | ||||||||
| Gas — 0.0% | ||||||||
| Atmos Energy Corp. | ||||||||
| 5.000% 12/15/54 | 13,000 | 11,821 | ||||||
| Health Care - Services — 0.4% | ||||||||
| Cigna Group | ||||||||
| 4.800% 7/15/46 | 27,000 | 23,489 | ||||||
| Kaiser Foundation Hospitals | ||||||||
| 2.810% 6/01/41 | 110,000 | 78,445 | ||||||
| 3.002% 6/01/51 | 80,000 | 51,746 | ||||||
| Mayo Clinic | ||||||||
| 3.196% 11/15/61 | 106,000 | 65,590 | ||||||
| Providence St. Joseph Health Obligated Group | ||||||||
| 2.700% 10/01/51 | 93,000 | 51,852 | ||||||
| Quest Diagnostics, Inc. | ||||||||
| 6.400% 11/30/33 | 47,000 | 51,495 | ||||||
| UnitedHealth Group, Inc. | ||||||||
| 3.125% 5/15/60 | 36,000 | 21,548 | ||||||
| 5.050% 4/15/53 | 20,000 | 17,852 | ||||||
| 5.875% 2/15/53 | 25,000 | 25,048 | ||||||
| 387,065 | ||||||||
| Insurance — 0.7% | ||||||||
| Arthur J Gallagher & Co. | ||||||||
| 4.850% 12/15/29 | 17,000 | 17,250 | ||||||
| 5.550% 2/15/55 | 18,000 | 17,261 | ||||||
| Athene Holding Ltd. | ||||||||
| 3.950% 5/25/51 | 16,000 | 11,304 | ||||||
| 6.250% 4/01/54 | 37,000 | 36,516 | ||||||
| Brighthouse Financial, Inc. | ||||||||
| 3.850% 12/22/51 | 68,000 | 43,725 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| GA Global Funding Trust | ||||||||
| 1.625% 1/15/26 (b) | $ | 37,000 | $ | 36,372 | ||||
| Jackson Financial, Inc. | ||||||||
| 5.170% 6/08/27 | 78,000 | 79,035 | ||||||
| Marsh & McLennan Cos., Inc. | ||||||||
| 5.450% 3/15/53 | 16,000 | 15,531 | ||||||
| 5.700% 9/15/53 | 42,000 | 42,177 | ||||||
| New York Life Insurance Co. | ||||||||
| 3.750% 5/15/50 (b) | 23,000 | 16,991 | ||||||
| Pacific Life Global Funding II | ||||||||
| 5.500% 8/28/26 (b) | 64,000 | 64,938 | ||||||
| Prudential Financial, Inc. | ||||||||
| 5 yr. CMT + 3.035% 3.700% VRN 10/01/50 (c) | 18,000 | 16,418 | ||||||
| 5.700% VRN 9/15/48 (c) | 99,000 | 100,279 | ||||||
| Reinsurance Group of America, Inc. | ||||||||
| 3.150% 6/15/30 | 49,000 | 45,778 | ||||||
| 3.900% 5/15/29 | 54,000 | 52,965 | ||||||
| USF&G Capital I | ||||||||
| 8.500% 12/15/45 (b) | 35,000 | 37,227 | ||||||
| 633,767 | ||||||||
| Internet — 0.0% | ||||||||
| Alphabet, Inc. | ||||||||
| 2.250% 8/15/60 | 32,000 | 16,895 | ||||||
| Uber Technologies, Inc. | ||||||||
| 4.800% 9/15/34 | 22,000 | 21,609 | ||||||
| 38,504 | ||||||||
| Investment Companies — 0.2% | ||||||||
| Blackstone Secured Lending Fund | ||||||||
| 2.750% 9/16/26 | 158,000 | 153,840 | ||||||
| Sixth Street Lending Partners | ||||||||
| 6.125% 7/15/30 (b) | 14,000 | 14,256 | ||||||
| 168,096 | ||||||||
| Machinery - Diversified — 0.1% | ||||||||
| AGCO Corp. | ||||||||
| 5.450% 3/21/27 | 18,000 | 18,222 | ||||||
| 5.800% 3/21/34 | 23,000 | 23,343 | ||||||
| 41,565 | ||||||||
| Media — 0.3% | ||||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
| 3.850% 4/01/61 | 46,000 | 29,471 | ||||||
| 6.484% 10/23/45 | 32,000 | 31,707 | ||||||
| Comcast Corp. | ||||||||
| 2.937% 11/01/56 | 43,000 | 25,247 | ||||||
| 3.400% 7/15/46 | 41,000 | 29,192 | ||||||
| 3.969% 11/01/47 | 23,000 | 17,734 | ||||||
| 6.050% 5/15/55 | 69,000 | 70,456 | ||||||
| Discovery Communications LLC | ||||||||
| 3.950% 3/20/28 | 45,000 | 43,004 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Time Warner Cable LLC | ||||||||
| 6.750% 6/15/39 | $ | 27,000 | $ | 27,988 | ||||
| 274,799 | ||||||||
| Oil & Gas — 0.1% | ||||||||
| BP Capital Markets America, Inc. | ||||||||
| 3.379% 2/08/61 | 95,000 | 61,228 | ||||||
| BP Capital Markets PLC 5 yr. CMT + 4.036% | ||||||||
| 4.375% VRN (c) (d) | 12,000 | 11,965 | ||||||
| 73,193 | ||||||||
| Packaging & Containers — 0.1% | ||||||||
| Berry Global, Inc. | ||||||||
| 1.570% 1/15/26 | 48,000 | 47,142 | ||||||
| Silgan Holdings, Inc. | ||||||||
| 1.400% 4/01/26 (b) | 49,000 | 47,679 | ||||||
| WRKCo, Inc. | ||||||||
| 3.000% 6/15/33 | 27,000 | 23,607 | ||||||
| 118,428 | ||||||||
| Pharmaceuticals — 0.3% | ||||||||
| AbbVie, Inc. | ||||||||
| 4.700% 5/14/45 | 67,000 | 60,068 | ||||||
| 5.050% 3/15/34 | 68,000 | 69,235 | ||||||
| 5.400% 3/15/54 | 45,000 | 43,756 | ||||||
| CVS Health Corp. | ||||||||
| 5.875% 6/01/53 | 17,000 | 16,243 | ||||||
| 6.125% 9/15/39 | 8,000 | 8,202 | ||||||
| Eli Lilly & Co. | ||||||||
| 4.950% 2/27/63 | 33,000 | 29,981 | ||||||
| 227,485 | ||||||||
| Pipelines — 0.7% | ||||||||
| Enterprise Products Operating LLC | ||||||||
| 3 mo. USD Term SOFR + 3.295% 5.250% VRN 8/16/77 (c) | 41,000 | 40,566 | ||||||
| 3 mo. USD Term SOFR + 2.832% 5.375% VRN 2/15/78 (c) | 27,000 | 26,557 | ||||||
| Kinder Morgan, Inc. | ||||||||
| 3.250% 8/01/50 | 50,000 | 32,331 | ||||||
| 5.150% 6/01/30 | 12,000 | 12,252 | ||||||
| 5.850% 6/01/35 | 13,000 | 13,476 | ||||||
| MPLX LP | ||||||||
| 1.750% 3/01/26 | 365,000 | 357,949 | ||||||
| 4.500% 4/15/38 | 27,000 | 23,880 | ||||||
| 5.650% 3/01/53 | 7,000 | 6,423 | ||||||
| Sabine Pass Liquefaction LLC | ||||||||
| 4.500% 5/15/30 | 100,000 | 99,833 | ||||||
| Williams Cos., Inc. | ||||||||
| 3.500% 10/15/51 | 45,000 | 30,844 | ||||||
| 5.800% 11/15/54 | 11,000 | 10,737 | ||||||
| 654,848 | ||||||||
| Private Equity — 0.1% | ||||||||
| Brookfield Finance, Inc. | ||||||||
| 3.900% 1/25/28 | 99,000 | 97,838 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Real Estate — 0.1% | ||||||||
| CBRE Services, Inc. | ||||||||
| 2.500% 4/01/31 | $ | 121,000 | $ | 106,937 | ||||
| Real Estate Investment Trusts (REITS) — 1.2% | ||||||||
| Alexandria Real Estate Equities, Inc. | ||||||||
| 2.950% 3/15/34 | 78,000 | 65,754 | ||||||
| 5.150% 4/15/53 | 20,000 | 17,508 | ||||||
| American Tower Corp. | ||||||||
| 1.600% 4/15/26 | 96,000 | 93,871 | ||||||
| Brixmor Operating Partnership LP | ||||||||
| 2.250% 4/01/28 | 24,000 | 22,702 | ||||||
| Crown Castle, Inc. | ||||||||
| 2.500% 7/15/31 | 88,000 | 76,787 | ||||||
| 3.700% 6/15/26 | 243,000 | 240,896 | ||||||
| 5.200% 2/15/49 | 11,000 | 9,825 | ||||||
| Extra Space Storage LP | ||||||||
| 2.350% 3/15/32 | 65,000 | 55,150 | ||||||
| Host Hotels & Resorts LP | ||||||||
| 3.500% 9/15/30 | 84,000 | 77,996 | ||||||
| Kimco Realty OP LLC | ||||||||
| 2.250% 12/01/31 | 58,000 | 50,228 | ||||||
| Kite Realty Group LP | ||||||||
| 4.000% 10/01/26 | 110,000 | 109,030 | ||||||
| 4.950% 12/15/31 | 26,000 | 26,091 | ||||||
| Mid-America Apartments LP | ||||||||
| 5.300% 2/15/32 | 68,000 | 70,255 | ||||||
| NNN REIT, Inc. | ||||||||
| 5.600% 10/15/33 | 40,000 | 41,349 | ||||||
| Prologis LP | ||||||||
| 4.875% 6/15/28 | 75,000 | 76,509 | ||||||
| Public Storage Operating Co. | ||||||||
| 5.350% 8/01/53 | 14,000 | 13,436 | ||||||
| Realty Income Corp. | ||||||||
| 4.850% 3/15/30 | 30,000 | 30,536 | ||||||
| Regency Centers LP | ||||||||
| 5.250% 1/15/34 | 25,000 | 25,364 | ||||||
| 1,103,287 | ||||||||
| Retail — 0.4% | ||||||||
| McDonald’s Corp. | ||||||||
| 3.300% 7/01/25 | 100,000 | 100,000 | ||||||
| 5.450% 8/14/53 | 51,000 | 49,000 | ||||||
| Starbucks Corp. | ||||||||
| 4.450% 8/15/49 | 86,000 | 70,329 | ||||||
| Walmart, Inc. | ||||||||
| 4.350% 4/28/30 | 22,000 | 22,252 | ||||||
| 4.500% 4/15/53 | 67,000 | 58,682 | ||||||
| 4.900% 4/28/35 | 44,000 | 44,565 | ||||||
| 344,828 | ||||||||
| Semiconductors — 0.2% | ||||||||
| Broadcom, Inc. | ||||||||
| 5.200% 4/15/32 | 113,000 | 116,200 | ||||||
| Micron Technology, Inc. | ||||||||
| 5.300% 1/15/31 | 33,000 | 33,794 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 5.650% 11/01/32 | $ | 18,000 | $ | 18,711 | ||||
| 168,705 | ||||||||
| Software — 0.4% | ||||||||
| Autodesk, Inc. | ||||||||
| 5.300% 6/15/35 | 17,000 | 17,292 | ||||||
| Intuit, Inc. | ||||||||
| 5.500% 9/15/53 | 48,000 | 47,656 | ||||||
| Microsoft Corp. | ||||||||
| 2.921% 3/17/52 | 80,000 | 53,051 | ||||||
| Oracle Corp. | ||||||||
| 3.600% 4/01/40 | 197,000 | 157,674 | ||||||
| 5.550% 2/06/53 | 15,000 | 14,106 | ||||||
| Synopsys, Inc. | ||||||||
| 5.150% 4/01/35 | 41,000 | 41,326 | ||||||
| 5.700% 4/01/55 | 12,000 | 11,931 | ||||||
| 343,036 | ||||||||
| Telecommunications — 0.4% | ||||||||
| Cisco Systems, Inc. | ||||||||
| 5.050% 2/26/34 | 36,000 | 36,848 | ||||||
| T-Mobile USA, Inc. | ||||||||
| 5.050% 7/15/33 | 80,000 | 80,542 | ||||||
| 5.500% 1/15/55 | 36,000 | 34,129 | ||||||
| 6.000% 6/15/54 | 16,000 | 16,287 | ||||||
| Verizon Communications, Inc. | ||||||||
| 3.700% 3/22/61 | 47,000 | 32,438 | ||||||
| 3.875% 2/08/29 | 180,000 | 177,752 | ||||||
| 377,996 | ||||||||
| TOTAL CORPORATE DEBT (Cost $11,467,310) | 10,609,328 | |||||||
| Non-U.S. Government Agency Obligations — 3.5% | ||||||||
| Automobile Asset-Backed Securities — 0.8% | ||||||||
| Avis Budget Rental Car Funding AESOP LLC, Series 2021-2A, Class A | ||||||||
| 1.660% 2/20/28 (b) | 150,000 | 144,080 | ||||||
| Enterprise Fleet Financing LLC | ||||||||
| Series 2021-3, Class A3, 1.220% 8/20/27 (b) | 93,925 | 93,487 | ||||||
| Series 2024-4, Class A3, 4.560% 11/20/28 (b) | 50,000 | 50,249 | ||||||
| Fifth Third Auto Trust, Series 2023-1, Class A3 | ||||||||
| 5.530% 8/15/28 | 120,688 | 121,618 | ||||||
| GMF Floorplan Owner Revolving Trust, Series 2024-3A, Class A1 | ||||||||
| 4.680% 11/15/28 (b) | 100,000 | 100,204 | ||||||
| Hyundai Auto Receivables Trust | ||||||||
| Series 2021-C, Class A4, 1.030% 12/15/27 | 75,860 | 75,333 | ||||||
| Series 2024-C, Class A3, 4.410% 5/15/29 | 62,000 | 62,238 | ||||||
| Toyota Auto Receivables Owner Trust, Series 2021-D, Class A4 | ||||||||
| 1.020% 3/15/27 | 58,402 | 57,733 | ||||||
| 704,942 | ||||||||
| Commercial Mortgage-Backed Securities — 0.8% | ||||||||
| Bank | ||||||||
| Series 2019-BN17, Class B, 4.128% VRN 4/15/52 (c) (e) | 29,000 | 26,461 | ||||||
| Series 2019-BN16, Class AS, 4.267% 2/15/52 | 31,333 | 30,284 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2019-BN16, Class B, 4.438% VRN 2/15/52 (c) (e) | $ | 24,330 | $ | 22,746 | ||||
| BBCMS Mortgage Trust, Series 2020-C7, Class AS | ||||||||
| 2.444% 4/15/53 | 57,000 | 49,462 | ||||||
| Benchmark Mortgage Trust, Series 2019-B9, Class AAB | ||||||||
| 3.933% 3/15/52 | 192,360 | 191,159 | ||||||
| BX Commercial Mortgage Trust | ||||||||
| Series 2021-VOLT, Class A, 1 mo. USD Term SOFR + 0.814% 5.126% FRN 9/15/36 (b) (c) | 111,415 | 111,067 | ||||||
| Series 2021-VOLT, Class C, 1 mo. USD Term SOFR + 1.214% 5.526% FRN 9/15/36 (b) (c) | 96,883 | 96,429 | ||||||
| GS Mortgage Securities Trust, Series 2020-GC45, Class A5 | ||||||||
| 2.911% 2/13/53 | 140,000 | 129,226 | ||||||
| Morgan Stanley Capital I Trust, Series 2018-H3, Class B, | ||||||||
| 4.620% VRN 7/15/51 (c) (e) | 20,000 | 19,224 | ||||||
| Wells Fargo Commercial Mortgage Trust | ||||||||
| Series 2018-C45, Class AS, 4.405% VRN 6/15/51 (c) (e) | 30,000 | 28,790 | ||||||
| Series 2018-C45, Class B, 4.556% 6/16/51 | 10,000 | 9,429 | ||||||
| 714,277 | ||||||||
| Other Asset-Backed Securities — 0.3% | ||||||||
| AMSR Trust, Series 2021-SFR3, Class B | ||||||||
| 1.726% 10/17/38 (b) | 130,000 | 125,122 | ||||||
| Dllmt LLC, Series 2021-1A, Class A4 | ||||||||
| 1.240% 6/20/29 (b) | 27,117 | 27,047 | ||||||
| MVW LLC, Series 2021-2A, Class A | ||||||||
| 1.430% 5/20/39 (b) | 83,616 | 79,389 | ||||||
| Progress Residential Trust, Series 2021-SFR10, Class A | ||||||||
| 2.393% 12/17/40 (b) | 84,599 | 80,327 | ||||||
| 311,885 | ||||||||
| Whole Loan Collateral Collateralized Mortgage Obligations — 1.6% | ||||||||
| Angel Oak Mortgage Trust | ||||||||
| Series 2021-8, Class A1, 1.820% VRN 11/25/66 (b) (c) (e) | 169,991 | 151,458 | ||||||
| Series 2022-1, Class A1, 2.881% STEP 12/25/66 (b) | 193,113 | 180,800 | ||||||
| Bayview MSR Opportunity Master Fund Trust | ||||||||
| Series 2021-5, Class A2, 2.500% VRN 11/25/51 (b) (c) (e) | 112,444 | 91,651 | ||||||
| Series 2021-5, Class A1, 3.000% VRN 11/25/51 (b) (c) (e) | 92,216 | 78,423 | ||||||
| Ellington Financial Mortgage Trust, Series 2022-3, Class A1, | ||||||||
| 5.000% STEP 8/25/67 (b) | 172,314 | 173,758 | ||||||
| Flagstar Mortgage Trust, Series 2021-11IN, Class A6, | ||||||||
| 2.500% VRN 11/25/51 (b) (c) (e) | 182,146 | 161,830 | ||||||
| JP Morgan Mortgage Trust, Series 2022-8, Class A4A, | ||||||||
| 4.000% VRN 1/25/53 (b) (c) (e) | 121,081 | 115,274 | ||||||
| OBX Trust, Series 2022-NQM1, Class A1, | ||||||||
| 2.305% VRN 11/25/61 (b) (c) (e) | 179,243 | 160,712 | ||||||
| Starwood Mortgage Residential Trust | ||||||||
| Series 2021-6, Class A1, 1.920% VRN 11/25/66 (b) (c) (e) | 191,601 | 169,319 | ||||||
| Series 2022-1, Class A1, 2.447% VRN 12/25/66 (b) (c) (e) | 209,444 | 186,627 | ||||||
| 1,469,852 | ||||||||
| TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $3,439,776) | 3,200,956 | |||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (f) — 11.2% | ||||||||
| Pass-Through Securities — 11.2% | ||||||||
| Federal Home Loan Mortgage Corp. | ||||||||
| Pool #SD8212 2.500% 5/01/52 | $ | 665,428 | $ | 553,598 | ||||
| Pool #SD8174 3.000% 10/01/51 | 338,279 | 294,174 | ||||||
| Pool #SD8242 3.000% 9/01/52 | 398,609 | 345,206 | ||||||
| Pool #RA7484 4.000% 6/01/52 | 384,288 | 358,860 | ||||||
| Pool #SD1351 4.500% 7/01/52 | 322,328 | 310,177 | ||||||
| Pool #SD1628 5.000% 9/01/52 | 335,678 | 331,794 | ||||||
| Pool #SD3386 5.500% 7/01/53 | 272,281 | 273,215 | ||||||
| Pool #SD5060 5.500% 3/01/54 | 258,915 | 260,855 | ||||||
| Federal National Mortgage Association | ||||||||
| Pool #CB1787 2.000% 10/01/51 | 431,550 | 343,259 | ||||||
| Pool #CB1782 2.000% 10/01/51 | 660,768 | 526,821 | ||||||
| Pool #MA4437 2.000% 10/01/51 | 437,227 | 347,775 | ||||||
| Pool #MA4562 2.000% 3/01/52 | 418,704 | 332,256 | ||||||
| Pool #MA4361 2.500% 6/01/36 | 217,243 | 203,586 | ||||||
| Pool #CB2074 2.500% 11/01/51 | 332,163 | 277,794 | ||||||
| Pool #FS2635 2.500% 5/01/52 | 397,229 | 333,079 | ||||||
| Pool #BO7245 3.000% 1/01/50 | 238,078 | 208,712 | ||||||
| Pool #FS2600 3.000% 5/01/52 | 413,297 | 360,896 | ||||||
| Pool #BU8819 3.500% 5/01/52 | 390,603 | 353,238 | ||||||
| Pool #CB4891 4.500% 10/01/52 | 90,612 | 86,963 | ||||||
| Pool #CB4404 5.000% 8/01/52 | 318,919 | 315,254 | ||||||
| Pool #CB7100 5.000% 9/01/53 | 185,046 | 182,212 | ||||||
| Pool #CB7859 5.500% 1/01/54 | 542,428 | 544,119 | ||||||
| Government National Mortgage Association II, TBA | ||||||||
| 5.500% 7/20/54 (g) | 200,000 | 200,199 | ||||||
| 6.000% 7/20/54 (g) | 375,000 | 380,251 | ||||||
| Uniform Mortgage-Backed Security, TBA | ||||||||
| 2.000% 7/01/39 (g) | 250,000 | 228,447 | ||||||
| 3.000% 7/01/54 (g) | 200,000 | 172,938 | ||||||
| 3.500% 7/01/54 (g) | 500,000 | 450,020 | ||||||
| 5.500% 7/01/54 (g) | 400,000 | 399,843 | ||||||
| 6.000% 7/01/54 (g) | 1,200,000 | 1,219,360 | ||||||
| 10,194,901 | ||||||||
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $10,676,782) | 10,194,901 | |||||||
| U.S. Treasury Obligations — 11.0% | ||||||||
| U.S. Treasury Bonds & Notes — 11.0% | ||||||||
| U.S. Treasury Bonds | ||||||||
| 2.250% 8/15/49 | 584,900 | 366,557 | ||||||
| 4.625% 2/15/55 | 421,600 | 410,271 | ||||||
| 4.750% 11/15/43 | 100,000 | 99,890 | ||||||
| 5.000% 5/15/45 | 859,800 | 883,044 | ||||||
| U.S. Treasury Notes | ||||||||
| 2.750% 4/30/27 | 663,000 | 651,164 | ||||||
| 2.875% 4/30/29 | 622,000 | 602,910 | ||||||
| 3.500% 2/15/33 | 285,000 | 274,672 | ||||||
| 3.750% 6/30/27 | 529,600 | 529,931 | ||||||
| 3.875% 6/15/28 | 1,959,400 | 1,969,655 | ||||||
| 3.875% 6/30/30 | 1,073,500 | 1,077,608 | ||||||
| 4.000% 6/30/32 | 783,600 | 783,969 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 4.250% 5/15/35 | $ | 1,122,100 | $ | 1,123,507 | ||||
| 4.500% 11/15/33 | 215,000 | 220,770 | ||||||
| 4.625% 9/30/30 | 975,000 | 1,011,419 | ||||||
| 10,005,367 | ||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $10,223,105) | 10,005,367 | |||||||
| TOTAL BONDS & NOTES (Cost $35,806,973) | 34,010,552 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $83,018,299) | 93,003,475 | |||||||
| Short-Term Investments — 0.7% | ||||||||
| Repurchase Agreement — 0.7% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (h) | 582,696 | 582,696 | ||||||
| U.S. Treasury Bill — 0.0% | ||||||||
| U.S. Treasury Bills | ||||||||
| 4.169% 5/14/26 (i) (j) | 29,000 | 28,021 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $610,687) | 610,717 | |||||||
| TOTAL INVESTMENTS — 103.1% (Cost $83,628,986) (k) | 93,614,192 | |||||||
| Other Assets/(Liabilities) — (3.1)% | (2,824,484 | ) | ||||||
| NET ASSETS — 100.0% | $ | 90,789,708 | ||||||
Abbreviation Legend
| CMT | Constant Maturity Treasury Index |
| FRN | Floating Rate Note |
| 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 June 30, 2025, the aggregate market value of these securities amounted to $3,181,528 or 3.50% of net assets. |
| (c) | Floating rate or variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (d) | Security is perpetual and has no stated maturity date. |
| (e) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at June 30, 2025. |
| (f) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
| (g) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (h) | Maturity value of $582,740. Collateralized by U.S. Government Agency obligations with a rate of 4.125%, maturity date of 9/30/27, and an aggregate market value, including accrued interest, of $594,420. |
| (i) | The rate shown represents yield-to-maturity. |
| (j) | All or a portion of this security is pledged/held as collateral for open derivatives. |
| (k) | See Note 3 for aggregate cost for federal tax purposes. |
| Futures contracts | ||||||||||||||
| Expiration Date | Number of Contracts | Notional Amount | Value/Net Unrealized Appreciation (Depreciation) | |||||||||||
| Long | ||||||||||||||
| U.S. Treasury Note 2 Year | 9/30/25 | 9 | $ | 1,869,786 | $ | 2,425 | ||||||||
| U.S. Treasury Note 5 Year | 9/30/25 | 3 | 322,950 | 4,050 | ||||||||||
| $ | 6,475 | |||||||||||||
| Short | ||||||||||||||
| U.S. Treasury Ultra 10 Year | 9/19/25 | 7 | $ | (782,073 | ) | $ | (17,786 | ) | ||||||
| MassMutual Disciplined Growth Fund — Portfolio of Investments |
June 30, 2025 (Unaudited) |
| Number
of Shares | Value | |||||||
| Equities — 99.5% | ||||||||
| Common Stock — 99.5% | ||||||||
| Communication Services — 12.5% | ||||||||
| Alphabet, Inc. Class A | 29,396 | $ | 5,180,457 | |||||
| Alphabet, Inc. Class C | 26,831 | 4,759,551 | ||||||
| DoubleVerify Holdings, Inc. (a) | 20,944 | 313,532 | ||||||
| Meta Platforms, Inc. Class A | 13,972 | 10,312,593 | ||||||
| Netflix, Inc. (a) | 2,745 | 3,675,912 | ||||||
| Reddit, Inc. Class A (a) | 3,194 | 480,921 | ||||||
| Roku, Inc. (a) | 1,908 | 167,694 | ||||||
| Spotify Technology SA (a) | 794 | 609,268 | ||||||
| 25,499,928 | ||||||||
| Consumer Discretionary — 12.5% | ||||||||
| Amazon.com, Inc. (a) | 51,602 | 11,320,963 | ||||||
| Booking Holdings, Inc. | 383 | 2,217,279 | ||||||
| Carvana Co. (a) | 2,740 | 923,270 | ||||||
| Deckers Outdoor Corp. (a) | 7,178 | 739,837 | ||||||
| DoorDash, Inc., Class A (a) | 2,336 | 575,847 | ||||||
| Grand Canyon Education, Inc. (a) | 3,662 | 692,118 | ||||||
| Home Depot, Inc. | 5,510 | 2,020,186 | ||||||
| Lululemon Athletica, Inc. (a) | 2,856 | 678,529 | ||||||
| SharkNinja, Inc. (a) | 7,870 | 779,051 | ||||||
| Tesla, Inc. (a) | 17,510 | 5,562,227 | ||||||
| TopBuild Corp. (a) | 68 | 22,014 | ||||||
| 25,531,321 | ||||||||
| Consumer Staples — 1.5% | ||||||||
| Costco Wholesale Corp. | 2,137 | 2,115,502 | ||||||
| PepsiCo, Inc. | 6,142 | 810,990 | ||||||
| Sprouts Farmers Market, Inc. (a) | 285 | 46,922 | ||||||
| 2,973,414 | ||||||||
| Financials — 9.5% | ||||||||
| Affirm Holdings, Inc. (a) | 3,100 | 214,334 | ||||||
| Brown & Brown, Inc. | 15,439 | 1,711,722 | ||||||
| Citigroup, Inc. | 1,880 | 160,026 | ||||||
| Coinbase Global, Inc. Class A (a) | 61 | 21,380 | ||||||
| Corpay, Inc. (a) | 1,575 | 522,616 | ||||||
| Fiserv, Inc. (a) | 3,397 | 585,677 | ||||||
| Houlihan Lokey, Inc. | 6,227 | 1,120,549 | ||||||
| Marsh & McLennan Cos., Inc. | 3,259 | 712,548 | ||||||
| Mastercard, Inc. Class A | 4,248 | 2,387,121 | ||||||
| Moody's Corp. | 4,889 | 2,452,273 | ||||||
| Morningstar, Inc. | 2,443 | 766,931 | ||||||
| Progressive Corp. | 6,205 | 1,655,866 | ||||||
| Robinhood Markets, Inc. Class A (a) | 682 | 63,856 | ||||||
| MassMutual Disciplined Growth Fund — Portfolio of Investments (Continued) |
| Number
of Shares | Value | |||||||
| Shift4 Payments, Inc. Class A (a) (b) | 457 | $ | 45,293 | |||||
| Tradeweb Markets, Inc. Class A | 4,625 | 677,100 | ||||||
| Visa, Inc. Class A | 17,501 | 6,213,730 | ||||||
| 19,311,022 | ||||||||
| Health Care — 7.6% | ||||||||
| AbbVie, Inc. | 11,925 | 2,213,518 | ||||||
| Boston Scientific Corp. (a) | 1,629 | 174,971 | ||||||
| Cardinal Health, Inc. | 1,467 | 246,456 | ||||||
| Cencora, Inc. | 7,986 | 2,394,602 | ||||||
| Chemed Corp. | 544 | 264,890 | ||||||
| Doximity, Inc. Class A (a) | 6,735 | 413,125 | ||||||
| Eli Lilly & Co. | 5,471 | 4,264,809 | ||||||
| Exelixis, Inc. (a) | 9,713 | 428,100 | ||||||
| Gilead Sciences, Inc. | 1,736 | 192,470 | ||||||
| Halozyme Therapeutics, Inc. (a) | 14,510 | 754,810 | ||||||
| Incyte Corp. (a) | 6,146 | 418,542 | ||||||
| Masimo Corp. (a) | 903 | 151,903 | ||||||
| ResMed, Inc. | 8,130 | 2,097,540 | ||||||
| Stryker Corp. | 1,182 | 467,635 | ||||||
| Veeva Systems, Inc. Class A (a) | 1,561 | 449,537 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 1,379 | 613,931 | ||||||
| 15,546,839 | ||||||||
| Industrials — 4.6% | ||||||||
| Automatic Data Processing, Inc. | 2,532 | 780,869 | ||||||
| Broadridge Financial Solutions, Inc. | 355 | 86,276 | ||||||
| Comfort Systems USA, Inc. | 4,004 | 2,146,985 | ||||||
| EMCOR Group, Inc. | 2,419 | 1,293,899 | ||||||
| FTAI Aviation Ltd. | 1,196 | 137,588 | ||||||
| General Electric Co. | 538 | 138,476 | ||||||
| HEICO Corp. Class A | 3,527 | 912,611 | ||||||
| Howmet Aerospace, Inc. | 1,237 | 230,243 | ||||||
| Illinois Tool Works, Inc. | 778 | 192,360 | ||||||
| Paychex, Inc. | 6,109 | 888,615 | ||||||
| Paycom Software, Inc. | 1,434 | 331,827 | ||||||
| Trane Technologies PLC | 1,749 | 765,030 | ||||||
| Uber Technologies, Inc. (a) | 12,260 | 1,143,858 | ||||||
| Vertiv Holdings Co. Class A | 3,112 | 399,612 | ||||||
| 9,448,249 | ||||||||
| Information Technology — 51.1% | ||||||||
| Adobe, Inc. (a) | 3,996 | 1,545,973 | ||||||
| Amphenol Corp. Class A | 28,377 | 2,802,229 | ||||||
| Apple, Inc. | 98,673 | 20,244,739 | ||||||
| AppLovin Corp. Class A (a) | 4,196 | 1,468,936 | ||||||
| Arista Networks, Inc. (a) | 13,982 | 1,430,498 | ||||||
| Astera Labs, Inc. (a) | 2,793 | 252,543 | ||||||
| Bentley Systems, Inc. Class B | 2,341 | 126,344 | ||||||
| Broadcom, Inc. | 36,662 | 10,105,880 | ||||||
| Cadence Design Systems, Inc. (a) | 1,120 | 345,128 | ||||||
| Dell Technologies, Inc. Class C | 2,276 | 279,038 | ||||||
| Dynatrace, Inc. (a) | 17,267 | 953,311 | ||||||
| Fair Isaac Corp. (a) | 135 | 246,775 | ||||||
| Fortinet, Inc. (a) | 10,309 | 1,089,867 | ||||||
| Intuit, Inc. | 2,909 | 2,291,216 | ||||||
| MassMutual Disciplined Growth Fund — Portfolio of Investments (Continued) |
| Number
of Shares | Value | |||||||
| KLA Corp. | 1,902 | $ | 1,703,698 | |||||
| Microsoft Corp. | 51,624 | 25,678,294 | ||||||
| MicroStrategy, Inc. Class A (a) | 312 | 126,120 | ||||||
| NVIDIA Corp. | 173,872 | 27,470,037 | ||||||
| Oracle Corp. | 10,067 | 2,200,948 | ||||||
| Palantir Technologies, Inc. Class A (a) | 15,890 | 2,166,125 | ||||||
| Rubrik, Inc. Class A (a) | 399 | 35,746 | ||||||
| Salesforce, Inc. | 1,812 | 494,114 | ||||||
| Samsara, Inc. Class A (a) | 2,871 | 114,208 | ||||||
| Synopsys, Inc. (a) | 1,526 | 782,350 | ||||||
| Tyler Technologies, Inc. (a) | 443 | 262,628 | ||||||
| 104,216,745 | ||||||||
| Materials — 0.1% | ||||||||
| Ecolab, Inc. | 421 | 113,434 | ||||||
| Utilities — 0.1% | ||||||||
| NRG Energy, Inc. | 1,241 | 199,280 | ||||||
| TOTAL COMMON STOCK (Cost $144,837,519) | 202,840,232 | |||||||
| TOTAL EQUITIES (Cost $144,837,519) | 202,840,232 | |||||||
| TOTAL LONG-TERM INVESTMENTS
(Cost $144,837,519) | 202,840,232 | |||||||
| Short-Term Investments — 1.0% | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.0% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (c) | 40,905 | 40,905 | ||||||
| Principal
Amount | ||||||||
| Repurchase Agreement — 1.0% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (d) | $ | 2,007,889 | 2,007,889 | |||||
| TOTAL SHORT-TERM
INVESTMENTS (Cost $2,048,794) | 2,048,794 | |||||||
| TOTAL INVESTMENTS
— 100.5% (Cost $146,886,313) (e) | 204,889,026 | |||||||
| Other Assets/(Liabilities) — (0.5)% | (967,540 | ) | ||||||
| NET ASSETS — 100.0% | $ | 203,921,486 | ||||||
| Notes to Portfolio of Investments | |
| Percentages are stated as a percent of net assets. | |
| (a) | Non-income producing security. |
| (b) | Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2025, was $40,040 or 0.02% of net assets. (Note 2). |
| (c) | Represents investment of security lending cash collateral and 7-day effective yield as of June 30, 2025. (Note 2). |
| (d) | Maturity value of $2,008,043. Collateralized by U.S. Government Agency obligations with a rate of 4.125%, maturity date of 9/30/27, and an aggregate market value, including accrued interest, of $2,048,167. |
| (e) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Small Cap Opportunities Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number
of Shares | Value | |||||||
| Equities — 98.7% | ||||||||
| Common Stock — 98.7% | ||||||||
| Consumer Discretionary — 11.6% | ||||||||
| AutoNation, Inc. (a) | 49,309 | $ | 9,795,233 | |||||
| Champion Homes, Inc. (a) | 45,766 | 2,865,409 | ||||||
| Cheesecake Factory, Inc. (b) | 65,678 | 4,115,384 | ||||||
| Dorman Products, Inc. (a) | 52,629 | 6,455,999 | ||||||
| KB Home | 109,613 | 5,806,201 | ||||||
| Steven Madden Ltd. | 120,826 | 2,897,407 | ||||||
| Stride, Inc. (a) | 43,703 | 6,345,239 | ||||||
| Texas Roadhouse, Inc. | 16,621 | 3,114,942 | ||||||
| Visteon Corp. (a) | 56,827 | 5,301,959 | ||||||
| Wyndham Hotels & Resorts, Inc. | 54,515 | 4,427,163 | ||||||
| 51,124,936 | ||||||||
| Consumer Staples — 1.9% | ||||||||
| BellRing Brands, Inc. (a) | 83,564 | 4,840,862 | ||||||
| Interparfums, Inc. | 27,392 | 3,596,844 | ||||||
| 8,437,706 | ||||||||
| Energy — 4.1% | ||||||||
| Helmerich & Payne, Inc. (b) | 229,291 | 3,476,052 | ||||||
| Kodiak Gas Services, Inc. | 126,872 | 4,347,903 | ||||||
| Northern Oil & Gas, Inc. (b) | 223,848 | 6,346,091 | ||||||
| SM Energy Co. (b) | 153,127 | 3,783,768 | ||||||
| 17,953,814 | ||||||||
| Financials — 19.4% | ||||||||
| Banc of California, Inc. | 289,787 | 4,071,507 | ||||||
| Bank of NT Butterfield & Son Ltd. | 77,815 | 3,445,648 | ||||||
| Berkshire Hills Bancorp, Inc. | 102,348 | 2,562,794 | ||||||
| BGC Group, Inc. Class A | 469,951 | 4,807,599 | ||||||
| Cathay General Bancorp | 122,029 | 5,555,980 | ||||||
| Columbia Banking System, Inc. | 225,470 | 5,271,489 | ||||||
| Definity Financial Corp. | 105,105 | 6,126,076 | ||||||
| DigitalBridge Group, Inc. (b) | 325,909 | 3,373,158 | ||||||
| Federated Hermes, Inc. | 118,011 | 5,230,247 | ||||||
| Marqeta, Inc. Class A (a) (b) | 516,338 | 3,010,251 | ||||||
| OceanFirst Financial Corp. | 155,668 | 2,741,313 | ||||||
| Pacific Premier Bancorp, Inc. | 198,207 | 4,180,186 | ||||||
| PennyMac Financial Services, Inc. | 69,475 | 6,922,489 | ||||||
| Skyward Specialty Insurance Group, Inc. (a) | 54,224 | 3,133,605 | ||||||
| Stifel Financial Corp. | 39,428 | 4,091,838 | ||||||
| United Community Banks, Inc. | 111,073 | 3,308,865 | ||||||
| Webster Financial Corp. | 95,432 | 5,210,587 | ||||||
| Wintrust Financial Corp. | 69,330 | 8,595,533 | ||||||
| WSFS Financial Corp. | 69,802 | 3,839,110 | ||||||
| 85,478,275 | ||||||||
| MassMutual Small Cap Opportunities Fund — Portfolio of Investments (Continued) |
| Number
of Shares | Value | |||||||
| Health Care — 15.0% | ||||||||
| Addus HomeCare Corp. (a) | 26,450 | $ | 3,046,775 | |||||
| ADMA Biologics, Inc. (a) | 361,534 | 6,583,534 | ||||||
| Ascendis Pharma AS ADR (a) | 24,046 | 4,150,340 | ||||||
| BioLife Solutions, Inc. (a) (b) | 143,789 | 3,097,215 | ||||||
| Bridgebio Pharma, Inc. (a) | 86,704 | 3,743,879 | ||||||
| BrightSpring Health Services, Inc. (a) (b) | 184,064 | 4,342,070 | ||||||
| Caris Life Sciences, Inc. (a) | 18,530 | 495,122 | ||||||
| Collegium Pharmaceutical, Inc. (a) | 96,795 | 2,862,228 | ||||||
| Encompass Health Corp. | 38,168 | 4,680,542 | ||||||
| Guardant Health, Inc. (a) | 104,337 | 5,429,697 | ||||||
| Inspire Medical Systems, Inc. (a) | 23,648 | 3,068,801 | ||||||
| Integer Holdings Corp. (a) | 39,007 | 4,796,691 | ||||||
| LENZ Therapeutics, Inc. (a) (b) | 24,464 | 717,040 | ||||||
| Merus NV (a) | 28,504 | 1,499,310 | ||||||
| Repligen Corp. (a) | 27,587 | 3,431,271 | ||||||
| Soleno Therapeutics, Inc. (a) | 26,677 | 2,234,999 | ||||||
| Structure Therapeutics, Inc. ADR (a) (b) | 39,834 | 826,157 | ||||||
| Surgery Partners, Inc. (a) (b) | 144,433 | 3,210,746 | ||||||
| Tarsus Pharmaceuticals, Inc. (a) | 59,103 | 2,394,262 | ||||||
| Twist Bioscience Corp. (a) | 98,564 | 3,626,170 | ||||||
| Ultragenyx Pharmaceutical, Inc. (a) | 54,984 | 1,999,218 | ||||||
| 66,236,067 | ||||||||
| Industrials — 21.2% | ||||||||
| AAR Corp. (a) | 77,771 | 5,349,867 | ||||||
| ABM Industries, Inc. | 105,139 | 4,963,612 | ||||||
| AGCO Corp. (b) | 23,620 | 2,436,639 | ||||||
| Air Lease Corp. | 92,533 | 5,412,255 | ||||||
| Allison Transmission Holdings, Inc. | 59,813 | 5,681,637 | ||||||
| ATI, Inc. (a) | 39,034 | 3,370,196 | ||||||
| Atmus Filtration Technologies, Inc. | 110,531 | 4,025,539 | ||||||
| CACI International, Inc. Class A (a) | 5,848 | 2,787,742 | ||||||
| Casella Waste Systems, Inc. Class A (a) | 68,273 | 7,877,339 | ||||||
| Enpro, Inc. | 36,390 | 6,970,504 | ||||||
| Esab Corp. | 57,588 | 6,942,233 | ||||||
| Federal Signal Corp. | 39,398 | 4,192,735 | ||||||
| Gates Industrial Corp. PLC (a) | 227,396 | 5,236,930 | ||||||
| Hayward Holdings, Inc. (a) | 232,222 | 3,204,664 | ||||||
| Hub Group, Inc. Class A | 152,787 | 5,107,669 | ||||||
| Korn Ferry | 83,257 | 6,105,236 | ||||||
| Upwork, Inc. (a) | 255,750 | 3,437,280 | ||||||
| WillScot Holdings Corp. | 106,880 | 2,928,512 | ||||||
| Zurn Elkay Water Solutions Corp. | 203,381 | 7,437,643 | ||||||
| 93,468,232 | ||||||||
| Information Technology — 13.6% | ||||||||
| Allegro MicroSystems, Inc. (a) (b) | 172,498 | 5,897,707 | ||||||
| ASGN, Inc. (a) | 75,423 | 3,765,870 | ||||||
| Belden, Inc. | 62,984 | 7,293,547 | ||||||
| Informatica, Inc. Class A (a) | 231,266 | 5,631,327 | ||||||
| Itron, Inc. (a) | 70,220 | 9,243,059 | ||||||
| Lattice Semiconductor Corp. (a) | 72,583 | 3,555,841 | ||||||
| MassMutual Small Cap Opportunities Fund — Portfolio of Investments (Continued) |
| Number
of Shares | Value | |||||||
| MACOM Technology Solutions Holdings, Inc. (a) | 41,098 | $ | 5,888,933 | |||||
| MARA Holdings, Inc. (a) (b) | 201,197 | 3,154,769 | ||||||
| MKS, Inc. (b) | 24,909 | 2,474,958 | ||||||
| Progress Software Corp. | 64,267 | 4,102,805 | ||||||
| Silicon Laboratories, Inc. (a) | 34,356 | 5,062,700 | ||||||
| Unity Software, Inc. (a) (b) | 165,765 | 4,011,513 | ||||||
| 60,083,029 | ||||||||
| Materials — 3.8% | ||||||||
| Commercial Metals Co. | 122,372 | 5,985,215 | ||||||
| Knife River Corp. (a) (b) | 54,975 | 4,488,159 | ||||||
| Silgan Holdings, Inc. | 113,739 | 6,162,379 | ||||||
| 16,635,753 | ||||||||
| Real Estate — 5.7% | ||||||||
| American Healthcare REIT, Inc. | 183,151 | 6,728,968 | ||||||
| Essential Properties Realty Trust, Inc. (b) | 202,274 | 6,454,563 | ||||||
| Outfront Media, Inc. | 341,234 | 5,568,939 | ||||||
| Terreno Realty Corp. (b) | 111,286 | 6,239,806 | ||||||
| 24,992,276 | ||||||||
| Utilities — 2.4% | ||||||||
| Chesapeake Utilities Corp. | 45,873 | 5,514,852 | ||||||
| Portland General Electric Co. | 119,237 | 4,844,599 | ||||||
| 10,359,451 | ||||||||
| TOTAL COMMON STOCK (Cost $380,011,881) | 434,769,539 | |||||||
| TOTAL EQUITIES (Cost $380,011,881) | 434,769,539 | |||||||
| TOTAL LONG-TERM INVESTMENTS
(Cost $380,011,881) | 434,769,539 | |||||||
| Short-Term Investments — 2.0% | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.9% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (c) | 3,861,669 | 3,861,669 | ||||||
| Principal
Amount | ||||||||
| Repurchase Agreement — 1.1% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (d) | $ | 4,846,695 | 4,846,695 | |||||
| TOTAL SHORT-TERM
INVESTMENTS (Cost $8,708,364) | 8,708,364 | |||||||
| TOTAL INVESTMENTS
— 100.7% (Cost $388,720,245) (e) | 443,477,903 | |||||||
| Other Assets/(Liabilities) — (0.7)% | (2,889,666) | |||||||
| NET ASSETS — 100.0% | $ | 440,588,237 | ||||||
| MassMutual Small Cap Opportunities Fund — Portfolio of Investments (Continued) |
| Abbreviation Legend | |
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |
| Notes to Portfolio of Investments | |
| Percentages are stated as a percent of net assets. | |
| (a) | Non-income producing security. |
| (b) | Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2025, was $48,944,672 or 11.11% of net assets. The Fund received $46,356,299 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (c) | Represents investment of security lending cash collateral and 7-day effective yield as of June 30, 2025. (Note 2). |
| (d) | Maturity value of $4,847,065. Collateralized by U.S. Government Agency obligations with a rate of 4.125%, maturity date of 9/30/27, and an aggregate market value, including accrued interest, of $4,943,637. |
| (e) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Global Fund — Portfolio of Investments | |||||||
June 30, 2025 (Unaudited) |
|||||||
| Number
of Shares | Value | |||||||
| Equities — 99.6% | ||||||||
| Common Stock — 99.6% | ||||||||
| Canada — 1.5% | ||||||||
| Shopify, Inc. Class A (a) | 21,273 | $ | 2,453,841 | |||||
| China — 3.0% | ||||||||
| JD.com, Inc. ADR | 112,777 | 3,681,041 | ||||||
| Tencent Holdings Ltd. | 18,800 | 1,207,470 | ||||||
| 4,888,511 | ||||||||
| Denmark — 1.1% | ||||||||
| Novo Nordisk AS Class B | 25,512 | 1,780,176 | ||||||
| France — 5.5% | ||||||||
| Airbus SE | 26,008 | 5,442,015 | ||||||
| EssilorLuxottica SA | 5,683 | 1,561,181 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 4,137 | 2,169,657 | ||||||
| 9,172,853 | ||||||||
| Germany — 5.3% | ||||||||
| Allianz SE Registered | 3,167 | 1,283,174 | ||||||
| SAP SE | 24,593 | 7,480,888 | ||||||
| 8,764,062 | ||||||||
| India — 6.5% | ||||||||
| DLF Ltd. | 703,316 | 6,874,902 | ||||||
| HDFC Bank Ltd. | 38,179 | 889,998 | ||||||
| ICICI Bank Ltd. Sponsored ADR | 88,779 | 2,986,525 | ||||||
| 10,751,425 | ||||||||
| Israel — 0.9% | ||||||||
| Nice Ltd. Sponsored ADR (a) (b) | 9,207 | 1,555,154 | ||||||
| Italy — 1.6% | ||||||||
| Brunello Cucinelli SpA | 13,601 | 1,653,139 | ||||||
| Ferrari NV | 1,351 | 662,388 | ||||||
| Moncler SpA | 5,510 | 314,598 | ||||||
| 2,630,125 | ||||||||
| Japan — 3.2% | ||||||||
| Capcom Co. Ltd. | 46,300 | 1,580,676 | ||||||
| Hoya Corp. | 6,100 | 724,161 | ||||||
| Keyence Corp. | 6,000 | 2,409,232 | ||||||
| TDK Corp. | 44,300 | 518,141 | ||||||
| 5,232,210 | ||||||||
| MassMutual Global Fund — Portfolio of Investments (Continued) |
| Number
of Shares | Value | |||||||
| Netherlands — 2.5% | ||||||||
| Adyen NV (a) (c) | 1,325 | $ | 2,432,847 | |||||
| ASML Holding NV | 516 | 413,134 | ||||||
| BE Semiconductor Industries NV (b) | 5,040 | 754,474 | ||||||
| Universal Music Group NV | 14,808 | 480,537 | ||||||
| 4,080,992 | ||||||||
| Spain — 1.5% | ||||||||
| Amadeus IT Group SA | 28,508 | 2,411,727 | ||||||
| Sweden — 1.6% | ||||||||
| Assa Abloy AB Class B | 34,008 | 1,063,423 | ||||||
| Atlas Copco AB Class A | 99,991 | 1,619,802 | ||||||
| 2,683,225 | ||||||||
| Switzerland — 1.3% | ||||||||
| Lonza Group AG Registered | 3,078 | 2,199,250 | ||||||
| Taiwan — 0.9% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 43,000 | 1,552,558 | ||||||
| United States — 63.2% | ||||||||
| Alphabet, Inc. Class A | 79,147 | 13,948,076 | ||||||
| Amazon.com, Inc. (a) | 12,910 | 2,832,325 | ||||||
| Analog Devices, Inc. | 22,432 | 5,339,265 | ||||||
| ARM Holdings PLC ADR (a) (b) | 6,905 | 1,116,815 | ||||||
| Boston Scientific Corp. (a) | 16,566 | 1,779,354 | ||||||
| Broadcom, Inc. | 13,842 | 3,815,547 | ||||||
| Ecolab, Inc. | 3,605 | 971,331 | ||||||
| Eli Lilly & Co. | 5,962 | 4,647,558 | ||||||
| Equifax, Inc. | 7,995 | 2,073,663 | ||||||
| IDEXX Laboratories, Inc. (a) | 1,267 | 679,543 | ||||||
| Intuit, Inc. | 7,350 | 5,789,080 | ||||||
| Intuitive Surgical, Inc. (a) | 4,625 | 2,513,271 | ||||||
| IQVIA Holdings, Inc. (a) | 4,371 | 688,826 | ||||||
| Lam Research Corp. | 12,750 | 1,241,085 | ||||||
| Linde PLC (LIN US) | 1,128 | 529,235 | ||||||
| Marriott International, Inc. Class A | 5,990 | 1,636,528 | ||||||
| Marvell Technology, Inc. | 59,155 | 4,578,597 | ||||||
| Mastercard, Inc. Class A | 2,168 | 1,218,286 | ||||||
| Meta Platforms, Inc. Class A | 20,486 | 15,120,512 | ||||||
| Microsoft Corp. | 10,040 | 4,993,996 | ||||||
| Netflix, Inc. (a) | 2,746 | 3,677,251 | ||||||
| NVIDIA Corp. | 44,882 | 7,090,907 | ||||||
| Phathom Pharmaceuticals, Inc. (a) (b) | 34,578 | 331,603 | ||||||
| S&P Global, Inc. | 12,909 | 6,806,787 | ||||||
| ServiceNow, Inc. (a) | 777 | 798,818 | ||||||
| Spotify Technology SA (a) | 2,253 | 1,728,817 | ||||||
| Stryker Corp. | 1,075 | 425,302 | ||||||
| Synopsys, Inc. (a) | 1,639 | 840,283 | ||||||
| Thermo Fisher Scientific, Inc. | 1,136 | 460,603 | ||||||
| TJX Cos., Inc. | 7,810 | 964,457 | ||||||
| MassMutual Global Fund — Portfolio of Investments (Continued) |
| Number
of Shares | Value | |||||||
| Visa, Inc. Class A | 14,867 | $ | 5,278,528 | |||||
| Zoetis, Inc. | 2,599 | 405,314 | ||||||
| 104,321,563 | ||||||||
| TOTAL COMMON STOCK (Cost $93,411,033) | 164,477,672 | |||||||
| TOTAL EQUITIES (Cost $93,411,033) | 164,477,672 | |||||||
| TOTAL LONG-TERM INVESTMENTS
(Cost $93,411,033) | 164,477,672 | |||||||
| Short-Term Investments — 1.6% | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.9% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (d) | 1,453,595 | 1,453,595 | ||||||
| Principal
Amount | ||||||||
| Repurchase Agreement — 0.7% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (e) | $ | 1,137,609 | 1,137,609 | |||||
| TOTAL SHORT-TERM
INVESTMENTS (Cost $2,591,204) | 2,591,204 | |||||||
| TOTAL INVESTMENTS
— 101.2% (Cost $96,002,237) (f) | 167,068,876 | |||||||
| Other Assets/(Liabilities) — (1.2)% | (1,944,436) | |||||||
| NET ASSETS — 100.0% | $ | 165,124,440 | ||||||
| Abbreviation Legend | |
| ADR | American Depositary Receipt |
| Notes to Portfolio of Investments | |
| Percentages are stated as a percent of net assets. | |
| (a) | Non-income producing security. |
| (b) | Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2025, was $1,762,176 or 1.07% of net assets. The Fund received $368,861 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (c) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2025, the aggregate market value of these securities amounted to $2,432,847 or 1.47% of net assets. |
| (d) | Represents investment of security lending cash collateral and 7-day effective yield as of June 30, 2025. (Note 2). |
| (e) | Maturity value of $1,137,696. Collateralized by U.S. Government Agency obligations with a rate of 4.125%, maturity date of 9/30/27, and an aggregate market value, including accrued interest, of $1,160,541. |
| (f) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual International Equity Fund — Portfolio of Investments | ||||||||
June 30, 2025 (Unaudited) |
||||||||
| Number
of Shares | Value | |||||||
| Equities — 98.0% | ||||||||
| Common Stock — 97.8% | ||||||||
| Australia — 1.0% | ||||||||
| BHP Group Ltd. (a) | 1,000 | $ | 24,035 | |||||
| Glencore PLC | 27,400 | 106,692 | ||||||
| Macquarie Group Ltd. | 1,000 | 150,565 | ||||||
| Santos Ltd. | 32,000 | 160,995 | ||||||
| Sonic Healthcare Ltd. | 5,200 | 91,691 | ||||||
| Whitehaven Coal Ltd. (a) | 15,760 | 56,330 | ||||||
| 590,308 | ||||||||
| Belgium — 2.1% | ||||||||
| Anheuser-Busch InBev SA | 2,500 | 171,884 | ||||||
| KBC Group NV | 10,356 | 1,065,195 | ||||||
| 1,237,079 | ||||||||
| Canada — 5.7% | ||||||||
| Canadian National Railway Co. | 13,088 | 1,363,728 | ||||||
| CCL Industries, Inc. Class B | 1,600 | 93,303 | ||||||
| Intact Financial Corp. | 7,820 | 1,818,398 | ||||||
| 3,275,429 | ||||||||
| China — 0.3% | ||||||||
| Prosus NV (PRX NA) | 3,000 | 168,051 | ||||||
| Denmark — 0.1% | ||||||||
| Novo Nordisk AS Class B | 900 | 62,800 | ||||||
| Rockwool AS Class B | 300 | 14,036 | ||||||
| 76,836 | ||||||||
| Finland — 2.2% | ||||||||
| Kone OYJ Class B | 19,121 | 1,259,291 | ||||||
| France — 8.1% | ||||||||
| Accor SA | 2,926 | 153,074 | ||||||
| Amundi SA (b) | 1,292 | 104,732 | ||||||
| AXA SA | 19,763 | 971,377 | ||||||
| Capgemini SE | 7,201 | 1,232,519 | ||||||
| Cie de Saint-Gobain SA | 1,200 | 141,166 | ||||||
| Edenred SE | 2,700 | 83,742 | ||||||
| FDJ UNITED (b) | 200 | 7,849 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 595 | 312,049 | ||||||
| Rexel SA | 1,500 | 46,289 | ||||||
| Societe Generale SA | 5,800 | 332,342 | ||||||
| Sodexo SA | 1,034 | 63,634 | ||||||
| Teleperformance SE | 800 | 77,679 | ||||||
| TotalEnergies SE | 2,900 | 178,371 | ||||||
| MassMutual International Equity Fund — Portfolio of Investments (Continued) |
| Number
of Shares | Value | |||||||
| Veolia Environnement SA | 9,192 | $ | 327,904 | |||||
| Vinci SA | 4,369 | 644,917 | ||||||
| 4,677,644 | ||||||||
| Germany — 7.4% | ||||||||
| Allianz SE Registered | 360 | 145,861 | ||||||
| BASF SE | 900 | 44,392 | ||||||
| CTS Eventim AG & Co. KGaA | 300 | 37,360 | ||||||
| Deutsche Boerse AG | 536 | 174,898 | ||||||
| Deutsche Post AG | 3,100 | 143,299 | ||||||
| Heidelberg Materials AG | 1,100 | 258,438 | ||||||
| Infineon Technologies AG | 3,900 | 165,948 | ||||||
| K&S AG Registered | 1,211 | 22,197 | ||||||
| Merck KGaA | 9,832 | 1,273,252 | ||||||
| SAP SE | 1,100 | 334,607 | ||||||
| Siemens AG Registered | 960 | 246,216 | ||||||
| Symrise AG | 12,252 | 1,286,495 | ||||||
| Zalando SE (b) (c) | 4,699 | 154,711 | ||||||
| 4,287,674 | ||||||||
| Hong Kong — 3.3% | ||||||||
| AIA Group Ltd. | 140,979 | 1,267,792 | ||||||
| CK Asset Holdings Ltd. | 29,500 | 130,221 | ||||||
| Prudential PLC | 40,868 | 513,075 | ||||||
| 1,911,088 | ||||||||
| Ireland — 0.7% | ||||||||
| AerCap Holdings NV | 1,381 | 161,577 | ||||||
| AIB Group PLC | 29,400 | 241,871 | ||||||
| 403,448 | ||||||||
| Israel — 0.3% | ||||||||
| Check Point Software Technologies Ltd. (c) | 690 | 152,662 | ||||||
| Italy — 0.2% | ||||||||
| Prysmian SpA | 300 | 21,156 | ||||||
| Ryanair Holdings PLC | 3,500 | 99,021 | ||||||
| 120,177 | ||||||||
| Japan — 16.9% | ||||||||
| Canon, Inc. (a) | 2,500 | 72,411 | ||||||
| Chugai Pharmaceutical Co. Ltd. | 22,611 | 1,181,958 | ||||||
| Daikin Industries Ltd. | 400 | 47,255 | ||||||
| FANUC Corp. | 4,300 | 116,968 | ||||||
| Fujitsu Ltd. | 13,600 | 330,426 | ||||||
| Hitachi Ltd. | 10,900 | 315,760 | ||||||
| Hoya Corp. | 10,837 | 1,286,514 | ||||||
| Kao Corp. (a) | 25,676 | 1,149,232 | ||||||
| KDDI Corp. | 50,838 | 873,414 | ||||||
| Keyence Corp. | 3,056 | 1,227,102 | ||||||
| Kyocera Corp. | 9,300 | 111,659 | ||||||
| Nintendo Co. Ltd. | 1,000 | 95,917 | ||||||
| Olympus Corp. | 8,500 | 100,857 | ||||||
| ORIX Corp. | 11,700 | 263,812 | ||||||
| Panasonic Holdings Corp. | 10,300 | 110,650 | ||||||
| MassMutual International Equity Fund — Portfolio of Investments (Continued) |
| Number
of Shares | Value | |||||||
| Rakuten Group, Inc. (c) | 22,100 | $ | 121,639 | |||||
| Renesas Electronics Corp. | 8,200 | 100,911 | ||||||
| SBI Holdings, Inc. | 6,900 | 239,721 | ||||||
| Seven & i Holdings Co. Ltd. | 18,600 | 299,988 | ||||||
| Sony Group Corp. | 48,910 | 1,275,060 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 10,100 | 253,207 | ||||||
| Toyota Industries Corp. | 1,600 | 180,281 | ||||||
| 9,754,742 | ||||||||
| Luxembourg — 0.4% | ||||||||
| ArcelorMittal SA | 3,100 | 97,985 | ||||||
| Eurofins Scientific SE | 1,800 | 128,268 | ||||||
| 226,253 | ||||||||
| Netherlands — 4.7% | ||||||||
| ASML Holding NV | 1,902 | 1,522,831 | ||||||
| EXOR NV | 400 | 40,339 | ||||||
| Heineken Holding NV | 1,600 | 119,332 | ||||||
| Heineken NV | 9,232 | 808,328 | ||||||
| ING Groep NV | 8,500 | 186,531 | ||||||
| Koninklijke Philips NV | 1,236 | 29,675 | ||||||
| 2,707,036 | ||||||||
| Norway — 0.5% | ||||||||
| Aker BP ASA | 4,913 | 125,346 | ||||||
| DNB Bank ASA | 7,000 | 193,692 | ||||||
| 319,038 | ||||||||
| Republic of Korea — 0.3% | ||||||||
| Samsung Electronics Co. Ltd. | 3,500 | 155,171 | ||||||
| Singapore — 0.3% | ||||||||
| DBS Group Holdings Ltd. | 5,910 | 208,973 | ||||||
| Spain — 3.6% | ||||||||
| Iberdrola SA | 59,224 | 1,138,491 | ||||||
| Industria de Diseno Textil SA | 17,696 | 922,129 | ||||||
| 2,060,620 | ||||||||
| Sweden — 3.7% | ||||||||
| Assa Abloy AB Class B | 33,306 | 1,041,471 | ||||||
| Atlas Copco AB Class A | 40,905 | 662,640 | ||||||
| Boliden AB (c) | 2,400 | 75,073 | ||||||
| Essity AB Class B | 5,500 | 152,315 | ||||||
| Skandinaviska Enskilda Banken AB Class A | 11,659 | 203,624 | ||||||
| 2,135,123 | ||||||||
| Switzerland — 4.6% | ||||||||
| Chocoladefabriken Lindt & Spruengli AG | 64 | 1,076,836 | ||||||
| Cie Financiere Richemont SA Registered Class A | 900 | 170,209 | ||||||
| Julius Baer Group Ltd. | 1,200 | 80,972 | ||||||
| Sika AG Registered | 4,865 | 1,320,197 | ||||||
| 2,648,214 | ||||||||
| MassMutual International Equity Fund — Portfolio of Investments (Continued) |
| Number
of Shares | Value | |||||||
| United Kingdom — 15.5% | ||||||||
| Ashtead Group PLC | 1,500 | $ | 96,155 | |||||
| AstraZeneca PLC | 7,145 | 996,426 | ||||||
| Aviva PLC | 13,758 | 116,966 | ||||||
| BAE Systems PLC | 40,637 | 1,052,061 | ||||||
| Barratt Redrow PLC | 10,300 | 64,524 | ||||||
| Bunzl PLC | 1,400 | 44,590 | ||||||
| Burberry Group PLC (c) | 400 | 6,508 | ||||||
| CK Hutchison Holdings Ltd. | 36,000 | 222,235 | ||||||
| Compass Group PLC | 35,846 | 1,214,110 | ||||||
| DCC PLC | 2,141 | 138,982 | ||||||
| Diageo PLC | 32,740 | 823,527 | ||||||
| Inchcape PLC | 13,856 | 138,103 | ||||||
| Informa PLC | 4,300 | 47,575 | ||||||
| Kingfisher PLC | 15,400 | 61,534 | ||||||
| Legal & General Group PLC | 37,800 | 132,133 | ||||||
| Lloyds Banking Group PLC | 263,300 | 277,280 | ||||||
| London Stock Exchange Group PLC | 3,911 | 571,470 | ||||||
| Pearson PLC | 4,961 | 73,018 | ||||||
| Persimmon PLC | 3,800 | 67,668 | ||||||
| Reckitt Benckiser Group PLC | 12,152 | 826,664 | ||||||
| Smith & Nephew PLC | 25,637 | 391,748 | ||||||
| Tesco PLC | 29,300 | 161,403 | ||||||
| Unilever PLC (ULVR LN) | 2,900 | 176,637 | ||||||
| Unilever PLC (UNA NA) | 19,811 | 1,207,921 | ||||||
| Wise PLC Class A (c) | 5,400 | 77,107 | ||||||
| 8,986,345 | ||||||||
| United States — 15.9% | ||||||||
| BP PLC | 35,700 | 178,088 | ||||||
| CNH Industrial NV | 8,000 | 103,680 | ||||||
| Experian PLC | 29,184 | 1,503,459 | ||||||
| GSK PLC | 6,920 | 131,914 | ||||||
| Linde PLC (LIN US) | 3,158 | 1,481,670 | ||||||
| Nestle SA Registered | 10,307 | 1,023,710 | ||||||
| Novartis AG Registered | 9,622 | 1,164,022 | ||||||
| Roche Holding AG | 3,520 | 1,150,725 | ||||||
| Sanofi SA | 1,700 | 164,488 | ||||||
| Schneider Electric SE | 5,365 | 1,430,621 | ||||||
| Shell PLC | 19,291 | 676,011 | ||||||
| Smurfit WestRock PLC | 2,500 | 107,875 | ||||||
| Tenaris SA | 6,000 | 112,069 | ||||||
| 9,228,332 | ||||||||
| TOTAL COMMON STOCK (Cost $49,486,571) | 56,589,534 | |||||||
| Preferred Stock — 0.2% | ||||||||
| Germany — 0.2% | ||||||||
| Henkel AG & Co. KGaA 3.060% | ||||||||
| 1,169 | 91,791 | |||||||
| MassMutual International Equity Fund — Portfolio of Investments (Continued) |
| Number
of Shares | Value | |||||||
| TOTAL
PREFERRED STOCK (Cost $89,612) | $ | 91,791 | ||||||
| TOTAL EQUITIES (Cost $49,576,183) | 56,681,325 | |||||||
| TOTAL LONG-TERM INVESTMENTS
(Cost $49,576,183) | 56,681,325 | |||||||
| Short-Term Investments — 1.6% | ||||||||
| Principal
Amount | ||||||||
| Repurchase Agreement — 1.6% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (d) | $ | 945,886 | 945,886 | |||||
| TOTAL SHORT-TERM
INVESTMENTS (Cost $945,886) | 945,886 | |||||||
| TOTAL INVESTMENTS
— 99.6% (Cost $50,522,069) (e) | 57,627,211 | |||||||
| Other Assets/(Liabilities) — 0.4% | 213,841 | |||||||
| NET ASSETS — 100.0% | $ | 57,841,052 | ||||||
| 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 June 30, 2025, was $1,272,382 or 2.20% of net assets. The Fund received $1,336,172 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (b) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2025, the aggregate market value of these securities amounted to $267,292 or 0.46% of net assets. |
| (c) | Non-income producing security. |
| (d) | Maturity value of $945,958. Collateralized by U.S. Government Agency obligations with a rate of 4.125%, maturity date of 9/30/27, and an aggregate market value, including accrued interest, of $964,935. |
| (e) | See Note 3 for aggregate cost for federal tax purposes. |
| Notes to Portfolio of Investments (Unaudited) |
1. The Funds
MassMutual Premier Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated August 1, 1994, as amended and restated as of November 21, 2011, as it may be further amended from time to time. The Trust consists of 11 series, including the following 10 series listed below (each individually referred to as a “Fund” or collectively as the “Funds”):
MassMutual Short-Duration Bond Fund (“Short-Duration Bond Fund”)
MassMutual Inflation-Protected and Income Fund (“Inflation-Protected and Income Fund”)
MassMutual Core Bond Fund (“Core Bond Fund”)
MassMutual Diversified Bond Fund (“Diversified Bond Fund”)
MassMutual High Yield Fund (“High Yield Fund”)
MassMutual Balanced Fund (“Balanced Fund”)
MassMutual Disciplined 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”)
2. Significant Accounting Policies
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
Each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 impacts financial statement disclosures only and does not affect each Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. MML Investment Advisers, LLC (“MML Advisers”) acts as each Fund’s CODM. Each Fund represents a single operating segment, and the CODM monitors the operating results of each Fund as a whole and each Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by each Fund’s portfolio managers as a team. The financial information in the form of each Fund’s portfolio composition, total returns, expense ratios, and changes in net assets, which are used by the CODM to assess the segment’s performance versus each Fund’s comparative benchmark(s) and to make resource allocation decisions for each Fund’s single segment, is consistent with that presented within each Fund’s financial statements.
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 Advisers will determine the fair value of a Fund’s securities in accordance with MML Advisers’ fair valuation policy and procedures. On holidays and other days when the NYSE is closed, each Fund’s net asset value generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund’s assets may still be affected on such days to the extent that a Fund holds foreign securities that trade on days that foreign securities markets are open.
Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System (“NASDAQ System”), or in the case of over-the-counter (“OTC”) securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day.
Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, established benchmark yield, and estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche, including, but not limited to, prepayment speed assumptions and attributes of the collateral.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
The Board of Trustees (“Trustees”) have designated MML Advisers as the Funds’ “valuation designee,” responsible for determining the fair value, in good faith, of securities and other instruments held by the Funds for which market quotations are not readily available or for which such market quotations or values are considered by MML Advisers or a subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event). It is possible that a significant amount of a Fund’s assets will be subject to fair valuation in accordance with MML Advisers’ fair valuation policy and procedures. The fair value determined for an investment by MML Advisers may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.
The Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds’ portfolio securities may change on days when the prices of the Funds’ shares are not calculated. The prices of the Funds’ shares will reflect any such changes when the prices of the Funds’ shares are next calculated, which is the next business day. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds’ investments may be priced based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.
Investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and any other investments fair valued using significant unobservable inputs may be fair valued using alternate valuation approaches including, but not limited to, the following:
Market approach: considers factors including the price of recent investments in the same or similar security or financial metrics of comparable securities.
Income approach: considers factors including expected future cash flows, security specific risks, and corresponding discount rates.
Cost approach: considers factors including the value of the security’s underlying assets and liabilities.
Investments in series of preferred stock issued by Private Companies are typically valued utilizing the Market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as the current value method (“CVM”), an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The CVM allocates value among the various parts of a company’s capital structure assuming that the value of convertible preferred stock is represented by the most favorable claim the preferred stockholders have on the enterprise value as of the valuation date. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Fund. Typically, the most recently available information for a Private Company is as of a date that is earlier than the date a Fund is calculating its net asset value. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.
Level 1 – quoted prices (unadjusted) in active markets for identical investments that the Funds can access at the measurement date
Level 2 – other significant observable inputs (including fair value factors, quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs, to the extent observable inputs are not available (including the Funds’ own assumptions in determining the fair value of investments)
| Notes to Portfolio of Investments (Unaudited) (Continued) |
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 following is the aggregate value by input level, as of June 30, 2025, for the Funds’ investments:
Short-Duration Bond Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | |||||||||
| Corporate Debt | $ | — | $ | 65,196,600 | $ | — | $ | 65,196,600 | |||||
| Non-U.S. Government Agency Obligations | — | 50,486,741 | — | 50,486,741 | |||||||||
| U.S. Government Agency Obligations and Instrumentalities | — | 38,244 | — | 38,244 | |||||||||
| Short-Term Investments | 735,080 | 30,351,628 | — | 31,086,708 | |||||||||
| Total Investments | $ | 735,080 | $ | 146,073,213 | $ | — | $ | 146,808,293 | |||||
| Asset Derivatives | |||||||||||||
| Futures Contracts | $ | 309,705 | $ | — | $ | — | $ | 309,705 | |||||
| Liability Derivatives | |||||||||||||
| Futures Contracts | $ | (393,511 | ) | $ | — | $ | — | $ | (393,511 | ) | |||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Inflation-Protected and Income Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | |||||||||
| Non-U.S. Government Agency Obligations | $ | — | $ | 138,881,249 | $ | — | $ | 138,881,249 | |||||
| U.S. Government Agency Obligations and Instrumentalities | — | 8,955,335 | — | 8,955,335 | |||||||||
| U.S. Treasury Obligations | — | 45,504,743 | — | 45,504,743 | |||||||||
| Short-Term Investments | — | 25,805,329 | — | 25,805,329 | |||||||||
| Total Investments | $ | — | $ | 219,146,656 | $ | — | $ | 219,146,656 | |||||
| Asset Derivatives | |||||||||||||
| Futures Contracts | $ | 68,275 | $ | — | $ | — | $ | 68,275 | |||||
| Swap Agreements | — | 3,048,001 | — | 3,048,001 | |||||||||
| Total | $ | 68,275 | $ | 3,048,001 | $ | — | $ | 3,116,276 | |||||
| Liability Derivatives | |||||||||||||
| Futures Contracts | $ | (195,755 | ) | $ | — | $ | — | $ | (195,755 | ) | |||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Core Bond Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | |||||||||
| Corporate Debt | $ | — | $ | 310,789,375 | $ | — | $ | 310,789,375 | |||||
| Non-U.S. Government Agency Obligations | — | 166,877,652 | — | 166,877,652 | |||||||||
| Sovereign Debt Obligations | — | 1,397,775 | — | 1,397,775 | |||||||||
| U.S. Government Agency Obligations and Instrumentalities | — | 239,988,985 | — | 239,988,985 | |||||||||
| U.S. Treasury Obligations | — | 49,953,129 | — | 49,953,129 | |||||||||
| Short-Term Investments | 11,448,378 | 11,316,845 | — | 22,765,223 | |||||||||
| Total Investments | $ | 11,448,378 | $ | 780,323,761 | $ | — | $ | 791,772,139 | |||||
| Asset Derivatives | |||||||||||||
| Futures Contracts | $ | 1,928,498 | $ | — | $ | — | $ | 1,928,498 | |||||
| Liability Derivatives | |||||||||||||
| Futures Contracts | $ | (76,270 | ) | $ | — | $ | — | $ | (76,270 | ) | |||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Diversified Bond Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | |||||||||
| Corporate Debt | $ | — | $ | 28,288,248 | $ | — | $ | 28,288,248 | |||||
| Non-U.S. Government Agency Obligations | — | 16,146,964 | — | 16,146,964 | |||||||||
| Sovereign Debt Obligations | — | 136,790 | — | 136,790 | |||||||||
| U.S. Government Agency Obligations and Instrumentalities | — | 16,537,553 | — | 16,537,553 | |||||||||
| U.S. Treasury Obligations | — | 8,159,575 | — | 8,159,575 | |||||||||
| Preferred Stock | 180,040 | — | — | 180,040 | |||||||||
| Warrants | — | — | 3,491 | 3,491 | |||||||||
| Short-Term Investments | 2,473,015 | 2,041,754 | — | 4,514,769 | |||||||||
| Total Investments | $ | 2,653,055 | $ | 71,310,884 | $ | 3,491 | $ | 73,967,430 | |||||
| Asset Derivatives | |||||||||||||
| Forward Contracts | $ | — | $ | 78,792 | $ | — | $ | 78,792 | |||||
| Futures Contracts | 170,054 | — | — | 170,054 | |||||||||
| Total | $ | 170,054 | $ | 78,792 | $ | — | $ | 248,846 | |||||
| Liability Derivatives | |||||||||||||
| Forward Contracts | $ | — | $ | (26,723 | ) | $ | — | $ | (26,723 | ) | |||
| Futures Contracts | (22,881 | ) | — | — | (22,881 | ) | |||||||
| Written Options | — | (16,770 | ) | — | (16,770 | ) | |||||||
| Total | $ | (22,881 | ) | $ | (43,493 | ) | $ | — | $ | (66,374 | ) | ||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
High Yield Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | |||||||||
| Preferred Stock | $ | 162,315 | $ | — | $ | — | $ | 162,315 | |||||
| Bank Loans | — | 41,699,357 | — | 41,699,357 | |||||||||
| Corporate Debt | — | 383,790,395 | — | 383,790,395 | |||||||||
| Exchange-Traded Funds | 9,152,440 | — | — | 9,152,440 | |||||||||
| Short-Term Investments | 40,868,033 | 21,993,276 | — | 62,861,309 | |||||||||
| Total Investments | $ | 50,182,788 | $ | 447,483,028 | $ | — | $ | 497,665,816 | |||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Balanced Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | |||||||||
| Common Stock | $ | 58,992,923 | $ | — | $ | — | $ | 58,992,923 | |||||
| Corporate Debt | — | 10,609,328 | — | 10,609,328 | |||||||||
| Non-U.S. Government Agency Obligations | — | 3,200,956 | — | 3,200,956 | |||||||||
| U.S. Government Agency Obligations and Instrumentalities | — | 10,194,901 | — | 10,194,901 | |||||||||
| U.S. Treasury Obligations | — | 10,005,367 | — | 10,005,367 | |||||||||
| Short-Term Investments | — | 610,717 | — | 610,717 | |||||||||
| Total Investments | $ | 58,992,923 | $ | 34,621,269 | $ | — | $ | 93,614,192 | |||||
| Asset Derivatives | |||||||||||||
| Futures Contracts | $ | 6,475 | $ | — | $ | — | $ | 6,475 | |||||
| Liability Derivatives | |||||||||||||
| Futures Contracts | $ | (17,786 | ) | $ | — | $ | — | $ | (17,786 | ) | |||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Disciplined Growth Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | |||||||||
| Common Stock | $ | 202,840,232 | $ | — | $ | — | $ | 202,840,232 | |||||
| Short-Term Investments | 40,905 | 2,007,889 | — | 2,048,794 | |||||||||
| Total Investments | $ | 202,881,137 | $ | 2,007,889 | $ | — | $ | 204,889,026 | |||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Small Cap Opportunities Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | |||||||||
| Common Stock | $ | 434,769,539 | $ | — | $ | — | $ | 434,769,539 | |||||
| Short-Term Investments | 3,861,669 | 4,846,695 | — | 8,708,364 | |||||||||
| Total Investments | $ | 438,631,208 | $ | 4,846,695 | $ | — | $ | 443,477,903 | |||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Global Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | |||||||||
| Common Stock* | |||||||||||||
| Canada | $ | 2,453,841 | $ | — | $ | — | $ | 2,453,841 | |||||
| China | 3,681,041 | 1,207,470 | — | 4,888,511 | |||||||||
| Denmark | — | 1,780,176 | — | 1,780,176 | |||||||||
| France | — | 9,172,853 | — | 9,172,853 | |||||||||
| Germany | — | 8,764,062 | — | 8,764,062 | |||||||||
| India | 2,986,525 | 7,764,900 | — | 10,751,425 | |||||||||
| Israel | 1,555,154 | — | — | 1,555,154 | |||||||||
| Italy | — | 2,630,125 | — | 2,630,125 | |||||||||
| Japan | — | 5,232,210 | — | 5,232,210 | |||||||||
| Netherlands | — | 4,080,992 | — | 4,080,992 | |||||||||
| Spain | — | 2,411,727 | — | 2,411,727 | |||||||||
| Sweden | — | 2,683,225 | — | 2,683,225 | |||||||||
| Switzerland | — | 2,199,250 | — | 2,199,250 | |||||||||
| Taiwan | — | 1,552,558 | — | 1,552,558 | |||||||||
| United States | 104,321,563 | — | — | 104,321,563 | |||||||||
| Short-Term Investments | 1,453,595 | 1,137,609 | — | 2,591,204 | |||||||||
| Total Investments | $ | 116,451,719 | $ | 50,617,157 | $ | — | $ | 167,068,876 | |||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
International Equity Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | |||||||||
| Common Stock* | |||||||||||||
| Australia | $ | — | $ | 590,308 | $ | — | $ | 590,308 | |||||
| Belgium | — | 1,237,079 | — | 1,237,079 | |||||||||
| Canada | 3,275,429 | — | — | 3,275,429 | |||||||||
| China | — | 168,051 | — | 168,051 | |||||||||
| Denmark | — | 76,836 | — | 76,836 | |||||||||
| Finland | — | 1,259,291 | — | 1,259,291 | |||||||||
| France | — | 4,677,644 | — | 4,677,644 | |||||||||
| Germany | — | 4,287,674 | — | 4,287,674 | |||||||||
| Hong Kong | — | 1,911,088 | — | 1,911,088 | |||||||||
| Ireland | 161,577 | 241,871 | — | 403,448 | |||||||||
| Israel | 152,662 | — | — | 152,662 | |||||||||
| Italy | — | 120,177 | — | 120,177 | |||||||||
| Japan | — | 9,754,742 | — | 9,754,742 | |||||||||
| Luxembourg | — | 226,253 | — | 226,253 | |||||||||
| Netherlands | — | 2,707,036 | — | 2,707,036 | |||||||||
| Norway | — | 319,038 | — | 319,038 | |||||||||
| Republic of Korea | — | 155,171 | — | 155,171 | |||||||||
| Singapore | — | 208,973 | — | 208,973 | |||||||||
| Spain | — | 2,060,620 | — | 2,060,620 | |||||||||
| Sweden | — | 2,135,123 | — | 2,135,123 | |||||||||
| Switzerland | — | 2,648,214 | — | 2,648,214 | |||||||||
| United Kingdom | — | 8,986,345 | — | 8,986,345 | |||||||||
| United States | 1,693,225 | 7,535,107 | — | 9,228,332 | |||||||||
| Preferred Stock* | |||||||||||||
| Germany | — | 91,791 | — | 91,791 | |||||||||
| Short-Term Investments | — | 945,886 | — | 945,886 | |||||||||
| Total Investments | $ | 5,282,893 | $ | 52,344,318 | $ | — | $ | 57,627,211 | |||||
| * | 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. |
Derivative Instruments
Derivatives are financial instruments whose values are based on the values of one or more underlying indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than the derivatives’ original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price.
Please refer to the Funds’ most recent Annual/Semiannual reports and Prospectus(es) and Statement(s) of Additional Information which can be found on the Securities and Exchange Commission’s EDGAR database on its website at http://www.sec.gov for more information regarding the derivatives and other investments held by the Fund(s).
Securities Lending
Each Fund may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds’ securities lending activities are governed by a Securities Lending Agency Agreement (“Lending Agreement”) between each Fund and the lending agent (“Agent”). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a “Borrower”).
Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At June 30, 2025, the Funds’ collateral was equal to or greater than 100% of the market value of securities on loan, other than those disclosed below and all of the Funds’ cash collateral was invested in the State Street Navigator Securities Lending Government Money Market Portfolio.
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.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Accounting for Investment Transactions
Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country’s tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.
Foreign Currency Translation
The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.
Foreign Securities
Each of the Short-Duration Bond Fund and Global Fund invests a significant amount of its assets in foreign securities and the International Equity Fund invests substantially all of its assets in foreign securities. The other Funds may also invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, public health, and diplomatic risks. In addition, fluctuations in currency exchange rates may favorably or unfavorably affect the values of foreign securities and the price of a Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, less stringent investor protection and disclosure standards, less reliable settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems.
Market Risk
The value of a Fund’s portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable market-induced changes affecting particular industries, sectors, or issuers. Stock and bond markets can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, public health, and other conditions, as well as investor perceptions of these conditions. A Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.
Federal Income Tax
It is each Fund’s intent to continue to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to a regulated investment company. Under such provisions, the Funds would not be subject to U.S. federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for U.S. federal income tax.
Dividends and Distributions to Shareholders
Dividends from net investment income are either declared daily and paid monthly or declared and paid annually depending on the requirements of each Fund. Dividends from net investment income may also be distributed at other times throughout the year as required to satisfy tax or regulatory requirements. Distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. As a result, net investment income and net realized capital gains on investment transactions for a reporting period may differ significantly from distributions during such period.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
3. Federal Income Tax Information
At June 30, 2025, 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 | $ | 148,442,636 | $ | 1,194,499 | $ | (2,828,842 | ) | $ | (1,634,343 | ) | ||
| Inflation-Protected and Income Fund | 222,329,904 | 1,278,714 | (4,461,962 | ) | (3,183,248 | ) | ||||||
| Core Bond Fund | 816,504,309 | 6,854,538 | (31,586,708 | ) | (24,732,170 | ) | ||||||
| Diversified Bond Fund | 76,457,223 | 782,566 | (3,272,359 | ) | (2,489,793 | ) | ||||||
| High Yield Fund | 496,432,199 | 8,207,436 | (6,973,819 | ) | 1,233,617 | |||||||
| Balanced Fund | 83,628,986 | 13,187,576 | (3,202,370 | ) | 9,985,206 | |||||||
| Disciplined Growth Fund | 146,886,313 | 59,803,351 | (1,800,638 | ) | 58,002,713 | |||||||
| Small Cap Opportunities Fund | 388,720,245 | 80,287,897 | (25,530,239 | ) | 54,757,658 | |||||||
| Global Fund | 96,002,237 | 73,660,280 | (2,593,641 | ) | 71,066,639 | |||||||
| International Equity Fund | 50,522,069 | 8,855,373 | (1,750,231 | ) | 7,105,142 | |||||||
4. New Accounting Pronouncements
In December 2023, FASB issued Accounting Standards Update 2023-09 — Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and allows for early adoption. Management is currently evaluating the impact of applying this update.
5. Upcoming Fund Liquidations
The Trustees have approved a Plan of Liquidation and Termination pursuant to which it is expected that the U.S. Government Money Market Fund, Balanced Fund, Disciplined Growth Fund, and International Equity Fund (each, a “Fund”) will be dissolved. Effective on or about September 5, 2025 for the U.S. Government Money Market Fund and September 12, 2025 for each of the other Funds (collectively, the “Termination Date”), shareholders of the various classes of shares of each Fund will receive proceeds in proportion to the number of shares of such class held by each of them on the Termination Date.
6. Upcoming Fund Merger
The respective Board of Trustees of the Selling Fund and the Acquiring Fund, as applicable, has approved the reorganization of the Selling Fund listed in the table below (the “Selling Fund”) with and into the Acquiring Fund listed in the table below (the “Acquiring Fund”). Subject to the satisfaction of certain conditions, the reorganization is expected to occur in September 2025. No shareholder approval is required to effect the reorganization of the Selling Fund into the Acquiring Fund. No assurance can be given that the reorganization will occur.
| Selling Fund | Acquiring Fund | |
|
MassMutual Total Return Bond Fund (a series of MassMutual Select Funds) |
Core Bond Fund (a series of MassMutual Premier Funds) |
Under the terms of the proposed Agreement and Plan of Reorganization, the Selling Fund’s assets and liabilities would be transferred to the Acquiring Fund in return for shares of the Acquiring Fund with an aggregate net asset value equal to the aggregate value of the assets that it receives from the Selling Fund, less the liabilities it assumes from the Selling Fund. The Acquiring Fund shares would be distributed pro rata to shareholders of the Selling Fund, in liquidation of the Selling Fund. Current shareholders of the Selling Fund would thus become shareholders of the Acquiring Fund and would receive shares of the Acquiring Fund with a value equal to their shares of the Selling Fund at the time of the reorganization. Assuming certain conditions are satisfied, the reorganization is expected to be a tax-free event for U.S. federal income tax purposes. More information about the Acquiring Fund and the definitive terms of the reorganization is included in the combined information statement/prospectus relating to the reorganization, which is available at https://www.massmutual.com/product-performance/mutual-funds.