| MassMutual Short-Duration Bond Fund — Portfolio of Investments |
December 31, 2022 (Unaudited)
| Principal Amount | Value | |||||||
| BONDS & NOTES — 93.6% | ||||||||
| CORPORATE DEBT — 48.5% | ||||||||
| Agriculture — 1.9% | ||||||||
| BAT Capital Corp. | ||||||||
| 4.700% 4/02/27 | $ | 2,220,000 | $ | 2,131,003 | ||||
| Imperial Brands Finance PLC | ||||||||
| 3.125% 7/26/24 (a) | 1,120,000 | 1,071,150 | ||||||
| Wens Foodstuffs Group Co. Ltd. | ||||||||
| 2.349% 10/29/25 (a) | 3,725,000 | 3,224,220 | ||||||
| 6,426,373 | ||||||||
| Auto Manufacturers — 2.3% | ||||||||
| Ford Motor Credit Co. LLC | ||||||||
| 2.300% 2/10/25 (b) | 1,970,000 | 1,779,255 | ||||||
| General Motors Co. | ||||||||
| 6.125% 10/01/25 | 1,407,000 | 1,433,128 | ||||||
| Hyundai Capital America | ||||||||
| 1.500% 6/15/26 (a) | 1,910,000 | 1,656,827 | ||||||
| Nissan Motor Acceptance Co. LLC | ||||||||
| 1.850% 9/16/26 (a) | 3,370,000 | 2,816,451 | ||||||
| 7,685,661 | ||||||||
| Banks — 8.4% | ||||||||
| ABN AMRO Bank NV | ||||||||
| 4.750% 7/28/25 (a) | 1,585,000 | 1,537,149 | ||||||
| ABQ Finance Ltd. | ||||||||
| 2.000% 7/06/26 (a) | 3,800,000 | 3,370,524 | ||||||
| Barclays PLC | ||||||||
| 5.200% 5/12/26 | 3,040,000 | 2,958,977 | ||||||
| BPCE SA | ||||||||
| 4.625% 7/11/24 (a) | 1,200,000 | 1,167,708 | ||||||
| Burgan Bank SAK 5 year CMT + 2.229% | ||||||||
| 2.750% VRN 12/15/31 (a) | 2,000,000 | 1,442,832 | ||||||
| Credit Suisse Group AG | ||||||||
| SOFR + .980% 1.305% VRN 2/02/27 (a) | 1,610,000 | 1,285,880 | ||||||
| 6.500% 8/08/23 (a) | 3,910,000 | 3,780,970 | ||||||
| Danske Bank A/S 1 year CMT + .730% | ||||||||
| 1.549% VRN 9/10/27 (a) | 1,850,000 | 1,586,560 | ||||||
| Deutsche Bank AG | ||||||||
| SOFR + 1.219% 2.311% VRN 11/16/27 | 1,215,000 | 1,031,722 | ||||||
| SOFR + 1.318% 2.552% VRN 1/07/28 | 1,730,000 | 1,474,940 | ||||||
| HSBC Holdings PLC SOFR + 1.290% | ||||||||
| 1.589% VRN 5/24/27 | 2,050,000 | 1,770,121 | ||||||
| Macquarie Group Ltd. SOFR + 1.069% | ||||||||
| 1.340% VRN 1/12/27 (a) | 1,500,000 | 1,308,735 | ||||||
| Natwest Group PLC | ||||||||
| 1 year CMT + .900% 1.642% VRN 6/14/27 | 1,565,000 | 1,356,735 | ||||||
| 1 year CMT + 2.850% 7.472% VRN 11/10/26 | 450,000 | 468,680 | ||||||
| Santander UK Group Holdings PLC SOFR + 1.220% | ||||||||
| 2.469% VRN 1/11/28 | 815,000 | 696,915 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Societe Generale SA | ||||||||
| 1 year CMT + 1.000% 1.792% VRN 6/09/27 (a) | $ | 245,000 | $ | 211,358 | ||||
| 1 year CMT + 1.300% 2.797% VRN 1/19/28 (a) | 1,200,000 | 1,051,522 | ||||||
| UBS Group AG 1 year CMT + 1.080% | ||||||||
| 1.364% VRN 1/30/27 (a) | 1,325,000 | 1,161,638 | ||||||
| 27,662,966 | ||||||||
| Beverages — 0.4% | ||||||||
| JDE Peet's NV | ||||||||
| 1.375% 1/15/27 (a) | 1,529,000 | 1,292,370 | ||||||
| Chemicals — 2.0% | ||||||||
| Celanese US Holdings LLC | ||||||||
| 6.050% 3/15/25 | 1,855,000 | 1,850,073 | ||||||
| MEGlobal Canada ULC | ||||||||
| 5.000% 5/18/25 (a) | 2,900,000 | 2,847,800 | ||||||
| Yara International ASA | ||||||||
| 4.750% 6/01/28 (a) | 2,125,000 | 1,962,797 | ||||||
| 6,660,670 | ||||||||
| Commercial Services — 0.5% | ||||||||
| Triton Container International Ltd. | ||||||||
| 2.050% 4/15/26 (a) | 2,100,000 | 1,827,158 | ||||||
| Distribution & Wholesale — 1.3% | ||||||||
| Ferguson Finance PLC | ||||||||
| 4.250% 4/20/27 (a) | 1,225,000 | 1,159,950 | ||||||
| Li & Fung Ltd. | ||||||||
| 4.500% STEP 8/18/25 (a) | 3,750,000 | 3,258,750 | ||||||
| 4,418,700 | ||||||||
| Diversified Financial Services — 5.1% | ||||||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | ||||||||
| 2.450% 10/29/26 | 2,290,000 | 2,004,829 | ||||||
| Aircastle Ltd. | ||||||||
| 4.125% 5/01/24 | 1,990,000 | 1,924,032 | ||||||
| Antares Holdings LP | ||||||||
| 2.750% 1/15/27 (a) | 2,785,000 | 2,234,035 | ||||||
| 3.950% 7/15/26 (a) | 4,980,000 | 4,312,031 | ||||||
| Avolon Holdings Funding Ltd. | ||||||||
| 2.875% 2/15/25 (a) | 3,045,000 | 2,811,543 | ||||||
| BGC Partners, Inc. | ||||||||
| 4.375% 12/15/25 | 3,690,000 | 3,460,249 | ||||||
| 16,746,719 | ||||||||
| Electric — 1.4% | ||||||||
| Alliant Energy Finance LLC | ||||||||
| 1.400% 3/15/26 (a) | 1,630,000 | 1,415,912 | ||||||
| Enel Finance International NV | ||||||||
| 4.625% 6/15/27 (a) | 2,079,000 | 1,969,508 | ||||||
| Pacific Gas and Electric Co. | ||||||||
| 4.950% 6/08/25 | 1,110,000 | 1,093,711 | ||||||
| 4,479,131 | ||||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Entertainment — 0.5% | ||||||||
| Warnermedia Holdings, Inc. | ||||||||
| 3.638% 3/15/25 (a) | $ | 1,830,000 | $ | 1,741,458 | ||||
| Food — 2.1% | ||||||||
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | ||||||||
| 2.500% 1/15/27 (a) | 2,225,000 | 1,946,252 | ||||||
| Pilgrim's Pride Corp. | ||||||||
| 5.875% 9/30/27 (a) | 709,000 | 687,713 | ||||||
| Smithfield Foods, Inc. | ||||||||
| 4.250% 2/01/27 (a) | 4,625,000 | 4,264,256 | ||||||
| 6,898,221 | ||||||||
| Home Builders — 0.3% | ||||||||
| Toll Brothers Finance Corp. | ||||||||
| 4.875% 3/15/27 | 950,000 | 908,986 | ||||||
| Housewares — 0.2% | ||||||||
| Newell Brands, Inc. | ||||||||
| 6.375% 9/15/27 | 780,000 | 775,406 | ||||||
| Insurance — 3.5% | ||||||||
| AmTrust Financial Services, Inc. | ||||||||
| 6.125% 8/15/23 | 4,810,000 | 4,639,288 | ||||||
| Athene Global Funding | ||||||||
| 1.730% 10/02/26 (a) | 2,085,000 | 1,792,323 | ||||||
| Jackson Financial, Inc. | ||||||||
| 5.170% 6/08/27 (b) | 999,000 | 986,434 | ||||||
| Sammons Financial Group, Inc. | ||||||||
| 4.450% 5/12/27 (a) | 4,515,000 | 4,216,357 | ||||||
| 11,634,402 | ||||||||
| Internet — 0.7% | ||||||||
| Expedia Group, Inc. | ||||||||
| 4.625% 8/01/27 | 1,145,000 | 1,100,118 | ||||||
| Netflix, Inc. | ||||||||
| 5.875% 11/15/28 | 1,207,000 | 1,223,331 | ||||||
| 2,323,449 | ||||||||
| Investment Companies — 2.5% | ||||||||
| Ares Capital Corp. | ||||||||
| 3.875% 1/15/26 | 1,635,000 | 1,500,115 | ||||||
| Blackstone Private Credit Fund | ||||||||
| 2.625% 12/15/26 | 2,925,000 | 2,424,355 | ||||||
| Golub Capital BDC, Inc. | ||||||||
| 2.500% 8/24/26 | 1,965,000 | 1,670,369 | ||||||
| OWL Rock Core Income Corp. | ||||||||
| 4.700% 2/08/27 | 2,965,000 | 2,677,169 | ||||||
| 8,272,008 | ||||||||
| Iron & Steel — 0.5% | ||||||||
| Vale Overseas Ltd. | ||||||||
| 6.250% 8/10/26 | 1,549,000 | 1,602,661 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Lodging — 0.6% | ||||||||
| Las Vegas Sands Corp. | ||||||||
| 3.200% 8/08/24 | $ | 2,030,000 | $ | 1,928,913 | ||||
| Machinery – Construction & Mining — 0.6% | ||||||||
| The Weir Group PLC | ||||||||
| 2.200% 5/13/26 (a) | 2,261,000 | 2,007,515 | ||||||
| Mining — 0.6% | ||||||||
| Alcoa Nederland Holding BV | ||||||||
| 6.125% 5/15/28 (a) | 2,095,000 | 2,063,826 | ||||||
| Multi-National — 1.5% | ||||||||
| Africa Finance Corp. | ||||||||
| 3.125% 6/16/25 (a) | 2,173,000 | 2,022,107 | ||||||
| The Eastern & Southern African Trade & Development Bank | ||||||||
| 4.875% 5/23/24 (a) | 3,000,000 | 2,879,700 | ||||||
| 4,901,807 | ||||||||
| Oil & Gas — 1.8% | ||||||||
| EQT Corp. | ||||||||
| 6.125% STEP 2/01/25 | 1,069,000 | 1,071,512 | ||||||
| Ovintiv Exploration, Inc. | ||||||||
| 5.375% 1/01/26 | 1,200,000 | 1,191,912 | ||||||
| Patterson-UTI Energy, Inc. | ||||||||
| 3.950% 2/01/28 (b) | 4,130,000 | 3,649,472 | ||||||
| 5,912,896 | ||||||||
| Pharmaceuticals — 0.7% | ||||||||
| Viatris, Inc. | ||||||||
| 2.300% 6/22/27 | 2,655,000 | 2,270,707 | ||||||
| Pipelines — 1.3% | ||||||||
| Energy Transfer LP | ||||||||
| 4.950% 6/15/28 | 2,675,000 | 2,591,212 | ||||||
| Plains All American Pipeline LP/PAA Finance Corp. | ||||||||
| 4.500% 12/15/26 | 960,000 | 922,807 | ||||||
| 4.650% 10/15/25 | 745,000 | 729,733 | ||||||
| 4,243,752 | ||||||||
| Private Equity — 0.9% | ||||||||
| Hercules Capital, Inc. | ||||||||
| 2.625% 9/16/26 | 3,488,000 | 2,945,398 | ||||||
| Real Estate — 1.6% | ||||||||
| MAF Sukuk Ltd. | ||||||||
| 4.500% 11/03/25 (a) | 2,525,000 | 2,477,888 | ||||||
| Shimao Group Holdings Ltd. | ||||||||
| 6.125% 2/21/24 (a) | 14,600,000 | 2,684,759 | ||||||
| 5,162,647 | ||||||||
| Real Estate Investment Trusts (REITS) — 2.1% | ||||||||
| Boston Properties LP | ||||||||
| 6.750% 12/01/27 | 1,140,000 | 1,177,368 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Global Net Lease, Inc./Global Net Lease Operating Partnership LP | ||||||||
| 3.750% 12/15/27 (a) | $ | 1,125,000 | $ | 935,267 | ||||
| Omega Healthcare Investors, Inc. | ||||||||
| 4.750% 1/15/28 | 2,069,000 | 1,908,838 | ||||||
| Service Properties Trust | ||||||||
| 4.350% 10/01/24 | 2,115,000 | 1,922,686 | ||||||
| Vornado Realty LP | ||||||||
| 2.150% 6/01/26 | 1,200,000 | 1,016,302 | ||||||
| 6,960,461 | ||||||||
| Retail — 0.8% | ||||||||
| Nordstrom, Inc. | ||||||||
| 2.300% 4/08/24 (b) | 2,051,000 | 1,918,095 | ||||||
| 4.000% 3/15/27 (b) | 740,000 | 616,124 | ||||||
| 2,534,219 | ||||||||
| Savings & Loans — 0.1% | ||||||||
| Nationwide Building Society | ||||||||
| 4.000% 9/14/26 (a) | 297,000 | 270,298 | ||||||
| Telecommunications — 2.0% | ||||||||
| Telecom Italia SpA | ||||||||
| 5.303% 5/30/24 (a) | 2,610,000 | 2,472,818 | ||||||
| Tower Bersama Infrastructure Tbk PT | ||||||||
| 4.250% 1/21/25 (a) | 4,450,000 | 4,274,399 | ||||||
| 6,747,217 | ||||||||
| Toys, Games & Hobbies — 0.3% | ||||||||
| Mattel, Inc. | ||||||||
| 3.375% 4/01/26 (a) | 1,210,000 | 1,112,480 | ||||||
| TOTAL CORPORATE DEBT (Cost $188,885,778) | 160,418,475 | |||||||
| NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 45.1% | ||||||||
| Automobile Asset-Backed Securities — 0.1% | ||||||||
| AmeriCredit Automobile Receivables Trust, Series 2020-3, Class D | ||||||||
| 1.490% 9/18/26 | 339,000 | 313,876 | ||||||
| Commercial Mortgage-Backed Securities — 4.4% | ||||||||
| BAMLL Commercial Mortgage Securities Trust | ||||||||
| Series 2019-BPR, Class CMP, 3.895% VRN 11/05/32 (a) (c) | 2,280,000 | 1,950,707 | ||||||
| Series 2019-BPR, Class DMP, 3.895% VRN 11/05/32 (a) (c) | 3,050,000 | 2,586,467 | ||||||
| Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350% 5.668% FRN 9/15/34 (a) | 570,000 | 545,820 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class C, | ||||||||
| 3.958% VRN 4/15/46 (c) | 1,015,000 | 791,858 | ||||||
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class B | ||||||||
| 3.769% 2/15/46 | 2,340,000 | 2,284,142 | ||||||
| One New York Plaza Trust | ||||||||
| Series 2020-1NYP, Class C, 1 mo. USD LIBOR + 2.200% 6.518% FRN 1/15/36 (a) | 4,106,000 | 3,831,985 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2020-1NYP, Class D, 1 mo. USD LIBOR + 2.750% 7.068% FRN 1/15/36 (a) | $ | 2,760,000 | $ | 2,511,451 | ||||
| 14,502,430 | ||||||||
| Home Equity Asset-Backed Securities — 0.0% | ||||||||
| Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + .480% | ||||||||
| 4.869% FRN 10/25/34 (a) | 34,748 | 34,727 | ||||||
| Other Asset-Backed Securities — 22.2% | ||||||||
| 321 Henderson Receivables LLC | ||||||||
| Series 2006-1A, Class A1, 1 mo. USD LIBOR + .200% 4.518% FRN 3/15/41 (a) | 16,294 | 16,252 | ||||||
| Series 2006-3A, Class A1, 1 mo. USD LIBOR + .200% 4.518% FRN 9/15/41 (a) | 41,811 | 41,071 | ||||||
| 522 Funding CLO Ltd., Series 2018-3A, Class BR, 3 mo. USD LIBOR + 1.550% | ||||||||
| 5.793% FRN 10/20/31 (a) | 2,352,000 | 2,254,975 | ||||||
| Adams Outdoor Advertising LP, Series 2018-1, Class A | ||||||||
| 4.810% 11/15/48 (a) | 1,719,101 | 1,630,931 | ||||||
| AIMCO CLO 10 Ltd., Series 2019-10A, Class AR, 3 mo. USD LIBOR + 1.060% | ||||||||
| 5.385% FRN 7/22/32 (a) | 5,000,000 | 4,888,835 | ||||||
| Apollo Aviation Securitization AASET Trust, Series 2020-1A, Class B | ||||||||
| 4.335% 1/16/40 (a) | 722,482 | 311,322 | ||||||
| Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W10, Class M1, 1 mo. USD LIBOR + .900% | ||||||||
| 3.769% FRN 10/25/34 | 96,605 | 84,989 | ||||||
| Ballyrock CLO Ltd., Series 2020-2A, Class A2R, 3 mo. USD LIBOR + 1.550% | ||||||||
| 5.793% FRN 10/20/31 (a) | 4,700,000 | 4,529,874 | ||||||
| BHG Securitization Trust, Series 2021-B, Class C | ||||||||
| 2.240% 10/17/34 (a) | 3,736,000 | 3,235,503 | ||||||
| BRE Grand Islander Timeshare Issuer LLC | ||||||||
| Series 2017-1A, Class A, 2.940% 5/25/29 (a) | 169,909 | 165,195 | ||||||
| Series 2017-1A, Class B, 3.240% 5/25/29 (a) | 48,546 | 47,192 | ||||||
| Series 2019-A, Class B, 3.780% 9/26/33 (a) | 886,654 | 847,715 | ||||||
| Canyon Capital CLO Ltd., Series 2017-1A, Class CR, 3 mo. USD LIBOR + 2.000% | ||||||||
| 6.079% FRN 7/15/30 (a) | 1,540,000 | 1,455,748 | ||||||
| Capital Automotive REIT, Series 2020-1A, Class B1 | ||||||||
| 4.170% 2/15/50 (a) | 3,289,000 | 2,999,430 | ||||||
| Castlelake Aircraft Securitization, Series 2019-1A, Class B | ||||||||
| 5.095% 4/15/39 (a) | 707,996 | 524,750 | ||||||
| Castlelake Aircraft Structured Trust, Series 2018-1, Class A | ||||||||
| 4.125% 6/15/43 (a) | 1,171,890 | 1,027,146 | ||||||
| Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD LIBOR + .980% | ||||||||
| 5.223% FRN 4/20/31 (a) | 900,000 | 886,392 | ||||||
| CF Hippolyta Issuer LLC, Series 2020-1, Class B1 | ||||||||
| 2.280% 7/15/60 (a) | 583,130 | 501,908 | ||||||
| Elara HGV Timeshare Issuer LLC | ||||||||
| Series 2017-A, Class B, 2.960% 3/25/30 (a) | 513,382 | 496,330 | ||||||
| Series 2019-A, Class C, 3.450% 1/25/34 (a) | 1,939,696 | 1,841,291 | ||||||
| FCI Funding LLC, Series 2019-1A, Class A | ||||||||
| 3.630% 2/18/31 (a) | 38,976 | 38,939 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Goodgreen Trust | ||||||||
| Series 2019-2A, Class A, 2.760% 4/15/55 (a) | $ | 2,152,394 | $ | 1,853,348 | ||||
| Series 2016-1A, Class A, 3.230% 10/15/52 (a) | 813,243 | 738,709 | ||||||
| Series 2019-1A, Class A, 3.860% 10/15/54 (a) | 1,791,043 | 1,663,895 | ||||||
| Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (c) | 2,510,644 | 2,311,745 | ||||||
| Gracie Point International Funding, Series 2021-1A, Class B, 1 mo. USD LIBOR + 1.400% | ||||||||
| 5.520% FRN 11/01/23 (a) | 1,750,000 | 1,743,549 | ||||||
| Hero Funding Trust | ||||||||
| Series 2017-3A, Class A1, 3.190% 9/20/48 (a) | 618,079 | 563,788 | ||||||
| Series 2017-2A, Class A1, 3.280% 9/20/48 (a) | 120,657 | 111,700 | ||||||
| Series 2016-4A, Class A1, 3.570% 9/20/47 (a) | 303,204 | 287,099 | ||||||
| Series 2015-1A, Class A, 3.840% 9/21/40 (a) | 203,470 | 191,864 | ||||||
| Series 2017-2A, Class A2, 4.070% 9/20/48 (a) | 98,034 | 91,353 | ||||||
| Series 2018-1A, Class A2, 4.670% 9/20/48 (a) | 796,043 | 756,291 | ||||||
| Hilton Grand Vacations Trust, Series 2019-AA, Class C | ||||||||
| 2.840% 7/25/33 (a) | 881,526 | 827,396 | ||||||
| Horizon Aircraft Finance I Ltd., Series 2018-1, Class A | ||||||||
| 4.458% 12/15/38 (a) | 806,052 | 660,156 | ||||||
| Horizon Aircraft Finance II Ltd, Series 2019-1, Class A | ||||||||
| 3.721% 7/15/39 (a) | 2,459,692 | 1,934,865 | ||||||
| Horizon Aircraft Finance III Ltd. | ||||||||
| Series 2019-2, Class A, 3.425% 11/15/39 (a) | 2,135,512 | 1,647,746 | ||||||
| Series 2019-2, Class B, 4.458% 11/15/39 (a) | 1,757,143 | 1,077,913 | ||||||
| Hotwire Funding LLC, Series 2021-1, Class B | ||||||||
| 2.658% 11/20/51 (a) | 3,753,000 | 3,118,666 | ||||||
| Kestrel Aircraft Funding Limited, Series 2018-1A, Class A | ||||||||
| 4.250% 12/15/38 (a) | 3,093,136 | 2,443,702 | ||||||
| MACH 1 Cayman Ltd., Series 2019-1, Class A | ||||||||
| 3.474% 10/15/39 (a) | 1,744,815 | 1,410,349 | ||||||
| Mosaic Solar Loans LLC | ||||||||
| Series 2018-2GS, Class A, 4.200% 2/22/44 (a) | 630,509 | 571,406 | ||||||
| Series 2017-1A, Class A, 4.450% 6/20/42 (a) | 112,213 | 107,440 | ||||||
| Neuberger Berman Loan Advisers CLO Ltd., Series 2017-24A, Class BR, 3 mo. USD LIBOR + 1.500% | ||||||||
| 5.727% FRN 4/19/30 (a) | 500,000 | 486,588 | ||||||
| New Residential Advance Receivables Trust, Series 2020-T1, Class ET1 | ||||||||
| 5.467% 8/15/53 (a) | 1,651,000 | 1,573,220 | ||||||
| Newark BSL CLO 2 Ltd., Series 2017-1A, Class A2R, 3 mo. USD LIBOR + 1.400% | ||||||||
| 5.758% FRN 7/25/30 (a) | 1,375,000 | 1,330,493 | ||||||
| Orange Lake Timeshare Trust | ||||||||
| Series 2016-A, Class B, 2.910% 3/08/29 (a) | 229,000 | 228,929 | ||||||
| Series 2018-A, Class C, 3.740% 11/08/30 (a) | 198,793 | 193,776 | ||||||
| Oxford Finance Funding LLC, Series 2020-1A, Class B | ||||||||
| 4.037% 2/15/28 (a) | 832,717 | 827,450 | ||||||
| Pioneer Aircraft Finance Ltd., Series 2019-1, Class A | ||||||||
| 3.967% 6/15/44 (a) | 1,374,795 | 1,092,470 | ||||||
| Rad CLO 1 Ltd., Series 2018-1A, Class BR, 3 mo. USD LIBOR + 1.400% | ||||||||
| 5.479% FRN 7/15/31 (a) | 2,650,000 | 2,568,203 | ||||||
| Sierra Receivables Funding LLC, Series 2020-2A, Class C | ||||||||
| 3.510% 7/20/37 (a) | 249,118 | 234,877 | ||||||
| TAL Advantage VII LLC, Series 2020-1A, Class B | ||||||||
| 3.290% 9/20/45 (a) | 2,596,750 | 2,281,037 | ||||||
| Thrust Engine Leasing, Series 2021-1A, Class A | ||||||||
| 4.163% 7/15/40 (a) | 4,070,762 | 2,993,525 | ||||||
| Trafigura Securitisation Finance PLC, Series 2021-1A, Class B | ||||||||
| 1.780% 1/15/25 (a) | 7,048,000 | 6,281,178 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Welk Resorts LLC, Series 2017-AA, Class B | ||||||||
| 3.410% 6/15/33 (a) | $ | 481,209 | $ | 479,750 | ||||
| Willis Engine Structured Trust IV, Series 2018-A, Class A, | ||||||||
| 4.750% STEP 9/15/43 (a) | 1,450,251 | 1,158,159 | ||||||
| 73,668,423 | ||||||||
| Student Loans Asset-Backed Securities — 8.6% | ||||||||
| Access Group, Inc., Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500% | ||||||||
| 5.889% FRN 7/25/58 (a) | 630,000 | 579,803 | ||||||
| Chase Education Loan Trust, Series 2007-A, Class B, 3 mo. USD LIBOR + .220% | ||||||||
| 4.944% FRN 3/28/68 | 402,144 | 372,845 | ||||||
| College Avenue Student Loans LLC | ||||||||
| Series 2021-A, Class B, 2.320% 7/25/51 (a) | 7,266,691 | 6,500,596 | ||||||
| Series 2019-A, Class B, 3.810% 12/28/48 (a) | 1,483,794 | 1,372,733 | ||||||
| Series 2017-A, Class A1, 1 mo. USD LIBOR + 1.650% 6.039% FRN 11/26/46 (a) | 446,670 | 430,246 | ||||||
| College Loan Corp. Trust, Series 2005-2, Class B, 3 mo. USD LIBOR + .490% | ||||||||
| 4.569% FRN 1/15/37 | 415,872 | 356,694 | ||||||
| Commonbond Student Loan Trust | ||||||||
| Series 2017-AGS, Class B, 3.470% 5/25/41 (a) | 353,806 | 327,369 | ||||||
| Series 2018-AGS, Class C, 3.820% 2/25/44 (a) | 107,840 | 93,658 | ||||||
| Series 2018-BGS, Class C, 4.120% 9/25/45 (a) | 85,617 | 76,892 | ||||||
| Series 2018-CGS, Class C, 4.350% 2/25/46 (a) | 38,660 | 34,665 | ||||||
| Series 2017-AGS, Class C, 5.280% 5/25/41 (a) | 149,221 | 138,240 | ||||||
| Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B | ||||||||
| 2.500% 1/25/30 (a) | 123,936 | 116,861 | ||||||
| DRB Prime Student Loan Trust | ||||||||
| Series 2017-C, Class B, 2.950% 11/25/42 (a) | 689,625 | 667,780 | ||||||
| Series 2017-B, Class CFX, 3.610% 8/25/42 (a) | 688,402 | 661,556 | ||||||
| ELFI Graduate Loan Program LLC, Series 2018-A, Class B | ||||||||
| 4.000% 8/25/42 (a) | 214,648 | 200,080 | ||||||
| Goal Capital Funding Trust | ||||||||
| Series 2010-1, Class A, 3 mo. USD LIBOR + .700% 5.457% FRN 8/25/48 (a) | 51,013 | 49,480 | ||||||
| Series 2015-1, Class B, ABS, 144A, 1 mo. USD LIBOR + 1.500% 5.889% FRN 9/25/43 (a) | 100,000 | 96,352 | ||||||
| Higher Education Funding I, Series 2004-1, Class B1, | ||||||||
| 4.161% FRN 1/01/44 (a) (c) | 950,000 | 855,655 | ||||||
| Laurel Road Prime Student Loan Trust, Series 2019-A, Class BFX | ||||||||
| 3.000% 10/25/48 (a) | 1,210,820 | 1,156,191 | ||||||
| Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% | ||||||||
| 6.139% FRN 12/26/40 (a) | 14,234 | 14,227 | ||||||
| Nelnet Student Loan Trust | ||||||||
| Series 2006-2, Class B, 3 mo. USD LIBOR + .200% 4.558% FRN 1/25/38 | 654,340 | 578,796 | ||||||
| Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 4.974% FRN 6/25/41 | 1,033,052 | 936,604 | ||||||
| Series 2012-4A, Class B, 1 mo. USD LIBOR + 1.000% 5.389% FRN 7/26/49 (a) | 900,000 | 770,268 | ||||||
| Series 2018-5A, Class B, 1 mo. USD LIBOR + 1.450% 5.839% FRN 2/25/67 (a) | 1,000,000 | 959,483 | ||||||
| Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500% 5.889% FRN 6/25/54 (a) | 395,000 | 371,944 | ||||||
| SLC Student Loan Trust | ||||||||
| Series 2005-1, Class B, 3 mo. USD LIBOR + .200% 4.850% FRN 2/15/45 | 402,728 | 356,553 | ||||||
| Series 2006-2, Class B, 3 mo. USD LIBOR + .230% 4.999% FRN 12/15/39 | 1,028,624 | 930,234 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2005-3, Class B, 3 mo. USD LIBOR + .250% 5.019% FRN 6/15/55 | $ | 842,069 | $ | 773,902 | ||||
| SLM Student Loan Trust | ||||||||
| Series 2005-4, Class B, 3 mo. USD LIBOR + .180% 4.538% FRN 7/25/55 | 484,384 | 445,148 | ||||||
| Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 4.568% FRN 10/25/40 | 429,119 | 401,109 | ||||||
| Series 2005-5, Class B, ABS, 3 mo. USD LIBOR + .250% 4.608% FRN 10/25/40 | 488,621 | 415,677 | ||||||
| Series 2003-14, Class A6, 3 mo. USD LIBOR + .300% 4.658% FRN 7/25/25 | 1,794 | 1,793 | ||||||
| Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 4.668% FRN 1/25/55 | 346,931 | 316,746 | ||||||
| Series 2004-1 Class B, 3 mo. USD LIBOR + .500% 4.858% FRN 7/25/39 | 328,865 | 309,968 | ||||||
| Series 2003-4, Class B, 3 mo. USD LIBOR + .650% 5.419% FRN 6/15/38 | 223,289 | 209,680 | ||||||
| Series 2003-11, Class B, 3 mo. USD LIBOR + .650% 5.419% FRN 12/15/38 | 824,368 | 773,288 | ||||||
| SMB Private Education Loan Trust | ||||||||
| Series 2014-A, Class B, 4.000% 9/15/42 (a) | 1,250,000 | 1,174,572 | ||||||
| Series 2015-C, Class C, 4.500% 9/17/46 (a) | 1,710,000 | 1,613,740 | ||||||
| Series 2016-C, Class A2B, 1 mo. USD LIBOR + 1.100% 5.418% FRN 9/15/34 (a) | 66,936 | 66,119 | ||||||
| SoFi Alternative Trust, Series 2019-C, Class PT, | ||||||||
| 5.188% VRN 1/25/45 (a) (c) | 2,002,218 | 1,848,848 | ||||||
| SoFi Professional Loan Program LLC | ||||||||
| Series 2019-A, Class BFX, ABS, 144A, 4.110% 6/15/48 (a) | 870,000 | 812,702 | ||||||
| Series 2016-D, Class A1, 1 mo. USD LIBOR + .950% 5.339% FRN 1/25/39 (a) | 7,699 | 7,676 | ||||||
| Wachovia Student Loan Trust, Series 2005-1, Class B, ABS, 3 mo. USD LIBOR + .300% | ||||||||
| 4.658% FRN 10/25/40 | 349,260 | 319,694 | ||||||
| 28,496,467 | ||||||||
| Whole Loan Collateral Collateralized Mortgage Obligations — 9.8% | ||||||||
| Angel Oak Mortgage Trust | ||||||||
| Series 2020-5, Class A3, 2.041% VRN 5/25/65 (a) (c) | 574,901 | 502,980 | ||||||
| Series 2021-1, Class M1, 2.215% VRN 1/25/66 (a) (c) | 2,290,000 | 1,474,509 | ||||||
| Series 2021-3, Class M1, 2.479% VRN 5/25/66 (a) (c) | 6,583,000 | 3,793,871 | ||||||
| Bank of America Mortgage Securities, Series 2004-G, Class 2A7, | ||||||||
| 3.961% VRN 8/25/34 (c) | 8,147 | 7,665 | ||||||
| Credit Suisse Mortgage Capital Certificates, Series 2021-NQM4, Class M1, | ||||||||
| 2.472% VRN 5/25/66 (a) (c) | 7,095,350 | 4,115,420 | ||||||
| FWD Securitization Trust, Series 2020-INV1, Class M1, | ||||||||
| 2.850% VRN 1/25/50 (a) (c) | 1,804,000 | 1,281,600 | ||||||
| Merrill Lynch Mortgage Investors, Inc., Series 2004-A1, Class IIA2, | ||||||||
| 3.186% VRN 2/25/34 (c) | 40,264 | 37,224 | ||||||
| MFRA Trust, Series 2020-NQM1, Class A3, | ||||||||
| 2.300% VRN 8/25/49 (a) (c) | 479,963 | 422,064 | ||||||
| New Residential Mortgage Loan Trust, Series 2020-NQM1, Class M1, | ||||||||
| 3.207% VRN 1/26/60 (a) (c) | 2,252,000 | 1,774,541 | ||||||
| Oceanview Trust, Series 2021-1, Class M3 | ||||||||
| 3.090% 12/29/51 (a) | 5,000,000 | 4,638,514 | ||||||
| Onslow Bay Financial LLC | ||||||||
| Series 2021-NQM1, Class M1, 2.219% VRN 2/25/66 (a) (c) | 2,501,000 | 1,385,904 | ||||||
| Series 2020-INV1, Class A21, 3.500% VRN 12/25/49 (a) (c) | 995,237 | 845,296 | ||||||
| Shellpoint Co-Originator Trust, Series 2016-1, Class 2A3, | ||||||||
| 3.000% VRN 10/25/31 (a) (c) | 205,099 | 185,503 | ||||||
| Starwood Mortgage Residential Trust | ||||||||
| Series 2021-3, Class M1, 2.491% VRN 6/25/56 (a) (c) | 5,582,000 | 3,243,458 | ||||||
| Series 2020-INV1, Class M1, 2.501% 11/25/55 (a) | 2,500,000 | 1,912,387 | ||||||
| Toorak Mortgage Corp., Series 2021-INV1, Class M1, | ||||||||
| 2.585% VRN 7/25/56 (a) (c) | 1,222,000 | 702,946 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Verus Securitization Trust | ||||||||
| Series 2021-1, Class M1, 1.968% VRN 1/25/66 (a) (c) | $ | 2,247,000 | $ | 1,343,821 | ||||
| Series 2019-INV3, Class M1, 3.279% VRN 11/25/59 (a) (c) | 2,129,000 | 1,760,687 | ||||||
| Series 2020-4, Class M1, 3.291% VRN 5/25/65 (a) (c) | 3,602,000 | 2,948,978 | ||||||
| 32,377,368 | ||||||||
| TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $177,455,173) | 149,393,291 | |||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (d) — 0.0% | ||||||||
| Pass-Through Securities — 0.0% | ||||||||
| Federal Home Loan Mortgage Corp. Pool #1Q0239, 1 year CMT + 2.175% 3.018% FRN 3/01/37 | 59,717 | 60,438 | ||||||
| Federal National Mortgage Association Pool #775539 12 mo. USD LIBOR + 1.641% 3.391% FRN 5/01/34 | 13,831 | 13,908 | ||||||
| Government National Mortgage Association Pool #507545 7.500% 8/15/29 | 19,123 | 20,009 | ||||||
| 94,355 | ||||||||
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $93,901) | 94,355 | |||||||
| TOTAL BONDS & NOTES (Cost $366,434,852) | 309,906,121 | |||||||
| Number of Shares | ||||||||
| MUTUAL FUNDS — 1.8% | ||||||||
| Diversified Financial Services — 1.8% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio (e) | 5,878,503 | 5,878,503 | ||||||
| TOTAL MUTUAL FUNDS (Cost $5,878,503) | 5,878,503 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $372,313,355) | 315,784,624 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENTS — 4.5% | ||||||||
| Commercial Paper — 4.2% | ||||||||
| Alimentation Couche-Tard, Inc. | ||||||||
| 4.835% 1/11/23 (a) | $ | 2,000,000 | 1,996,885 | |||||
| Fidelity National Information Services, Inc. | ||||||||
| 4.941% 1/19/23 (a) | 3,000,000 | 2,992,288 | ||||||
| Florida Power & Light Co. | ||||||||
| 4.311% 1/03/23 | 2,000,000 | 1,999,018 | ||||||
| HP, Inc. | ||||||||
| 4.864% 1/23/23 (a) | 6,000,000 | 5,981,424 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Parker-Hannifin Corp. | ||||||||
| 5.078% 3/23/23 (a) | $ | 1,000,000 | $ | 988,417 | ||||
| 13,958,032 | ||||||||
| Repurchase Agreement — 0.3% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (f) | 1,073,803 | 1,073,803 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $15,032,937) | 15,031,835 | |||||||
| TOTAL INVESTMENTS — 99.9% (Cost $387,346,292) (g) | 330,816,459 | |||||||
| Other Assets/(Liabilities) — 0.1% | 240,031 | |||||||
| NET ASSETS — 100.0% | $ | 331,056,490 | ||||||
Abbreviation Legend
| CLO | Collateralized Loan Obligation |
| FRN | Floating Rate Note |
| STEP | Step Up Bond |
| VRN | Variable Rate Note |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2022, the aggregate market value of these securities amounted to $239,948,614 or 72.48% of net assets. |
| (b) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $5,751,982 or 1.74% of net assets. (Note 2). |
| (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 December 31, 2022. |
| (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) | Represents investment of security lending cash collateral. (Note 2). |
| (f) | Maturity value of $1,073,956. Collateralized by U.S. Government Agency obligations with a rate of 2.875%, maturity date of 5/15/28, and an aggregate market value, including accrued interest, of $1,095,353. |
| (g) | See Note 3 for aggregate cost for federal tax purposes. |
| Futures contracts | ||||||||||||||
| Expiration Date | Number of Contracts | Notional Amount | Value/ Net Unrealized Appreciation/ (Depreciation) | |||||||||||
| Short | ||||||||||||||
| U.S. Treasury Long Bond | 3/22/23 | 13 | $ | (1,669,302) | $ | 39,833 | ||||||||
| U.S. Treasury Ultra 10 Year | 3/22/23 | 107 | (12,674,972) | 18,878 | ||||||||||
| U.S. Treasury Note 2 Year | 3/31/23 | 297 | (60,850,067) | (58,136) | ||||||||||
| U.S. Treasury Note 5 Year | 3/31/23 | 831 | (89,674,357) | (15,214) | ||||||||||
| $ | (14,639) | |||||||||||||
| 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) | ||||||||||||||||||||||||
| 3-Month USD LIBOR BBA | Quarterly | Fixed 1.047% | Semi-Annually | 11/22/24 | USD | 60,500,000 | $ | (4,017,519) | $ | — | $ | (4,017,519) | ||||||||||||||||||||
Currency Legend
| USD | U.S. Dollar |
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments |
December 31, 2022 (Unaudited)
| Principal Amount | Value | |||||||
| BONDS & NOTES — 88.0% | ||||||||
| NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 51.4% | ||||||||
| Automobile Asset-Backed Securities — 6.6% | ||||||||
| Avis Budget Rental Car Funding, Series 2017-2A, Class D | ||||||||
| 4.560% 3/20/24 (a) | $ | 2,500,000 | $ | 2,491,297 | ||||
| Carvana Auto Receivables Trust, Series 2020-N3, Class B | ||||||||
| 0.660% 6/12/28 | 1,830,215 | 1,666,845 | ||||||
| Drive Auto Receivables Trust, Series 2021-1, Class C | ||||||||
| 1.020% 6/15/27 | 2,700,000 | 2,641,723 | ||||||
| Hertz Vehicle Financing LLC, Series 2021-1A, Class D | ||||||||
| 3.980% 12/26/25 (a) | 4,600,000 | 4,089,645 | ||||||
| Onemain Direct Auto Receivable Trust, Series 2022-1A, Class C | ||||||||
| 5.310% 6/14/29 (a) | 1,100,000 | 1,058,418 | ||||||
| Santander Drive Auto Receivables Trust, Series 2021-2, Class D | ||||||||
| 1.350% 7/15/27 | 5,000,000 | 4,678,435 | ||||||
| Westlake Automobile Receivables Trust, Series 2020-3A, Class D | ||||||||
| 1.650% 2/17/26 (a) | 2,779,000 | 2,635,620 | ||||||
| 19,261,983 | ||||||||
| Commercial Mortgage-Backed Securities — 4.5% | ||||||||
| BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD LIBOR + 1.500% | ||||||||
| 5.818% FRN 7/15/35 (a) | 1,150,000 | 1,088,175 | ||||||
| BX Commercial Mortgage Trust, Series 2019-XL, Class F, 1 mo. TSFR + 2.114% | ||||||||
| 6.450% FRN 10/15/36 (a) | 2,082,500 | 2,004,552 | ||||||
| CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD LIBOR + 1.750% | ||||||||
| 6.068% FRN 12/15/37 (a) | 250,836 | 242,067 | ||||||
| Credit Suisse Mortgage Capital Certificates | ||||||||
| Series 2019-ICE4, Class D, 1 mo. USD LIBOR + 1.600% 5.918% FRN 5/15/36 (a) | 6,000,000 | 5,850,274 | ||||||
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2019-ICE4, Class E, 1 mo. USD LIBOR + 2.150% 6.468% FRN 5/15/36 (a) | $ | 3,605,000 | $ | 3,488,047 | ||||
| KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800% | ||||||||
| 6.118% FRN 5/15/36 (a) | 389,000 | 378,564 | ||||||
| 13,051,679 | ||||||||
| Home Equity Asset-Backed Securities — 0.6% | ||||||||
| Centex Home Equity Loan Trust, Series 2006-A, Class M1, 1 mo. USD LIBOR + .450% | ||||||||
| 4.839% FRN 6/25/36 | 157,936 | 157,191 | ||||||
| Home Equity Asset Trust, Series 2005-9, Class M1, 1 mo. USD LIBOR + .615% | ||||||||
| 5.004% FRN 4/25/36 | 1,701,152 | 1,654,896 | ||||||
| 1,812,087 | ||||||||
| Other Asset-Backed Securities — 21.5% | ||||||||
| 321 Henderson Receivables LLC, Series 2006-3A, Class A1, 1 mo. USD LIBOR + .200% | ||||||||
| 4.518% FRN 9/15/41 (a) | 44,947 | 44,151 | ||||||
| Affirm Asset Securitization Trust | ||||||||
| Series 2021-Z1, Class A, 1.070% 8/15/25 (a) | 6,703,618 | 6,517,715 | ||||||
| Series 2021-Z2, Class A, 1.170% 11/16/26 (a) | 1,050,680 | 1,003,981 | ||||||
| Series 2022-X1, Class A, 1.750% 2/15/27 (a) | 1,093,305 | 1,062,706 | ||||||
| Series 2020-Z2, Class A, 1.900% 1/15/25 (a) | 989,183 | 973,401 | ||||||
| BHG Securitization Trust | ||||||||
| Series 2021-B, Class A, 0.900% 10/17/34 (a) | 1,218,597 | 1,148,513 | ||||||
| Series 2022-C, Class A, 5.320% 10/17/35 (a) | 1,641,547 | 1,628,010 | ||||||
| Cascade Funding Mortgage Trust, Series 2021-EBO1, Class A, | ||||||||
| 0.985% VRN 11/25/50 (a) (b) | 1,652,419 | 1,552,258 | ||||||
| Citigroup Mortgage Loan Trust, Series 2006-WFH2, Class M1, 1 mo. USD LIBOR + .405% | ||||||||
| 4.794% FRN 8/25/36 | 122,236 | 122,122 | ||||||
| Crossroads Asset Trust, Series 2021-A, Class A2 | ||||||||
| 0.820% 3/20/24 (a) | 120,176 | 119,252 | ||||||
| FCI Funding LLC | ||||||||
| Series 2021-1A, Class A, 1.130% 4/15/33 (a) | 1,565,298 | 1,528,711 | ||||||
| Series 2021-1A, Class B, 1.530% 4/15/33 (a) | 1,043,422 | 1,019,904 | ||||||
| First Franklin Mortgage Loan Trust | ||||||||
| Series 2006-FF15, Class A5, 1 mo. USD LIBOR + .160% 4.549% FRN 11/25/36 | 432,633 | 418,934 | ||||||
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2005-FF9, Class A4, 1 mo. USD LIBOR + .720% 5.109% FRN 10/25/35 | $ | 135,923 | $ | 135,731 | ||||
| FNA VI LLC, Series 21-1A, Class A | ||||||||
| 1.350% 1/10/32 (a) | 3,265,085 | 2,971,108 | ||||||
| FREED ABS Trust, Series 2021-2, Class B | ||||||||
| 1.030% 6/19/28 (a) | 372,444 | 371,256 | ||||||
| Gracie Point International Funding | ||||||||
| Series 2021-1A, Class A, 1 mo. USD LIBOR + .750% 4.870% FRN 11/01/23 (a) | 7,164,245 | 7,135,512 | ||||||
| Series 2022-1A, Class C, 30 day SOFR + 3.500% 7.545% FRN 4/01/24 (a) | 2,300,000 | 2,266,147 | ||||||
| 30 day SOFR + 4.000% 8.045% FRN 11/01/24 (a) | 2,500,000 | 2,499,997 | ||||||
| Series 2022-1A, Class E, 30 day SOFR + 5.750% 9.795% FRN 4/01/24 (a) | 1,287,000 | 1,286,992 | ||||||
| Hilton Grand Vacations Trust, Series 2022-2A, Class C | ||||||||
| 5.570% 1/25/37 (a) | 1,442,972 | 1,388,352 | ||||||
| JP Morgan Mortgage Acquisition Trust, Series 2007-CH3, Class A5, 1 mo. USD LIBOR + .260% | ||||||||
| 4.649% FRN 3/25/37 | 276,494 | 264,960 | ||||||
| KREF Ltd., Series 2021-FL2, Class D, 1 mo. USD LIBOR + 2.200% | ||||||||
| 6.526% FRN 2/15/39 (a) | 900,000 | 829,338 | ||||||
| LCM Ltd., Series 19A, Class AR, 3 mo. USD LIBOR + 1.240% | ||||||||
| 5.319% FRN 7/15/27 (a) | 258,717 | 257,720 | ||||||
| Lendingpoint Asset Securitization, Series 2021-A, Class B | ||||||||
| 1.110% 2/15/29 (a) | 884,552 | 878,248 | ||||||
| Lendmark Funding Trust, Series 2019-2A, Class A | ||||||||
| 2.780% 4/20/28 (a) | 2,786,581 | 2,702,476 | ||||||
| New Residential Advance Receivables Trust Advance Receivables Backed | ||||||||
| Series 2020-T1, Class BT1, 1.823% 8/15/53 (a) | 1,000,000 | 961,803 | ||||||
| Series 2020-T1, Class DT1, 3.011% 8/15/53 (a) | 1,510,000 | 1,450,609 | ||||||
| NP SPE II LP, Series 2019-1A, Class A1 | ||||||||
| 2.574% 9/20/49 (a) | 166,374 | 154,328 | ||||||
| Oportun Funding LLC, Series 2022-1, Class A | ||||||||
| 3.250% 6/15/29 (a) | 1,820,577 | 1,789,597 | ||||||
| Orange Lake Timeshare Trust | ||||||||
| Series 2016-A, Class A, 2.610% 3/08/29 (a) | 240,919 | 238,874 | ||||||
| Series 2016-A, Class B, 2.910% 3/08/29 (a) | 319,238 | 319,139 | ||||||
| Pagaya AI Debt Selection Trust | ||||||||
| Series 2021-3, Class A, 1.150% 5/15/29 (a) | 2,310,814 | 2,254,713 | ||||||
| Series 2022-1, Class A, 2.030% 10/15/29 (a) | 9,593,593 | 9,221,549 | ||||||
| Sierra Receivables Funding LLC | ||||||||
| Series 2019-3A, Class C, 3.000% 8/20/36 (a) | 683,555 | 644,945 | ||||||
| Series 2019-2A, Class C, 3.120% 5/20/36 (a) | 620,099 | 581,940 | ||||||
| Series 2019-1A, Class C, 3.770% 1/20/36 (a) | 199,212 | 186,487 | ||||||
| Series 2018-1A, Class B, 4.036% 4/20/35 | 217,065 | 206,433 | ||||||
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2019-3A, Class D, 4.180% 8/20/36 (a) | $ | 171,472 | $ | 162,579 | ||||
| Series 2019-1A, Class D, 4.750% 1/20/36 (a) | 127,827 | 121,312 | ||||||
| Structured Asset Investment Loan Trust, Series 2005-2, Class M2, 1 mo. USD LIBOR + .735% | ||||||||
| 5.124% FRN 3/25/35 | 448,181 | 444,170 | ||||||
| Structured Asset Securities Corp. Mortgage Loan Trust | ||||||||
| Series 2006-BC6, Class A4, 1 mo. USD LIBOR + .170% 4.559% FRN 1/25/37 | 182,817 | 177,775 | ||||||
| Series 2006-WF1, Class M4, 1 mo. USD LIBOR + .645% 5.034% FRN 2/25/36 | 280,637 | 280,053 | ||||||
| Upstart Securitization Trust, Series 2021-4, Class A | ||||||||
| 0.840% 9/20/31 (a) | 3,469,481 | 3,353,892 | ||||||
| 62,677,693 | ||||||||
| Student Loans Asset-Backed Securities — 6.6% | ||||||||
| Chase Education Loan Trust, Series 2007-A, Class A4, 3 mo. USD LIBOR + .100% | ||||||||
| 4.824% FRN 3/28/68 | 1,541,060 | 1,496,991 | ||||||
| College Loan Corp. Trust, Series 2005-2, Class B, 3 mo. USD LIBOR + .490% | ||||||||
| 4.569% FRN 1/15/37 | 210,125 | 180,224 | ||||||
| Commonbond Student Loan Trust | ||||||||
| Series 2021-AGS, Class B, 1.400% 3/25/52 (a) | 163,059 | 137,820 | ||||||
| Series 2018-CGS, Class C, 4.350% 2/25/46 (a) | 10,015 | 8,980 | ||||||
| Series 2019-AGS, Class A2, 1 mo. USD LIBOR + .900% 5.289% FRN 1/25/47 (a) | 397,746 | 396,818 | ||||||
| DRB Prime Student Loan Trust, Series 2017-A, Class A1, 1 mo. USD LIBOR + .850% | ||||||||
| 5.239% FRN 5/27/42 (a) | 495,813 | 495,896 | ||||||
| Edsouth Indenture No 10 LLC, No.10 LLC, Series 2015-2, Class B, 1 mo. USD LIBOR + 1.500% | ||||||||
| 5.889% FRN 12/25/58 (a) | 750,000 | 749,573 | ||||||
| ELFI Graduate Loan Program LLC, Series 2018-A, Class A1, 1 mo. USD LIBOR + .750% | ||||||||
| 5.139% FRN 8/25/42 (a) | 620,308 | 605,152 | ||||||
| Goal Capital Funding Trust, Series 2010-1, Class A, 3 mo. USD LIBOR + .700% | ||||||||
| 5.457% FRN 8/25/48 (a) | 92,552 | 89,771 | ||||||
| JP Morgan Student Loan Trust, Series 2007-A, Class B, 3 mo. USD LIBOR + .350% | ||||||||
| 4.724% FRN 6/28/39 (a) | 199,636 | 179,939 | ||||||
| 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) | $ | 118,173 | $ | 115,731 | ||||
| Series 2018-B, Class A2FX, 3.540% 5/26/43 (a) | 401,405 | 391,777 | ||||||
| Series 2017-C, Class A1, 1 mo. USD LIBOR + .550% 4.939% FRN 11/25/42 (a) | 52,234 | 51,970 | ||||||
| Navient Private Education Refi Loan Trust | ||||||||
| Series 2021-A, Class A, 0.840% 5/15/69 (a) | 5,362,069 | 4,637,689 | ||||||
| Series 2020-HA, Class A, 1.310% 1/15/69 (a) | 1,337,428 | 1,187,314 | ||||||
| Navient Student Loan Trust, Series 2016-7A, Class A, 1 mo. USD LIBOR + 1.150% | ||||||||
| 5.539% FRN 3/25/66 (a) | 1,272,714 | 1,231,727 | ||||||
| Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% | ||||||||
| 6.139% FRN 12/26/40 (a) | 7,569 | 7,565 | ||||||
| Nelnet Student Loan Trust | ||||||||
| Series 2006-2, Class B, 3 mo. USD LIBOR + .200% 4.558% FRN 1/25/38 | 269,434 | 238,328 | ||||||
| Series 2004-3, Class B, 3 mo. USD LIBOR + .350% 4.708% FRN 10/25/40 | 545,845 | 507,660 | ||||||
| Series 2005-2, Class B, 3 mo. USD LIBOR + .170% 4.923% FRN 3/23/37 | 523,365 | 475,396 | ||||||
| Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 4.974% FRN 6/25/41 | 167,871 | 152,198 | ||||||
| Series 2014-2A, Class B, 1 mo. USD LIBOR + 1.500% 5.889% FRN 6/25/41 (a) | 295,000 | 291,606 | ||||||
| SLC Student Loan Trust | ||||||||
| Series 2006-2, Class B, 3 mo. USD LIBOR + .230% 4.999% FRN 12/15/39 | 218,193 | 197,322 | ||||||
| Series 2005-2, Class B, 3 mo. USD LIBOR + .280% 5.049% FRN 3/15/40 | 725,927 | 675,232 | ||||||
| SLM Student Loan Trust | ||||||||
| Series 2005-5, Class A4, 3 mo. USD LIBOR + .140% 4.498% FRN 10/25/28 | 359,137 | 355,130 | ||||||
| Series 2006-4, Class B, 3 mo. USD LIBOR + .200% 4.558% FRN 1/25/70 | 152,177 | 143,057 | ||||||
| Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 4.568% FRN 10/25/40 | 221,556 | 207,095 | ||||||
| Series 2006-2, Class B, 3 mo. USD LIBOR + .220% 4.578% FRN 1/25/41 | 233,112 | 214,764 | ||||||
| Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 4.668% FRN 1/25/55 | 208,159 | 190,048 | ||||||
| Series 2004-3, Class B, 3 mo. USD LIBOR + .470% 4.828% FRN 10/25/64 | 152,540 | 144,467 | ||||||
| Series 2003-11, Class B, 3 mo. USD LIBOR + .650% 5.419% FRN 12/15/38 | 167,102 | 156,747 | ||||||
| SMB Private Education Loan Trust | ||||||||
| Series 2019-A, Class A2B, 1 mo. USD LIBOR + .870% 5.188% FRN 7/15/36 (a) | 941,688 | 928,391 | ||||||
| Series 2014-A, Class A3, 1 mo. USD LIBOR + 1.500% 5.818% FRN 4/15/32 (a) | 1,273,940 | 1,269,603 | ||||||
| SoFi Alternative Trust, Series 2019-C, Class PT, | ||||||||
| 5.188% VRN 1/25/45 (a) (b) | 506,250 | 467,471 | ||||||
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| SoFi Professional Loan Program LLC, Series 2018-D, Class A2FX | ||||||||
| 3.600% 2/25/48 (a) | $ | 803,987 | $ | 773,050 | ||||
| 19,352,502 | ||||||||
| Whole Loan Collateral Collateralized Mortgage Obligations — 11.6% | ||||||||
| Angel Oak Mortgage Trust, Series 2022-2, Class A1, | ||||||||
| 3.353% VRN 1/25/67 (a) (b) | 2,231,519 | 2,038,266 | ||||||
| BRAVO Residential Funding Trust, Series 2021-NQM2, Class A3, | ||||||||
| 1.435% VRN 3/25/60 (a) (b) | 828,340 | 741,642 | ||||||
| CIM Trust, Series 2019-INV3, Class A11, 1 mo. USD LIBOR + 1.000% | ||||||||
| 4.966% FRN 8/25/49 (a) | 750,331 | 690,058 | ||||||
| COLT Mortgage Loan Trust, Series 2022-1, Class A1, | ||||||||
| 2.284% VRN 12/27/66 (a) (b) | 8,449,335 | 7,347,324 | ||||||
| Deephaven Residential Mortgage Trust, Series 2021-1, Class A3, | ||||||||
| 1.128% VRN 5/25/65 (a) (b) | 459,717 | 404,292 | ||||||
| Lakeview Trust | ||||||||
| Series 2022-1, Class M3, 4.585% 4/25/52 (a) | 1,400,000 | 1,308,143 | ||||||
| Series 2022-3, Class M3, 5.437% 5/29/52 (a) | 3,300,000 | 3,037,980 | ||||||
| NewRez Warehouse Securitization Trust, Series 2021-1, Class A, 1 mo. USD LIBOR + .750% | ||||||||
| 5.139% FRN 5/25/55 (a) | 5,333,000 | 5,242,507 | ||||||
| Oceanview Trust | ||||||||
| Series 2021-1, Class A, 1.219% 12/29/51 (a) | 2,448,993 | 2,342,281 | ||||||
| Series 2021-1, Class M3, 3.090% 12/29/51 (a) | 2,906,000 | 2,695,904 | ||||||
| Onslow Bay Financial LLC | ||||||||
| Series 2021-NQM2, Class A2, 1.357% VRN 5/25/61 (a) (b) | 645,303 | 489,175 | ||||||
| Series 2020-EXP1, Class 2A2, 1 mo. USD LIBOR + .950% 5.339% FRN 2/25/60 (a) | 355,527 | 325,068 | ||||||
| PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850% | ||||||||
| 7.239% FRN 2/25/23 (a) | 270,000 | 269,416 | ||||||
| PSMC Trust, Series 2020-2, Class A2, | ||||||||
| 3.000% VRN 5/25/50 (a) (b) | 888,724 | 786,103 | ||||||
| Starwood Mortgage Residential Trust | ||||||||
| Series 2020-1, Class M1, 2.878% VRN 2/25/50 (a) (b) | 1,000,000 | 848,473 | ||||||
| Series 2019-INV1, Class A3, 2.916% VRN 9/27/49 (a) (b) | 1,126,290 | 1,057,779 | ||||||
| Starwood Residential Mortgage Trust, Series 2021-1, Class A3, | ||||||||
| 1.528% VRN 5/25/65 (a) (b) | 3,858,327 | 3,159,170 | ||||||
| Verus Securitization Trust | ||||||||
| Series 2021-3, Class A3, 1.437% VRN 6/25/66 (a) (b) | 979,325 | 780,802 | ||||||
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2019-INV2, Class A3, 3.219% VRN 7/25/59 (a) (b) | $ | 432,948 | $ | 412,751 | ||||
| 33,977,134 | ||||||||
| TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $157,677,837) | 150,133,078 | |||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (c) — 11.5% | ||||||||
| Whole Loans — 11.5% | ||||||||
| Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes | ||||||||
| Series 2021-DNA6, Class M1, 30 day SOFR + .800% 4.728% FRN 10/25/41 (a) | 6,950,000 | 6,860,590 | ||||||
| Series 2021-HQA3, Class M1, 30 day SOFR + .850% 4.778% FRN 9/25/41 (a) | 8,509,342 | 8,136,820 | ||||||
| Series 2021-DNA7, Class M1, 30 day SOFR + .850% 4.778% FRN 11/25/41 (a) | 2,130,043 | 2,091,414 | ||||||
| Series 2022-DNA1, Class M1A, 30 day SOFR + 1.000% 4.928% FRN 1/25/42 (a) | 665,140 | 649,241 | ||||||
| Series 2022-DNA3, Class M1A, 30 day SOFR + 2.000% 5.928% FRN 4/25/42 (a) | 3,343,337 | 3,335,931 | ||||||
| Series 2020-DNA1, Class M2, 1 mo. USD LIBOR + 1.700% 6.089% FRN 1/25/50 (a) | 1,233,118 | 1,227,997 | ||||||
| Series 2018-DNA3, Class M2A, 1 mo. USD LIBOR + 2.100% 6.489% FRN 9/25/48 (a) | 862,653 | 863,621 | ||||||
| Series 2020-DNA5, Class M2, 30 day SOFR + 2.800% 6.728% FRN 10/25/50 (a) | 600,914 | 603,816 | ||||||
| Series 2022-DNA5, Class M1A, 30 day SOFR + 2.950% 6.878% FRN 6/25/42 (a) | 3,280,913 | 3,316,991 | ||||||
| Federal National Mortgage Association Connecticut Avenue Securities Trust | ||||||||
| Series 2019-R03, Class 1M2, 1 mo. USD LIBOR + 2.150% 6.539% FRN 9/25/31 (a) | 799,379 | 797,415 | ||||||
| Series 2019-R02, Class 1M2, 1 mo. USD LIBOR + 2.300% 6.689% FRN 8/25/31 (a) | 376,307 | 376,406 | ||||||
| Series 2022-R07, Class 1M1, 30 day SOFR + 2.950% 6.894% FRN 6/25/42 (a) | 5,303,437 | 5,349,160 | ||||||
| 33,609,402 | ||||||||
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $34,251,188) | 33,609,402 | |||||||
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| U.S. TREASURY OBLIGATIONS — 25.1% | ||||||||
| U.S. Treasury Bonds & Notes — 25.1% | ||||||||
| U.S. Treasury Inflation Index | ||||||||
| 0.125% 2/15/52 | $ | 1,873,200 | $ | 1,212,970 | ||||
| 0.125% 4/15/25 | 2,739,776 | 2,612,848 | ||||||
| 0.125% 10/15/25 | 4,048,075 | 3,850,178 | ||||||
| 0.125% 4/15/26 | 2,045,196 | 1,924,455 | ||||||
| 0.125% 7/15/26 | 2,324,597 | 2,192,476 | ||||||
| 0.125% 10/15/26 | 3,762,053 | 3,529,667 | ||||||
| 0.125% 4/15/27 | 2,849,445 | 2,658,165 | ||||||
| 0.125% 1/15/30 | 1,853,040 | 1,666,409 | ||||||
| 0.125% 7/15/30 | 3,021,668 | 2,708,613 | ||||||
| 0.125% 1/15/31 | 3,205,048 | 2,849,613 | ||||||
| 0.125% 7/15/31 | 2,418,056 | 2,138,988 | ||||||
| 0.125% 1/15/32 | 3,332,283 | 2,921,996 | ||||||
| 0.125% 2/15/51 | 1,201,725 | 773,829 | ||||||
| 0.250% 7/15/29 | 2,242,433 | 2,055,242 | ||||||
| 0.250% 2/15/50 | 1,622,600 | 1,094,008 | ||||||
| 0.375% 7/15/25 (d) | 1,916,178 | 1,841,664 | ||||||
| 0.375% 1/15/27 | 1,911,987 | 1,804,761 | ||||||
| 0.375% 7/15/27 | 1,461,732 | 1,379,038 | ||||||
| 0.500% 1/15/28 | 1,691,200 | 1,592,040 | ||||||
| 0.625% 1/15/26 | 1,254,040 | 1,204,760 | ||||||
| 0.625% 7/15/32 | 5,691,803 | 5,218,968 | ||||||
| 0.625% 2/15/43 | 1,036,832 | 836,540 | ||||||
| 0.750% 7/15/28 | 2,813,356 | 2,682,854 | ||||||
| 0.750% 2/15/42 | 1,582,440 | 1,324,614 | ||||||
| 0.750% 2/15/45 | 1,632,340 | 1,320,006 | ||||||
| 0.875% 1/15/29 | 2,035,638 | 1,941,470 | ||||||
| 0.875% 2/15/47 (e) | 1,172,671 | 961,208 | ||||||
| 1.000% 2/15/46 (e) | 1,131,813 | 961,127 | ||||||
| 1.000% 2/15/49 | 479,581 | 400,781 | ||||||
| 1.375% 2/15/44 | 1,534,236 | 1,424,742 | ||||||
| 1.625% 10/15/27 | 3,822,382 | 3,821,934 | ||||||
| 1.750% 1/15/28 | 3,413,592 | 3,414,881 | ||||||
| 2.000% 1/15/26 | 750,650 | 750,335 | ||||||
| 2.125% 2/15/40 | 689,310 | 729,753 | ||||||
| 2.125% 2/15/41 | 693,937 | 735,166 | ||||||
| 2.375% 1/15/27 | 1,034,299 | 1,055,995 | ||||||
| 2.500% 1/15/29 | 902,109 | 941,559 | ||||||
| 3.375% 4/15/32 | 335,744 | 384,667 | ||||||
| 3.625% 4/15/28 | 1,704,128 | 1,859,119 | ||||||
| 3.875% 4/15/29 | 543,768 | 611,612 | ||||||
| 73,389,051 | ||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $82,575,928) | 73,389,051 | |||||||
| TOTAL BONDS & NOTES (Cost $274,504,953) | 257,131,531 | |||||||
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| MUTUAL FUNDS — 0.4% | ||||||||
| Diversified Financial Services — 0.4% | ||||||||
| State Street Navigator Securities Lending Prime Portfolio (f) | 1,107,700 | $ | 1,107,700 | |||||
| TOTAL MUTUAL FUNDS (Cost $1,107,700) | 1,107,700 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $275,612,653) | 258,239,231 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENTS — 11.7% | ||||||||
| Commercial Paper — 11.4% | ||||||||
| Amcor Flexibles North America, Inc. | ||||||||
| 5.165% 2/23/23 (a) | $ | 5,000,000 | 4,963,196 | |||||
| Fidelity National Information Services, Inc. | ||||||||
| 4.825% 1/06/23 (a) | 5,400,000 | 5,395,202 | ||||||
| Penske Truck Leasing Co. LP | ||||||||
| 4.778% 1/10/23 | 4,000,000 | 3,994,270 | ||||||
| Spire, Inc. | ||||||||
| 5.021% 2/09/23 (a) | 5,000,000 | 4,972,889 | ||||||
| Suncor Energy, Inc. | ||||||||
| 5.340% 3/13/23 (a) | 4,000,000 | 3,959,939 | ||||||
| Tampa Electric Co. | ||||||||
| 4.826% 1/30/23 (a) | 5,000,000 | 4,979,527 | ||||||
| Walgreens Boots Alliance, Inc. | ||||||||
| 5.104% 2/06/23 (a) | 5,000,000 | 4,974,577 | ||||||
| 33,239,600 | ||||||||
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Repurchase Agreement — 0.3% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (g) | $ | 914,953 | $ | 914,953 | ||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $34,153,203) | 34,154,553 | |||||||
| TOTAL INVESTMENTS — 100.1% (Cost $309,765,856) (h) | 292,393,784 | |||||||
| Other Assets/(Liabilities) — (0.1)% | (274,070) | |||||||
| NET ASSETS — 100.0% | $ | 292,119,714 | ||||||
Abbreviation Legend
| FRN | Floating Rate Note |
| VRN | Variable Rate Note |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2022, the aggregate market value of these securities amounted to $194,803,883 or 66.69% of net assets. |
| (b) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2022. |
| (c) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
| (d) | All or a portion of this security is pledged/held as collateral for open derivatives. |
| (e) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $1,085,921 or 0.37% of net assets. (Note 2). |
| (f) | Represents investment of security lending cash collateral. (Note 2). |
| (g) | Maturity value of $915,084. Collateralized by U.S. Government Agency obligations with a rate of 3.000%, maturity date of 6/30/24, and an aggregate market value, including accrued interest, of $933,278. |
| (h) | 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 | 3/22/23 | 14 | $ | 1,788,796 | $ | (33,983) | ||||||||
| Short | ||||||||||||||
| U.S. Treasury Ultra 10 Year | 3/22/23 | 31 | $ | (3,713,533) | $ | 46,814 | ||||||||
| U.S. Treasury Ultra Bond | 3/22/23 | 7 | (969,227) | 29,039 | ||||||||||
| U.S. Treasury Note 2 Year | 3/31/23 | 315 | (64,539,572) | (60,038) | ||||||||||
| U.S. Treasury Note 5 Year | 3/31/23 | 31 | (3,369,427) | 23,607 | ||||||||||
| $ | 39,422 | |||||||||||||
| Centrally Cleared Interest Rate Swaps | ||||||||||||||||||||||||||||||||
| Paid by the Fund | Received by the Fund | |||||||||||||||||||||||||||||||
| Rate/ Reference | Frequency | Rate/ Reference | Frequency | Termination Date | Notional Amount | Value | Upfront Premium Paid/ (Received) | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||||||||
| 12-Month USD SOFR | Annually | Fixed 3.552% | Annually | 12/07/24 | USD | 10,000,000 | $ | (171,118) | $ | — | $ | (171,118) | ||||||||||||||||||||
Fixed 2.620% | Maturity | U.S. Consumer Price Index | Maturity | 12/13/24 | USD | 6,000,000 | (2,804) | — | (2,804) | |||||||||||||||||||||||
| 12-Month USD SOFR | Annually | Fixed 4.062% | Annually | 12/22/24 | USD | 10,000,000 | (74,547) | — | (74,547) | |||||||||||||||||||||||
Fixed 2.494% | Maturity | U.S. Consumer Price Index | Maturity | 12/23/24 | USD | 20,000,000 | 15,940 | — | 15,940 | |||||||||||||||||||||||
| 12-Month USD SOFR | Annually | Fixed 4.250% | Annually | 5/01/25 | USD | 19,700,000 | 13,902 | — | 13,902 | |||||||||||||||||||||||
| 12-Month USD SOFR | Annually | Fixed 4.661% | Annually | 5/08/25 | USD | 19,600,000 | 170,937 | — | 170,937 | |||||||||||||||||||||||
| Fixed 3.082% | Annually | 12-Month USD SOFR | Annually | 12/07/32 | USD | 2,241,000 | 81,649 | — | 81,649 | |||||||||||||||||||||||
| Fixed 3.352% | Annually | 12-Month USD SOFR | Annually | 12/22/32 | USD | 2,259,000 | 31,670 | — | 31,670 | |||||||||||||||||||||||
| Fixed 3.713% | Annually | 12-Month USD SOFR | Annually | 5/01/33 | USD | 4,500,000 | (90,729) | — | (90,729) | |||||||||||||||||||||||
| Fixed 3.905% | Annually | 12-Month USD SOFR | Annually | 5/08/33 | USD | 4,500,000 | (163,249) | — | (163,249) | |||||||||||||||||||||||
| $ | (188,349) | $ | — | $ | (188,349) | |||||||||||||||||||||||||||
| 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 Received (Paid)/ Received | Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||||
| Fed Funds + 15.0 BP | Maturity | Bloomberg Barclays US Treasury Inflation Notes TR Index | Maturity | Barclays PLC | 5/31/23 | 57,029,328 | $ | (581,529 | ) | $ | — | $ | (581,529 | ) | |||||||||||||||||
| Fed Funds + 9.0 BP | Maturity | Bloomberg Barclays US Treasury Inflation Notes TR Index | Maturity | BNP Paribas SA | 1/31/23 | 4,038,655 | (292,636 | ) | — | (292,636 | ) | ||||||||||||||||||||
| Fed Funds + 8.5 BP | Maturity | Bloomberg Barclays US Treasury Inflation Notes TR Index | Maturity | BNP Paribas SA | 2/28/23 | 19,954,732 | (940,215 | ) | — | (940,215 | ) | ||||||||||||||||||||
| Fed Funds + 9.0 BP | Maturity | Bloomberg Barclays US Treasury Inflation Notes TR Index | Maturity | BNP Paribas SA | 2/28/23 | 46,365,568 | 365,887 | — | 365,887 | ||||||||||||||||||||||
| Fed Funds + 8.0 BP | Maturity | Bloomberg Barclays US Treasury Inflation Notes TR Index | Maturity | Goldman Sachs International | 1/31/23 | 2,633,427 | (190,815 | ) | — | (190,815 | ) | ||||||||||||||||||||
| Fed Funds + 8.5 BP | Maturity | Bloomberg Barclays US Treasury Inflation Notes TR Index | Maturity | Goldman Sachs International | 2/28/23 | 31,473,123 | (1,482,931 | ) | — | (1,482,931 | ) | ||||||||||||||||||||
| Fed Funds + 7.0 BP | Maturity | Bloomberg Barclays US Treasury Inflation Notes TR Index | Maturity | Goldman Sachs International | 4/28/23 | 46,114,736 | 363,908 | — | 363,908 | ||||||||||||||||||||||
| $ | (2,758,331 | ) | $ | — | $ | (2,758,331 | ) | ||||||||||||||||||||||||
| Currency Legend | |||||||||||
| USD U.S. Dollar | |||||||||||
| MassMutual Core Bond Fund — Portfolio of Investments |
December 31, 2022 (Unaudited)
| Principal Amount | Value | |||||||
| BONDS & NOTES — 98.7% | ||||||||
| CORPORATE DEBT — 38.3% | ||||||||
| Aerospace & Defense — 0.4% | ||||||||
| The Boeing Co. | ||||||||
| 5.150% 5/01/30 | $ | 2,275,000 | $ | 2,225,653 | ||||
| 5.930% 5/01/60 | 710,000 | 650,928 | ||||||
| 2,876,581 | ||||||||
| Agriculture — 1.0% | ||||||||
| Altria Group, Inc. | ||||||||
| 5.800% 2/14/39 | 1,425,000 | 1,308,532 | ||||||
| BAT Capital Corp. | ||||||||
| 3.462% 9/06/29 | 1,125,000 | 966,295 | ||||||
| 4.700% 4/02/27 | 1,355,000 | 1,300,679 | ||||||
| 4.758% 9/06/49 | 805,000 | 587,118 | ||||||
| Imperial Brands Finance PLC | ||||||||
| 3.875% 7/26/29 (a) | 1,627,000 | 1,391,056 | ||||||
| Reynolds American, Inc. | ||||||||
| 5.850% 8/15/45 | 1,025,000 | 878,040 | ||||||
| Viterra Finance BV | ||||||||
| 3.200% 4/21/31 (a) | 1,540,000 | 1,167,238 | ||||||
| 7,598,958 | ||||||||
| Airlines — 0.2% | ||||||||
| Spirit Airlines Pass-Through Trust, Series 2015-1, Class A, | ||||||||
| 4.100% 10/01/29 | 1,054,871 | 940,115 | ||||||
| United Airlines Pass-Through Trust, Series 2018-1, Class B, | ||||||||
| 4.600% 9/01/27 | 344,857 | 315,135 | ||||||
| 1,255,250 | ||||||||
| Auto Manufacturers — 0.7% | ||||||||
| General Motors Co. | ||||||||
| 5.150% 4/01/38 | 785,000 | 680,215 | ||||||
| 6.800% 10/01/27 | 1,995,000 | 2,073,731 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 3.100% 1/12/32 | 1,815,000 | 1,427,194 | ||||||
| Nissan Motor Co. Ltd. | ||||||||
| 4.345% 9/17/27 (a) | 1,035,000 | 939,499 | ||||||
| 5,120,639 | ||||||||
| Auto Parts & Equipment — 0.1% | ||||||||
| Lear Corp. | ||||||||
| 3.550% 1/15/52 | 1,470,000 | 898,069 | ||||||
| Banks — 7.2% | ||||||||
| ABN AMRO Bank NV | ||||||||
| 4.750% 7/28/25 (a) | 2,100,000 | 2,036,601 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Bank Hapoalim BM 5 year CMT + 2.155% | ||||||||
| 3.255% VRN 1/21/32 (a) | $ | 2,800,000 | $ | 2,409,344 | ||||
| Bank of America Corp. | ||||||||
| 5 year CMT + 1.200% 2.482% VRN 9/21/36 | 2,930,000 | 2,160,174 | ||||||
| 5 year CMT + 2.000% 3.846% VRN 3/08/37 | 2,225,000 | 1,848,229 | ||||||
| 3 mo. USD LIBOR + 1.310% 4.271% VRN 7/23/29 | 615,000 | 574,529 | ||||||
| 6.110% 1/29/37 | 1,275,000 | 1,292,944 | ||||||
| 7.750% 5/14/38 | 1,055,000 | 1,231,942 | ||||||
| The Bank of Nova Scotia 3 mo. USD LIBOR + 2.648% | ||||||||
| 6.567% VRN (b) | 3,550,000 | 3,299,793 | ||||||
| Barclays PLC | ||||||||
| 4.337% 1/10/28 | 1,600,000 | 1,489,046 | ||||||
| 5.200% 5/12/26 | 1,035,000 | 1,007,415 | ||||||
| 5 year CMT + 5.431% 8.000% VRN (b) | 1,368,000 | 1,279,080 | ||||||
| BPCE SA SOFR + 1.730% | ||||||||
| 3.116% VRN 10/19/32 (a) | 2,080,000 | 1,524,112 | ||||||
| Citigroup, Inc. 3 mo. USD LIBOR + 4.068% | ||||||||
| 5.950% VRN (b) (c) | 865,000 | 856,566 | ||||||
| Credit Suisse Group AG | ||||||||
| SOFR + .980% 1.305% VRN 2/02/27 (a) | 2,600,000 | 2,076,577 | ||||||
| SOFR + 3.340% 6.373% VRN 7/15/26 (a) | 1,738,000 | 1,632,989 | ||||||
| Deutsche Bank AG SOFR + 1.318% | ||||||||
| 2.552% VRN 1/07/28 | 2,685,000 | 2,289,142 | ||||||
| Discover Bank 5 year USD Swap + 1.730% | ||||||||
| 4.682% VRN 8/09/28 | 2,175,000 | 2,087,853 | ||||||
| First Republic Bank | ||||||||
| 4.375% 8/01/46 | 1,970,000 | 1,503,282 | ||||||
| The Goldman Sachs Group, Inc. | ||||||||
| SOFR + 1.410% 3.102% VRN 2/24/33 | 1,550,000 | 1,262,958 | ||||||
| 6.750% 10/01/37 | 1,565,000 | 1,664,932 | ||||||
| HSBC Holdings PLC | ||||||||
| SOFR + 1.290% 1.589% VRN 5/24/27 | 2,151,000 | 1,857,332 | ||||||
| SOFR + 1.285% 2.206% VRN 8/17/29 | 1,355,000 | 1,100,030 | ||||||
| SOFR + 3.350% 7.390% VRN 11/03/28 | 765,000 | 802,833 | ||||||
| JP Morgan Chase & Co. | ||||||||
| SOFR + 2.515% 2.956% VRN 5/13/31 | 1,350,000 | 1,115,576 | ||||||
| 5.600% 7/15/41 | 1,225,000 | 1,231,208 | ||||||
| Macquarie Bank Ltd. 5 year CMT + 1.700% | ||||||||
| 3.052% VRN 3/03/36 (a) | 1,266,000 | 918,506 | ||||||
| Mizrahi Tefahot Bank Ltd. 5 year CMT + 2.250% | ||||||||
| 3.077% VRN 4/07/31 (a) | 3,585,000 | 3,141,356 | ||||||
| Morgan Stanley | ||||||||
| SOFR + 1.360% 2.484% VRN 9/16/36 | 1,410,000 | 1,025,902 | ||||||
| SOFR + 2.620% 5.297% VRN 4/20/37 | 2,660,000 | 2,440,090 | ||||||
| National Australia Bank Ltd. 5 year CMT + 1.700% | ||||||||
| 3.347% VRN 1/12/37 (a) | 3,060,000 | 2,335,470 | ||||||
| Toronto-Dominion Bank 5 year CMT + 4.075% | ||||||||
| 8.125% VRN 10/31/82 | 1,642,000 | 1,707,680 | ||||||
| UBS Group AG 1 year CMT + 1.750% | ||||||||
| 4.751% VRN 5/12/28 (a) | 1,525,000 | 1,461,490 | ||||||
| 52,664,981 | ||||||||
| Beverages — 0.5% | ||||||||
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | ||||||||
| 4.900% 2/01/46 | 2,000,000 | 1,833,070 | ||||||
| Molson Coors Beverage Co. | ||||||||
| 4.200% 7/15/46 | 1,479,000 | 1,154,495 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 5.000% 5/01/42 | $ | 350,000 | $ | 312,212 | ||||
| 3,299,777 | ||||||||
| Chemicals — 0.6% | ||||||||
| Celanese US Holdings LLC | ||||||||
| 6.050% 3/15/25 | 1,945,000 | 1,939,834 | ||||||
| DuPont de Nemours, Inc. | ||||||||
| 5.319% 11/15/38 | 1,350,000 | 1,301,683 | ||||||
| Syngenta Finance NV | ||||||||
| 4.441% 4/24/23 (a) | 1,375,000 | 1,368,826 | ||||||
| 4,610,343 | ||||||||
| Computers — 0.1% | ||||||||
| Dell International LLC / EMC Corp. | ||||||||
| 8.100% 7/15/36 | 450,000 | 506,182 | ||||||
| Diversified Financial Services — 3.3% | ||||||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | ||||||||
| 3.300% 1/30/32 | 4,560,000 | 3,578,105 | ||||||
| Antares Holdings LP | ||||||||
| 2.750% 1/15/27 (a) | 985,000 | 790,134 | ||||||
| 3.950% 7/15/26 (a) | 2,725,000 | 2,359,495 | ||||||
| 8.500% 5/18/25 (a) | 1,185,000 | 1,210,607 | ||||||
| Ares Finance Co. III LLC 5 year CMT + 3.237% | ||||||||
| 4.125% VRN 6/30/51 (a) | 1,875,000 | 1,415,625 | ||||||
| Ares Finance Co. LLC | ||||||||
| 4.000% 10/08/24 (a) | 2,380,000 | 2,272,696 | ||||||
| Avolon Holdings Funding Ltd. | ||||||||
| 2.528% 11/18/27 (a) | 2,970,000 | 2,377,667 | ||||||
| 3.250% 2/15/27 (a) | 1,945,000 | 1,666,726 | ||||||
| 4.250% 4/15/26 (a) | 3,296,000 | 2,992,983 | ||||||
| 5.500% 1/15/26 (a) | 205,000 | 195,092 | ||||||
| Blue Owl Finance LLC | ||||||||
| 3.125% 6/10/31 (a) | 3,455,000 | 2,574,295 | ||||||
| 4.125% 10/07/51 (a) | 1,875,000 | 1,110,113 | ||||||
| Global Aircraft Leasing Co. Ltd. | ||||||||
| 6.500% 9/15/24 (a) | 1,919,474 | 1,631,553 | ||||||
| 24,175,091 | ||||||||
| Electric — 1.1% | ||||||||
| The Cleveland Electric Illuminating Co. | ||||||||
| 5.950% 12/15/36 | 589,000 | 586,802 | ||||||
| CMS Energy Corp. | ||||||||
| 4.700% 3/31/43 | 655,000 | 552,391 | ||||||
| 4.875% 3/01/44 | 700,000 | 639,706 | ||||||
| Enel Finance International NV | ||||||||
| 5.000% 6/15/32 (a) | 1,650,000 | 1,483,751 | ||||||
| NextEra Energy Capital Holdings, Inc. 5 year CMT + 2.547% | ||||||||
| 3.800% VRN 3/15/82 | 1,275,000 | 1,040,364 | ||||||
| Pacific Gas and Electric Co. | ||||||||
| 2.500% 2/01/31 | 1,035,000 | 808,736 | ||||||
| PG&E Wildfire Recovery Funding LLC | ||||||||
| 4.674% 12/01/53 | 1,200,000 | 1,070,267 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Texas Electric Market Stabilization Funding N LLC | ||||||||
| 5.167% 2/01/52 (a) | $ | 2,000,000 | $ | 1,913,763 | ||||
| 8,095,780 | ||||||||
| Entertainment — 0.2% | ||||||||
| Warnermedia Holdings, Inc. | ||||||||
| 4.279% 3/15/32 (a) | 2,080,000 | 1,715,730 | ||||||
| Food — 0.8% | ||||||||
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | ||||||||
| 3.625% 1/15/32 (a) | 4,750,000 | 3,847,500 | ||||||
| Smithfield Foods, Inc. | ||||||||
| 2.625% 9/13/31 (a) | 1,555,000 | 1,115,878 | ||||||
| 3.000% 10/15/30 (a) | 1,208,000 | 920,454 | ||||||
| 5,883,832 | ||||||||
| Gas — 0.4% | ||||||||
| CenterPoint Energy Resources Corp. | ||||||||
| 6.625% 11/01/37 | 1,500,000 | 1,557,006 | ||||||
| NiSource, Inc. | ||||||||
| 4.800% 2/15/44 | 1,350,000 | 1,198,895 | ||||||
| 2,755,901 | ||||||||
| Insurance — 7.1% | ||||||||
| Allianz SE 5 year CMT + 2.973% | ||||||||
| 3.500% VRN (a) (b) | 4,400,000 | 3,685,781 | ||||||
| Allstate Corp. 3 mo. USD LIBOR + 2.938% | ||||||||
| 5.750% VRN 8/15/53 | 3,220,000 | 3,026,800 | ||||||
| American International Group, Inc. 3 mo. USD LIBOR + 2.868% | ||||||||
| 5.750% VRN 4/01/48 | 2,454,000 | 2,344,003 | ||||||
| AmTrust Financial Services, Inc. | ||||||||
| 6.125% 8/15/23 | 4,330,000 | 4,176,323 | ||||||
| Ascot Group Ltd. | ||||||||
| 4.250% 12/15/30 (a) | 2,215,000 | 1,909,862 | ||||||
| Athene Global Funding | ||||||||
| 2.673% 6/07/31 (a) (c) | 3,080,000 | 2,384,664 | ||||||
| AXIS Specialty Finance LLC 5 year CMT + 3.186% | ||||||||
| 4.900% VRN 1/15/40 | 1,670,000 | 1,369,400 | ||||||
| Brighthouse Financial, Inc. | ||||||||
| 4.700% 6/22/47 | 1,525,000 | 1,124,483 | ||||||
| 5.625% 5/15/30 | 1,470,000 | 1,401,853 | ||||||
| CNO Financial Group, Inc. | ||||||||
| 5.250% 5/30/29 | 2,801,000 | 2,676,892 | ||||||
| Corebridge Financial, Inc. 5 year CMT + 3.846% | ||||||||
| 6.875% VRN 12/15/52 (a) | 1,974,000 | 1,835,139 | ||||||
| Enstar Finance LLC 5 year CMT + 5.468% | ||||||||
| 5.750% VRN 9/01/40 | 2,700,000 | 2,443,500 | ||||||
| Enstar Group Ltd. | ||||||||
| 4.950% 6/01/29 | 2,050,000 | 1,883,260 | ||||||
| Global Atlantic Fin Co. | ||||||||
| 3.125% 6/15/31 (a) | 4,161,000 | 3,062,706 | ||||||
| 5 year CMT + 3.796% 4.700% VRN 10/15/51 (a) (c) | 3,580,000 | 2,726,771 | ||||||
| Hanwha Life Insurance Co. Ltd. 5 year CMT + 1.850% | ||||||||
| 3.379% VRN 2/04/32 (a) | 2,585,000 | 2,155,338 | ||||||
| Hill City Funding Trust | ||||||||
| 4.046% 8/15/41 (a) | 4,055,000 | 2,807,829 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Jackson Financial, Inc. | ||||||||
| 3.125% 11/23/31 | $ | 1,034,000 | $ | 795,209 | ||||
| Liberty Mutual Group, Inc. 5 year CMT + 3.315% | ||||||||
| 4.125% VRN 12/15/51 (a) | 1,225,000 | 997,885 | ||||||
| MetLife Capital Trust IV | ||||||||
| 7.875% 12/15/67 (a) | 925,000 | 999,100 | ||||||
| Prudential Financial, Inc. | ||||||||
| 3 mo. USD LIBOR + 3.920% 5.625% VRN 6/15/43 | 1,300,000 | 1,277,250 | ||||||
| 3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48 | 1,396,000 | 1,333,180 | ||||||
| Sammons Financial Group, Inc. | ||||||||
| 3.350% 4/16/31 (a) | 4,980,000 | 3,802,345 | ||||||
| 4.450% 5/12/27 (a) | 80,000 | 74,708 | ||||||
| 4.750% 4/08/32 (a) | 90,000 | 75,394 | ||||||
| USF&G Capital I | ||||||||
| 8.500% 12/15/45 (a) | 1,015,000 | 1,101,991 | ||||||
| 51,471,666 | ||||||||
| Investment Companies — 1.6% | ||||||||
| Ares Capital Corp. | ||||||||
| 2.150% 7/15/26 | 2,275,000 | 1,929,302 | ||||||
| BlackRock TCP Capital Corp. | ||||||||
| 3.900% 8/23/24 | 1,137,000 | 1,086,295 | ||||||
| Blackstone Private Credit Fund | ||||||||
| 1.750% 9/15/24 | 370,000 | 340,296 | ||||||
| 2.625% 12/15/26 | 3,660,000 | 3,033,552 | ||||||
| Golub Capital BDC, Inc. | ||||||||
| 2.500% 8/24/26 | 1,165,000 | 990,321 | ||||||
| 3.375% 4/15/24 | 2,745,000 | 2,640,745 | ||||||
| OWL Rock Core Income Corp. | ||||||||
| 4.700% 2/08/27 | 2,025,000 | 1,828,420 | ||||||
| 11,848,931 | ||||||||
| Iron & Steel — 0.2% | ||||||||
| Vale Overseas Ltd. | ||||||||
| 6.875% 11/21/36 | 1,100,000 | 1,161,251 | ||||||
| Lodging — 0.3% | ||||||||
| Las Vegas Sands Corp. | ||||||||
| 3.200% 8/08/24 | 2,305,000 | 2,190,219 | ||||||
| Media — 0.7% | ||||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
| 3.900% 6/01/52 | 750,000 | 473,411 | ||||||
| 6.484% 10/23/45 | 1,905,000 | 1,725,231 | ||||||
| Comcast Corp. | ||||||||
| 2.937% 11/01/56 | 1,244,000 | 775,234 | ||||||
| 3.969% 11/01/47 | 660,000 | 527,628 | ||||||
| Discovery Communications LLC | ||||||||
| 4.000% 9/15/55 | 1,186,000 | 715,983 | ||||||
| 4.650% 5/15/50 | 705,000 | 486,178 | ||||||
| Time Warner Cable, Inc. | ||||||||
| 6.750% 6/15/39 | 655,000 | 621,379 | ||||||
| 5,325,044 | ||||||||
| Metal Fabricate & Hardware — 0.2% | ||||||||
| The Timken Co. | ||||||||
| 4.500% 12/15/28 | 1,580,000 | 1,499,818 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Mining — 0.2% | ||||||||
| Glencore Finance Canada Ltd. | ||||||||
| 5.550% STEP 10/25/42 (a) | $ | 857,000 | $ | 773,751 | ||||
| Teck Resources Ltd. | ||||||||
| 6.000% 8/15/40 | 1,022,000 | 980,215 | ||||||
| 1,753,966 | ||||||||
| Oil & Gas — 2.3% | ||||||||
| BP Capital Markets PLC | ||||||||
| 5 year CMT + 4.036% 4.375% VRN (b) | 2,675,000 | 2,554,625 | ||||||
| 5 year CMT + 4.398% 4.875% VRN (b) | 1,540,000 | 1,347,500 | ||||||
| Cenovus Energy, Inc. | ||||||||
| 6.750% 11/15/39 | 1,176,000 | 1,224,338 | ||||||
| EQT Corp. | ||||||||
| 3.900% 10/01/27 | 1,870,000 | 1,726,828 | ||||||
| 7.000% STEP 2/01/30 | 1,965,000 | 2,037,941 | ||||||
| Occidental Petroleum Corp. | ||||||||
| 6.600% 3/15/46 | 1,228,000 | 1,263,600 | ||||||
| Ovintiv, Inc. | ||||||||
| 6.500% 8/15/34 | 1,110,000 | 1,121,434 | ||||||
| 6.500% 2/01/38 | 530,000 | 527,723 | ||||||
| Patterson-UTI Energy, Inc. | ||||||||
| 3.950% 2/01/28 | 2,415,000 | 2,134,013 | ||||||
| 5.150% 11/15/29 | 1,350,000 | 1,212,562 | ||||||
| Petroleos Mexicanos | ||||||||
| 5.350% 2/12/28 | 925,000 | 778,433 | ||||||
| 6.375% 1/23/45 | 640,000 | 396,561 | ||||||
| 6.500% 3/13/27 | 295,000 | 269,164 | ||||||
| 6.625% 6/15/38 | 202,000 | 138,028 | ||||||
| 16,732,750 | ||||||||
| Oil & Gas Services — 0.5% | ||||||||
| NOV, Inc. | ||||||||
| 3.600% 12/01/29 | 2,670,000 | 2,351,749 | ||||||
| 3.950% 12/01/42 | 1,778,000 | 1,246,835 | ||||||
| 3,598,584 | ||||||||
| Pharmaceuticals — 0.8% | ||||||||
| AbbVie, Inc. | ||||||||
| 4.700% 5/14/45 | 815,000 | 730,211 | ||||||
| Cigna Corp. | ||||||||
| 4.800% 7/15/46 | 1,105,000 | 997,678 | ||||||
| CVS Health Corp. | ||||||||
| 5.050% 3/25/48 | 370,000 | 333,774 | ||||||
| 6.125% 9/15/39 | 895,000 | 923,425 | ||||||
| CVS Pass-Through Trust | ||||||||
| 5.926% 1/10/34 (a) | 1,584,679 | 1,550,131 | ||||||
| Utah Acquisition Sub, Inc. | ||||||||
| 5.250% 6/15/46 | 1,750,000 | 1,331,011 | ||||||
| 5,866,230 | ||||||||
| Pipelines — 2.1% | ||||||||
| Energy Transfer LP | ||||||||
| 6.125% 12/15/45 | 1,235,000 | 1,149,569 | ||||||
| 3 mo. USD LIBOR + 4.028% 6.250% VRN (b) (c) | 2,635,000 | 2,239,750 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| EnLink Midstream Partners LP | ||||||||
| 4.850% 7/15/26 | $ | 996,000 | $ | 936,268 | ||||
| Enterprise Products Operating LLC 3 mo. USD LIBOR + 3.033% | ||||||||
| 5.250% VRN 8/16/77 | 2,550,000 | 2,054,666 | ||||||
| MPLX LP 3 mo. USD LIBOR + 4.652% | ||||||||
| 6.875% VRN (b) | 2,425,000 | 2,388,625 | ||||||
| Plains All American Pipeline LP 3 mo. USD LIBOR + 4.110% | ||||||||
| 8.716% VRN (b) | 2,590,000 | 2,227,400 | ||||||
| Plains All American Pipeline LP/PAA Finance Corp. | ||||||||
| 3.800% 9/15/30 | 770,000 | 671,060 | ||||||
| 4.700% 6/15/44 | 1,525,000 | 1,163,269 | ||||||
| 6.650% 1/15/37 | 475,000 | 469,695 | ||||||
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | ||||||||
| 6.875% 1/15/29 | 1,692,000 | 1,707,217 | ||||||
| 15,007,519 | ||||||||
| Private Equity — 0.4% | ||||||||
| Apollo Management Holdings LP 5 year CMT + 3.266% | ||||||||
| 4.950% VRN 1/14/50 (a) | 1,970,000 | 1,672,017 | ||||||
| KKR Group Finance Co. VIII LLC | ||||||||
| 3.500% 8/25/50 (a) | 920,000 | 619,739 | ||||||
| KKR Group Finance Co. X LLC | ||||||||
| 3.250% 12/15/51 (a) | 1,135,000 | 724,112 | ||||||
| 3,015,868 | ||||||||
| Real Estate Investment Trusts (REITS) — 2.6% | ||||||||
| Broadstone Net Lease LLC | ||||||||
| 2.600% 9/15/31 | 2,050,000 | 1,541,388 | ||||||
| Global Net Lease, Inc./Global Net Lease Operating Partnership LP | ||||||||
| 3.750% 12/15/27 (a) | 2,675,000 | 2,223,857 | ||||||
| Host Hotels & Resorts LP | ||||||||
| 2.900% 12/15/31 | 640,000 | 491,255 | ||||||
| 3.500% 9/15/30 | 2,756,000 | 2,281,165 | ||||||
| Invitation Homes Operating Partnership LP | ||||||||
| 4.150% 4/15/32 | 520,000 | 456,484 | ||||||
| Kimco Realty Corp. | ||||||||
| 4.125% 12/01/46 | 855,000 | 630,585 | ||||||
| 4.450% 9/01/47 | 1,055,000 | 818,079 | ||||||
| Omega Healthcare Investors, Inc. | ||||||||
| 3.375% 2/01/31 | 1,800,000 | 1,389,564 | ||||||
| Piedmont Operating Partnership LP | ||||||||
| 2.750% 4/01/32 | 1,155,000 | 811,242 | ||||||
| Rexford Industrial Realty LP | ||||||||
| 2.125% 12/01/30 | 1,175,000 | 920,057 | ||||||
| Service Properties Trust | ||||||||
| 4.500% 6/15/23 | 953,000 | 936,505 | ||||||
| 4.950% 10/01/29 | 1,445,000 | 998,638 | ||||||
| Spirit Realty LP | ||||||||
| 2.700% 2/15/32 | 715,000 | 530,856 | ||||||
| 3.200% 1/15/27 | 425,000 | 377,398 | ||||||
| 3.400% 1/15/30 | 490,000 | 408,087 | ||||||
| 4.000% 7/15/29 | 2,405,000 | 2,096,465 | ||||||
| WEA Finance LLC | ||||||||
| 2.875% 1/15/27 (a) | 2,150,000 | 1,842,730 | ||||||
| 18,754,355 | ||||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Software — 0.4% | ||||||||
| Electronic Arts, Inc. | ||||||||
| 2.950% 2/15/51 | $ | 1,150,000 | $ | 747,696 | ||||
| Microsoft Corp. | ||||||||
| 2.921% 3/17/52 | 1,560,000 | 1,114,338 | ||||||
| Oracle Corp. | ||||||||
| 6.900% 11/09/52 | 691,000 | 745,814 | ||||||
| 2,607,848 | ||||||||
| Telecommunications — 1.7% | ||||||||
| AT&T, Inc. | ||||||||
| 3.550% 9/15/55 | 4,675,000 | 3,133,390 | ||||||
| British Telecommunications PLC | ||||||||
| 9.625% STEP 12/15/30 | 725,000 | 870,485 | ||||||
| Crown Castle Towers LLC | ||||||||
| 4.241% 7/15/48 (a) | 1,750,000 | 1,592,418 | ||||||
| Sprint Capital Corp. | ||||||||
| 8.750% 3/15/32 | 3,150,000 | 3,748,815 | ||||||
| Verizon Communications, Inc. | ||||||||
| 2.987% 10/30/56 | 2,599,000 | 1,596,228 | ||||||
| Vodafone Group PLC | ||||||||
| 5.250% 5/30/48 | 1,245,000 | 1,103,170 | ||||||
| 12,044,506 | ||||||||
| Venture Capital — 0.6% | ||||||||
| Hercules Capital, Inc. | ||||||||
| 2.625% 9/16/26 | 3,662,000 | 3,092,330 | ||||||
| 3.375% 1/20/27 | 1,415,000 | 1,214,788 | ||||||
| 4,307,118 | ||||||||
| TOTAL CORPORATE DEBT (Cost $327,623,593) | 278,642,787 | |||||||
| NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 27.3% | ||||||||
| Commercial Mortgage-Backed Securities — 8.7% | ||||||||
| BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350% | ||||||||
| 5.668% FRN 9/15/34 (a) | 760,000 | 727,760 | ||||||
| BANK, Series 2020-BN30, Class MCDF, | ||||||||
| 2.918% VRN 12/15/53 (d) | 3,165,000 | 2,003,436 | ||||||
| BBCMS Mortgage Trust | ||||||||
| Series 2018-CHRS, Class B, 4.267% VRN 8/05/38 (a) (d) | 2,200,000 | 1,836,394 | ||||||
| Series 2018-CHRS, Class C, 4.267% VRN 8/05/38 (a) (d) | 1,590,000 | 1,344,295 | ||||||
| Series 2018-CHRS, Class D, 4.267% VRN 8/05/38 (a) (d) | 1,220,000 | 969,240 | ||||||
| Benchmark Mortgage Trust | ||||||||
| Series 2021-B23, Class 360A, 2.760% VRN 2/15/54 (a) (d) | 3,150,000 | 2,315,755 | ||||||
| Series 2021-B23, Class 360B, 2.760% VRN 2/15/54 (a) (d) | 4,800,000 | 3,257,777 | ||||||
| Series 2021-B25, Class 300C, 2.994% VRN 4/15/54 (a) (d) | 3,100,000 | 2,195,442 | ||||||
| BGME Trust | ||||||||
| Series 2021-VR, Class C, 2.995% VRN 1/10/43 (a) (d) | 16,248,000 | 12,743,586 | ||||||
| Series 2021-VR, Class D, 2.995% VRN 1/10/43 (a) (d) | 3,790,000 | 2,878,968 | ||||||
| BX Commercial Mortgage Trust, Series 2021-VOLT, Class E, 1 mo. USD LIBOR + 2.000% | ||||||||
| 6.318% FRN 9/15/36 (a) | 5,343,000 | 4,970,638 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Citigroup Commercial Mortgage Trust, Series 2019-GC41, Class C | ||||||||
| 3.502% 8/10/56 | $ | 1,259,000 | $ | 957,679 | ||||
| COLEM Mortgage Trust, Series 2022-HLNE, | ||||||||
| 2.461% VRN 4/12/42 (a) (d) | 1,900,000 | 1,430,326 | ||||||
| Commercial Mortgage Pass-Through Certificates | ||||||||
| Series 2015-CR23, Class B, 4.183% VRN 5/10/48 (d) | 1,200,000 | 1,122,766 | ||||||
| Series 2015-CR23, Class C, 4.301% VRN 5/10/48 (d) | 1,050,000 | 969,446 | ||||||
| Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class E, 1 mo. USD LIBOR + 2.150% | ||||||||
| 6.468% FRN 5/15/36 (a) | 750,000 | 725,669 | ||||||
| DROP Mortgage Trust | ||||||||
| Series 2021-FILE, Class C, 1 mo. USD LIBOR + 2.250% 6.570% FRN 10/15/43 (a) | 3,365,000 | 3,045,493 | ||||||
| Series 2021-FILE, Class D, 1 mo. USD LIBOR + 2.750% 7.070% FRN 10/15/43 (a) | 1,162,000 | 1,028,267 | ||||||
| GS Mortgage Securities Trust, Series 2019-GC39, Class C, | ||||||||
| 4.005% VRN 5/10/52 (d) | 1,357,000 | 1,092,528 | ||||||
| KIND Trust, Series 2021-KIND, Class C, 1 mo. USD LIBOR + 1.750% | ||||||||
| 6.068% FRN 8/15/38 (a) | 3,077,756 | 2,836,699 | ||||||
| KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800% | ||||||||
| 6.118% FRN 5/15/36 (a) | 1,730,000 | 1,683,589 | ||||||
| Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD LIBOR + 1.750% | ||||||||
| 6.068% FRN 3/15/38 (a) | 2,505,591 | 2,371,065 | ||||||
| MFT Trust | ||||||||
| Series 2020-ABC, Class A, 3.358% 2/10/42 (a) | 1,185,000 | 917,376 | ||||||
| Series 2020-ABC, Class B, 3.477% VRN 2/10/42 (a) (d) | 1,278,000 | 949,173 | ||||||
| MKT Mortgage Trust | ||||||||
| Series 2020-525M, Class D, 2.941% VRN 2/12/40 (a) (d) | 595,000 | 371,590 | ||||||
| Series 2020-525M, Class E, 2.941% VRN 2/12/40 (a) (d) | 1,220,000 | 697,183 | ||||||
| VASA Trust, Series 2021-VASA, Class D, 1 mo. USD LIBOR + 2.100% | ||||||||
| 6.418% FRN 7/15/39 (a) | 4,879,000 | 4,420,817 | ||||||
| Wells Fargo Commercial Mortgage Trust | ||||||||
| Series 2018-C45, Class B, 4.556% 6/16/51 | 390,000 | 338,820 | ||||||
| Series 2021-FCMT, Class B, 1 mo. USD LIBOR + 1.850% 6.168% FRN 5/15/31 (a) | 3,000,000 | 2,776,769 | ||||||
| 62,978,546 | ||||||||
| Other Asset-Backed Securities — 13.1% | ||||||||
| 522 Funding CLO Ltd., Series 2018-3A, Class CR, 3 mo. USD LIBOR + 2.050% | ||||||||
| 6.293% FRN 10/20/31 (a) | 1,250,000 | 1,173,177 | ||||||
| AASET Trust | ||||||||
| Series 2020-1A, Class A, 3.351% 1/16/40 (a) | 992,863 | 795,314 | ||||||
| Series 2021-2A, Class B, 3.538% 1/15/47 (a) | 1,120,946 | 817,737 | ||||||
| Anchorage Capital CLO 9 Ltd., Series 2016-9A, Class CR2, 3 mo. USD LIBOR + 2.250% | ||||||||
| 6.329% FRN 7/15/32 (a) | 830,000 | 782,584 | ||||||
| Apidos CLO XXV, Series 2016-25A, Class A2R, 3 mo. USD LIBOR + 1.700% | ||||||||
| 5.943% FRN 10/20/31 (a) | 2,610,000 | 2,526,000 | ||||||
| Ballyrock CLO Ltd., Series 2019-2A, Class CR, 3 mo. USD LIBOR + 3.150% | ||||||||
| 7.825% FRN 11/20/30 (a) | 800,000 | 753,222 | ||||||
| Benefit Street Partners CLO V-B Ltd., Series 2018-5BA, Class A1A, 3 mo. USD LIBOR + 1.090% | ||||||||
| 5.333% FRN 4/20/31 (a) | 1,920,000 | 1,896,186 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A | ||||||||
| 2.940% 5/25/29 (a) | $ | 230,591 | $ | 224,193 | ||||
| Business Jet Securities LLC, Series 2021-1A, Class C | ||||||||
| 5.067% 4/15/36 (a) | 984,626 | 864,049 | ||||||
| Canyon Capital CLO Ltd., Series 2019-2A, Class CR, 3 mo. USD LIBOR + 2.150% | ||||||||
| 6.229% FRN 10/15/34 (a) | 800,000 | 741,953 | ||||||
| Capital Automotive REIT | ||||||||
| Series 2020-1A, Class A3, 3.250% 2/15/50 (a) | 556,429 | 486,971 | ||||||
| Series 2020-1A, Class A6, 3.810% 2/15/50 (a) | 489,200 | 426,680 | ||||||
| Castlelake Aircraft Securitization Trust, Series 2019-1A, Class A | ||||||||
| 3.967% 4/15/39 (a) | 644,309 | 544,527 | ||||||
| CBAM Ltd., Series 2018-6A, Class B1R, 3 mo. TSFR + 2.362% | ||||||||
| 6.225% FRN 1/15/31 (a) | 1,200,000 | 1,173,223 | ||||||
| Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD LIBOR + .980% | ||||||||
| 5.223% FRN 4/20/31 (a) | 1,000,000 | 984,880 | ||||||
| Eaton Vance CLO Ltd. | ||||||||
| Series 2018-1A, Class B, 3 mo. USD LIBOR + 1.750% 5.829% FRN 10/15/30 (a) | 1,700,000 | 1,641,602 | ||||||
| Series 2020-1A, Class CR, 3 mo. USD LIBOR + 2.050% 6.129% FRN 10/15/34 (a) | 400,000 | 358,670 | ||||||
| Elmwood CLO III Ltd., Series 2019-3A, Class BR, 3 mo. USD LIBOR + 1.650% | ||||||||
| 5.893% FRN 10/20/34 (a) | 1,300,000 | 1,247,121 | ||||||
| Elmwood CLO IV Ltd., Series 2020-1A, Class A, 3 mo. USD LIBOR + 1.240% | ||||||||
| 5.319% FRN 4/15/33 (a) | 1,000,000 | 983,691 | ||||||
| FCI Funding LLC, Series 2019-1A, Class A | ||||||||
| 3.630% 2/18/31 (a) | 21,268 | 21,248 | ||||||
| Flexential Issuer | ||||||||
| Series 2021-1A, Class B, 3.720% 11/27/51 (a) | 4,000,000 | 3,430,100 | ||||||
| Series 2021-1A, Class C, 6.930% 11/27/51 (a) | 4,000,000 | 3,282,830 | ||||||
| Goldentree Loan Management US CLO Ltd., Series 2019-5A, Class CR, 3 mo. USD LIBOR + 2.050% | ||||||||
| 6.293% FRN 10/20/32 (a) | 800,000 | 756,120 | ||||||
| Goodgreen Trust | ||||||||
| Series 2019-2A, Class A, 2.760% 4/15/55 (a) | 2,279,874 | 1,963,117 | ||||||
| Series 2016-1A, Class A, 3.230% 10/15/52 (a) | 899,317 | 816,893 | ||||||
| Series 2017-1A, Class A, 3.740% 10/15/52 (a) | 433,574 | 402,106 | ||||||
| Series 2019-1A, Class A, 3.860% 10/15/54 (a) | 900,029 | 836,135 | ||||||
| Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (d) | 1,149,591 | 1,058,517 | ||||||
| Hero Funding Trust | ||||||||
| Series 2016-3A, Class A1, 3.080% 9/20/42 (a) | 386,577 | 361,698 | ||||||
| Series 2017-3A, Class A1, 3.190% 9/20/48 (a) | 431,809 | 393,880 | ||||||
| Series 2017-2A, Class A1, 3.280% 9/20/48 (a) | 128,198 | 118,681 | ||||||
| Series 2016-4A, Class A1, 3.570% 9/20/47 (a) | 409,735 | 387,972 | ||||||
| Series 2017-2A, Class A2, 4.070% 9/20/48 (a) | 103,061 | 96,038 | ||||||
| Series 2018-1A, Class A2, 4.670% 9/20/48 (a) | 756,991 | 719,190 | ||||||
| Highbridge Loan Management Ltd., Series 13A-18, Class C, 3 mo. USD LIBOR + 2.150% | ||||||||
| 6.229% FRN 10/15/30 (a) | 1,000,000 | 937,310 | ||||||
| Horizon Aircraft Finance I Ltd., Series 2018-1, Class A | ||||||||
| 4.458% 12/15/38 (a) | 995,711 | 815,487 | ||||||
| Horizon Aircraft Finance II Ltd, Series 2019-1, Class A | ||||||||
| 3.721% 7/15/39 (a) | 1,296,496 | 1,019,861 | ||||||
| Horizon Aircraft Finance III Ltd., Series 2019-2, Class A | ||||||||
| 3.425% 11/15/39 (a) | 3,312,713 | 2,556,066 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| KREF Ltd. | ||||||||
| Series 2021-FL2, Class B, 1 mo. USD LIBOR + 1.650% 5.976% FRN 2/15/39 (a) | $ | 3,500,000 | $ | 3,260,902 | ||||
| Series 2021-FL2, Class C, 1 mo. USD LIBOR + 2.000% 6.326% FRN 2/15/39 (a) | 5,800,000 | 5,346,322 | ||||||
| Series 2021-FL2, Class D, 1 mo. USD LIBOR + 2.200% 6.526% FRN 2/15/39 (a) | 3,200,000 | 2,948,759 | ||||||
| Labrador Aviation Finance Ltd., Series 2016-1A, Class A1 | ||||||||
| 4.300% 1/15/42 (a) | 1,760,237 | 1,386,257 | ||||||
| MACH 1 Cayman Ltd., Series 2019-1, Class A | ||||||||
| 3.474% 10/15/39 (a) | 1,884,047 | 1,522,891 | ||||||
| Madison Park Funding Ltd. | ||||||||
| Series 2018-28A, Class B, 3 mo. USD LIBOR + 1.600% 5.679% FRN 7/15/30 (a) | 2,090,000 | 2,034,272 | ||||||
| Series 2018-32A, Class CR, 3 mo. USD LIBOR + 2.000% 6.325% FRN 1/22/31 (a) | 1,750,000 | 1,643,327 | ||||||
| Series 2018-29A, Class C, 3 mo. USD LIBOR + 2.200% 6.394% FRN 10/18/30 (a) | 680,000 | 645,223 | ||||||
| Mariner Finance Issuance Trust | ||||||||
| Series 2021-AA, Class B, 2.330% 3/20/36 (a) | 1,771,000 | 1,453,047 | ||||||
| Series 2021-AA, Class C, 2.960% 3/20/36 (a) | 835,000 | 683,945 | ||||||
| Mosaic Solar Loans LLC | ||||||||
| Series 2017-2A, Class A, 3.820% 6/22/43 (a) | 347,881 | 319,754 | ||||||
| Series 2018-1A, Class A, 4.010% 6/22/43 (a) | 157,578 | 143,645 | ||||||
| Series 2017-1A, Class A, 4.450% 6/20/42 (a) | 152,440 | 145,956 | ||||||
| Neuberger Berman Loan Advisers CLO Ltd., Series 2015-45A, Class B, 3 mo. USD LIBOR + 1.650% | ||||||||
| 5.661% FRN 10/14/35 (a) | 1,350,000 | 1,298,499 | ||||||
| New Residential Advance Receivables Trust, Series 2020-T1, Class ET1 | ||||||||
| 5.467% 8/15/53 (a) | 2,495,000 | 2,377,459 | ||||||
| Octagon Investment Partners 39 Ltd., Series 2018-3A, Class C, 3 mo. USD LIBOR + 2.200% | ||||||||
| 6.443% FRN 10/20/30 (a) | 1,180,000 | 1,129,667 | ||||||
| Parallel Ltd., Series 2021-2A, Class A2, 3 mo. USD LIBOR + 1.850% | ||||||||
| 6.093% FRN 10/20/34 (a) | 550,000 | 520,589 | ||||||
| Pioneer Aircraft Finance Ltd., Series 2019-1, Class A | ||||||||
| 3.967% 6/15/44 (a) | 1,498,860 | 1,191,057 | ||||||
| Rad CLO 12 Ltd., Series 2021-12A, Class A, 3 mo. USD LIBOR + 1.170% | ||||||||
| 5.585% FRN 10/30/34 (a) | 2,000,000 | 1,944,384 | ||||||
| Rad CLO 15 Ltd., Series 2021-15A, Class C, 3 mo. USD LIBOR + 2.050% | ||||||||
| 6.293% FRN 1/20/34 (a) | 1,000,000 | 935,209 | ||||||
| Regatta XIV Funding Ltd., Series 2018-3A, Class B, 3 mo. USD LIBOR + 1.850% | ||||||||
| 6.208% FRN 10/25/31 (a) | 1,030,000 | 991,924 | ||||||
| Sierra Receivables Funding LLC | ||||||||
| Series 2021-1A, Class D, 3.170% 11/20/37 (a) | 821,170 | 757,931 | ||||||
| Series 2018-3A, Class D, 5.200% 9/20/35 (a) | 356,528 | 349,892 | ||||||
| Steele Creek CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.300% | ||||||||
| 6.974% FRN 8/18/31 (a) | 1,660,000 | 1,536,655 | ||||||
| Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD LIBOR + 1.200% | ||||||||
| 5.589% FRN 11/25/35 (a) | 513,737 | 498,544 | ||||||
| Structured Receivables Finance LLC, Series 2010-B, Class A | ||||||||
| 3.730% 8/15/36 (a) | 97,453 | 93,507 | ||||||
| Sunnova Helios II Issuer LLC, Series 2018-1A, Class A | ||||||||
| 4.870% 7/20/48 (a) | 571,410 | 505,383 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| SuttonPark Structured Settlements LLC, Series 2017-1A, Class A | ||||||||
| 4.190% 1/15/71 (a) | $ | 1,653,898 | $ | 1,463,118 | ||||
| THL Credit Wind River CLO Ltd., Series 2018-3A, Class B, 3 mo. USD LIBOR + 1.700% | ||||||||
| 5.943% FRN 1/20/31 (a) | 2,440,000 | 2,343,530 | ||||||
| Thrust Engine Leasing, Series 2021-1A, Class A | ||||||||
| 4.163% 7/15/40 (a) | 3,502,749 | 2,575,823 | ||||||
| Thrust Engine Leasing DAC | ||||||||
| Series 2021-1A, Class B, 6.121% 7/15/40 (a) | 1,591,546 | 1,123,356 | ||||||
| Series 2021-1A, Class C, 7.386% 7/15/40 (a) | 1,105,878 | 801,877 | ||||||
| TICP CLO XIV Ltd., Series 2019-14A, Class A2R, 3 mo. USD LIBOR + 1.650% | ||||||||
| 5.893% FRN 10/20/32 (a) | 1,100,000 | 1,065,159 | ||||||
| TICP CLO XV Ltd., Series 2020-15A, Class A, 3 mo. USD LIBOR + 1.280% | ||||||||
| 5.523% FRN 4/20/33 (a) | 4,200,000 | 4,135,942 | ||||||
| Vivint Solar Financing V LLC, Series 2018-1A, Class B | ||||||||
| 7.370% 4/30/48 (a) | 1,914,956 | 1,758,224 | ||||||
| Voya CLO Ltd., Series 2015-3A, Class A3R, 3 mo. USD LIBOR + 1.700% | ||||||||
| 5.943% FRN 10/20/31 (a) | 1,500,000 | 1,428,844 | ||||||
| WAVE LLC | ||||||||
| Series 2019-1A, Class A, 3.597% 9/15/44 (a) | 4,149,747 | 3,142,391 | ||||||
| Series 2017-1A, Class A, 3.844% 11/15/42 (a) | 299,586 | 226,190 | ||||||
| Series 2017-1A, Class C, 6.656% 11/15/42 (a) | 2,062,759 | 578,774 | ||||||
| Willis Engine Structured Trust IV, Series 2018-A, Class A, | ||||||||
| 4.750% STEP 9/15/43 (a) | 1,009,195 | 805,936 | ||||||
| 95,509,193 | ||||||||
| Student Loans Asset-Backed Securities — 2.9% | ||||||||
| College Avenue Student Loans LLC | ||||||||
| Series 2019-A, Class B, 3.810% 12/28/48 (a) | 1,633,477 | 1,511,213 | ||||||
| Series 2019-A, Class C, 4.460% 12/28/48 (a) | 1,091,909 | 1,018,883 | ||||||
| Education Loan Asset-Backed Trust I | ||||||||
| Series 2003-1, Class A2, 0.000% FRN 2/01/43 (a) (d) | 1,300,000 | 1,201,795 | ||||||
| Series 2003-2, Class 2A1, 0.000% FRN 8/01/43 (a) (d) | 1,950,000 | 1,811,102 | ||||||
| Series 2013-1, Class B1, 1 mo. USD LIBOR + 1.000% 5.389% FRN 11/25/33 (a) | 699,429 | 673,055 | ||||||
| Higher Education Funding I | ||||||||
| Series 2004-1, Class B2, 0.000% FRN 1/01/44 (a) (d) | 600,000 | 523,928 | ||||||
| Series 2004-1, Class B1, 4.161% FRN 1/01/44 (a) (d) | 600,000 | 540,413 | ||||||
| Laurel Road Prime Student Loan Trust, Series 2017-B, Class BFX | ||||||||
| 3.020% 8/25/42 (a) | 538,731 | 436,830 | ||||||
| Navient Student Loan Trust | ||||||||
| Series 2018-EA, Class B, 4.440% 12/15/59 (a) | 730,000 | 679,832 | ||||||
| Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500% 5.889% FRN 10/25/58 | 1,200,000 | 1,041,856 | ||||||
| Nelnet Student Loan Trust | ||||||||
| Series 2019-5, Class B, 3.450% 10/25/67 (a) | 2,850,000 | 2,252,951 | ||||||
| Series 2014-3A, Class B, 1 mo. USD LIBOR + 1.500% 5.889% FRN 10/25/50 (a) | 975,000 | 919,115 | ||||||
| Series 2015-2A, Class B, 1 mo. USD LIBOR + 1.500% 5.889% FRN 5/26/54 (a) | 1,130,000 | 1,104,442 | ||||||
| Series 2014-5A, Class B, 1 mo. USD LIBOR + 1.500% 5.889% FRN 5/26/54 (a) | 1,300,000 | 1,151,389 | ||||||
| Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500% 5.889% FRN 6/25/54 (a) | 1,100,000 | 1,035,792 | ||||||
| SLC Student Loan Trust, Series 2005-1, Class B, 3 mo. USD LIBOR + .200% | ||||||||
| 4.850% FRN 2/15/45 | 1,079,205 | 955,470 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| SLM Student Loan Trust | ||||||||
| Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 4.568% FRN 10/25/40 | $ | 1,554,780 | $ | 1,453,295 | ||||
| Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 4.668% FRN 1/25/55 | 1,009,254 | 921,442 | ||||||
| SoFi Alternative Trust, Series 2019-C, Class PT, | ||||||||
| 5.188% VRN 1/25/45 (a) (d) | 2,351,540 | 2,171,412 | ||||||
| 21,404,215 | ||||||||
| Whole Loan Collateral Collateralized Mortgage Obligations — 2.6% | ||||||||
| Bank of America Mortgage Securities, Series 2004-G, Class 2A7, | ||||||||
| 3.961% VRN 8/25/34 (d) | 28,248 | 26,575 | ||||||
| CSMC, Series 2021-NQM3, Class M1, | ||||||||
| 2.317% VRN 4/25/66 (a) (d) | 1,670,000 | 921,508 | ||||||
| Flagstar Mortgage Trust, Series 2021-6INV, Class A18, | ||||||||
| 2.500% VRN 8/25/51 (a) (d) | 4,714,052 | 3,633,872 | ||||||
| JP Morgan Mortgage Trust, Series 2017-1, Class A11, | ||||||||
| 3.449% VRN 1/25/47 (a) (d) | 519,677 | 446,282 | ||||||
| New Residential Mortgage Loan Trust, Series 2021-INV1, Class A4, | ||||||||
| 2.500% VRN 6/25/51 (a) (d) | 2,818,013 | 2,177,575 | ||||||
| NewRez Warehouse Securitization Trust, Series 2021-1, Class D, 1 mo. USD LIBOR + 1.400% | ||||||||
| 5.789% FRN 5/25/55 (a) | 3,340,000 | 3,226,927 | ||||||
| NMLT Trust, Series 2021-INV1, Class M1, | ||||||||
| 2.711% VRN 5/25/56 (a) (d) | 3,723,000 | 2,278,547 | ||||||
| Sequoia Mortgage Trust, Series 2018-CH2, Class A3, | ||||||||
| 4.000% VRN 6/25/48 (a) (d) | 215,698 | 196,090 | ||||||
| STAR Trust, Series 2021-1, Class M1, | ||||||||
| 2.363% VRN 5/25/65 (a) (d) | 5,273,000 | 3,484,223 | ||||||
| Starwood Mortgage Residential Trust, Series 2021-3, Class M1, | ||||||||
| 2.491% VRN 6/25/56 (a) (d) | 1,840,000 | 1,069,144 | ||||||
| Verus Securitization Trust, Series 2021-R3, Class M1, | ||||||||
| 2.411% VRN 4/25/64 (a) (d) | 1,491,000 | 1,069,429 | ||||||
| Wells Fargo Mortgage Backed Securities Trust, Series 2019-1, Class A1, | ||||||||
| 3.940% VRN 11/25/48 (a) (d) | 41,476 | 39,281 | ||||||
| 18,569,453 | ||||||||
| TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $232,637,537) | 198,461,407 | |||||||
| SOVEREIGN DEBT OBLIGATION — 0.3% | ||||||||
| Mexico Government International Bond | ||||||||
| 4.750% 3/08/44 | 3,028,000 | 2,440,643 | ||||||
| TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $3,041,308) | 2,440,643 | |||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (e) — 25.6% | ||||||||
| Collateralized Mortgage Obligations — 0.0% | ||||||||
| Federal Home Loan Mortgage Corp. Series 2178, Class PB 7.000% 8/15/29 | 66,098 | 67,892 | ||||||
| Pass-Through Securities — 25.6% | ||||||||
| Federal Home Loan Mortgage Corp. | ||||||||
| Pool #RA4245 2.000% 12/01/50 | 4,510,634 | 3,727,631 | ||||||
| Pool #RA4255 2.000% 1/01/51 | 9,382,664 | 7,756,856 | ||||||
| Pool #RA5576 2.500% 7/01/51 | 7,667,042 | 6,576,365 | ||||||
| Pool #SD0905 3.000% 3/01/52 | 3,701,203 | 3,285,698 | ||||||
| Pool #RA2483 3.500% 6/01/50 | 5,443,239 | 5,020,421 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Pool #Z40047 4.000% 10/01/41 | $ | 72,167 | $ | 70,071 | ||||
| Pool #SD1523 4.000% 8/01/52 | 5,158,329 | 4,885,869 | ||||||
| Pool #SD1603 4.000% 9/01/52 | 3,244,116 | 3,054,516 | ||||||
| Federal National Mortgage Association | ||||||||
| Pool #FM8596 2.500% 9/01/51 | 2,416,750 | 2,070,688 | ||||||
| Pool #FS3035 2.500% 4/01/52 | 8,487,606 | 7,292,134 | ||||||
| Pool #MA3029 3.000% 6/01/32 | 1,789,135 | 1,703,996 | ||||||
| Pool #MA3090 3.000% 8/01/32 | 602,024 | 572,623 | ||||||
| Pool #FS1075 3.000% 3/01/52 | 3,763,830 | 3,342,471 | ||||||
| Pool #CB3304 3.000% 4/01/52 | 5,652,983 | 5,020,133 | ||||||
| Pool #CB3305 3.000% 4/01/52 | 6,672,822 | 5,917,460 | ||||||
| Pool #775539 12 mo. USD LIBOR + 1.641% 3.391% FRN 5/01/34 | 41,545 | 41,777 | ||||||
| Pool #AS1304 3.500% 12/01/28 | 487,359 | 473,216 | ||||||
| Pool #MA1356 3.500% 2/01/43 | 3,614,746 | 3,366,719 | ||||||
| Pool #CA6096 3.500% 6/01/50 | 7,087,706 | 6,510,569 | ||||||
| Pool #FM4017 3.500% 8/01/50 | 379,984 | 350,230 | ||||||
| Pool #CB3842 3.500% 6/01/52 | 10,602,904 | 9,725,451 | ||||||
| Pool #CA1909 4.500% 6/01/48 | 2,240,780 | 2,197,519 | ||||||
| Pool #CB3866 4.500% 6/01/52 | 5,885,960 | 5,724,959 | ||||||
| Pool #CB4129 4.500% 7/01/52 | 5,251,051 | 5,087,726 | ||||||
| Pool #AD6437 5.000% 6/01/40 | 213,815 | 216,567 | ||||||
| Pool #AD6996 5.000% 7/01/40 | 1,342,799 | 1,360,833 | ||||||
| Pool #AL8173 5.000% 2/01/44 | 454,612 | 463,008 | ||||||
| Government National Mortgage Association | ||||||||
| Pool #781038 6.500% 5/15/29 | 20,453 | 20,993 | ||||||
| Pool #781468 6.500% 7/15/32 | 1,528 | 1,592 | ||||||
| Pool #781496 6.500% 9/15/32 | 7,189 | 7,459 | ||||||
| Pool #345964 7.000% 11/15/23 | 6 | 6 | ||||||
| Pool #380866 7.000% 3/15/24 | 114 | 114 | ||||||
| Pool #781124 7.000% 12/15/29 | 2,726 | 2,819 | ||||||
| Pool #781319 7.000% 7/15/31 | 52,779 | 55,014 | ||||||
| Pool #581417 7.000% 7/15/32 | 8,480 | 8,748 | ||||||
| Pool #565982 7.000% 7/15/32 | 11,130 | 11,718 | ||||||
| Pool #357262 7.500% 9/15/23 | 68 | 68 | ||||||
| Pool #441009 8.000% 11/15/26 | 406 | 419 | ||||||
| Pool #522777 8.000% 12/15/29 | 3,221 | 3,361 | ||||||
| Pool #523043 8.000% 3/15/30 | 111 | 116 | ||||||
| Pool #529134 8.000% 3/15/30 | 1,187 | 1,257 | ||||||
| Pool #477036 8.000% 4/15/30 | 125 | 132 | ||||||
| Pool #503157 8.000% 4/15/30 | 10,132 | 10,718 | ||||||
| Pool #528714 8.000% 4/15/30 | 938 | 995 | ||||||
| Pool #544640 8.000% 11/15/30 | 8,159 | 8,671 | ||||||
| Pool #531298 8.500% 8/15/30 | 574 | 605 | ||||||
| Government National Mortgage Association II | ||||||||
| Pool #MA6038 3.000% 7/20/49 | 2,841,609 | 2,568,696 | ||||||
| Pool #MA6283 3.000% 11/20/49 | 5,094,346 | 4,601,893 | ||||||
| Pool #MA6409 3.000% 1/20/50 | 5,292,138 | 4,777,258 | ||||||
| Pool #MA4321 3.500% 3/20/47 | 3,165,996 | 2,961,614 | ||||||
| Government National Mortgage Association II TBA | ||||||||
| 3.000% 1/23/53 (f) | 4,100,000 | 3,658,930 | ||||||
| 3.500% 1/23/53 (f) | 5,280,000 | 4,858,838 | ||||||
| 4.500% 1/23/53 (f) | 2,000,000 | 1,942,969 | ||||||
| Uniform Mortgage Backed Securities TBA | ||||||||
| 2.500% 12/25/51 (f) | 19,825,000 | 16,845,055 | ||||||
| 3.000% 2/25/52 (f) | 11,225,000 | 9,882,384 | ||||||
| 3.500% 4/25/52 (f) | 2,150,000 | 1,958,684 | ||||||
| 4.000% 6/25/52 (f) | 16,075,000 | 15,115,523 | ||||||
| 4.500% 7/25/52 (f) | 15,225,000 | 14,694,503 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 5.000% 7/25/52 (f) | $ | 6,575,000 | $ | 6,489,730 | ||||
| 186,306,388 | ||||||||
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $198,681,588) | 186,374,280 | |||||||
| U.S. TREASURY OBLIGATIONS — 7.2% | ||||||||
| U.S. Treasury Bonds & Notes — 7.2% | ||||||||
| U.S. Treasury Bond | ||||||||
| 2.250% 8/15/49 (g) | 36,000,000 | 25,601,152 | ||||||
| 3.500% 2/15/39 | 6,800,000 | 6,424,924 | ||||||
| U.S. Treasury Note | ||||||||
| 1.875% 2/28/27 | 9,000,000 | 8,254,751 | ||||||
| 3.000% 7/31/24 | 12,100,000 | 11,805,221 | ||||||
| 52,086,048 | ||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $61,058,528) | 52,086,048 | |||||||
| TOTAL BONDS & NOTES (Cost $823,042,554) | 718,005,165 | |||||||
| Number of Shares | ||||||||
| MUTUAL FUNDS — 0.4% | ||||||||
| Diversified Financial Services — 0.4% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio (h) | 3,094,650 | 3,094,650 | ||||||
| TOTAL MUTUAL FUNDS (Cost $3,094,650) | 3,094,650 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $826,137,204) | 721,099,815 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENTS — 11.2% | ||||||||
| Commercial Paper — 10.2% | ||||||||
| Amcor Flexibles North America, Inc. | ||||||||
| 5.165% 2/23/23 (a) | $ | 4,000,000 | 3,970,557 | |||||
| 5.166% 2/21/23 (a) | 4,000,000 | 3,971,651 | ||||||
| Evergy Kansas Central, Inc. | ||||||||
| 5.156% 2/02/23 (a) | 7,000,000 | 6,968,736 | ||||||
| Mohawk Industries, Inc. | ||||||||
| 4.880% 1/06/23 (a) | 7,000,000 | 6,993,780 | ||||||
| Spire, Inc. | ||||||||
| 5.021% 2/09/23 (a) | 2,000,000 | 1,989,156 | ||||||
| Suncor Energy, Inc. | ||||||||
| 5.340% 3/13/23 (a) | 10,000,000 | 9,899,848 | ||||||
| Tampa Electric Co. | ||||||||
| 5.238% 2/21/23 (a) | 5,000,000 | 4,963,717 | ||||||
| TransCanada PipeLines Ltd. | ||||||||
| 5.342% 3/09/23 (a) | 5,000,000 | 4,952,869 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Royal Bank of Canada, 5.342% 3/21/23 (a) | $ | 5,000,000 | $ | 4,943,953 | ||||
| Vulcan Materials Co. | ||||||||
| 4.971% 1/24/23 (a) | 3,000,000 | 2,990,002 | ||||||
| Walgreens Boots Alliance, Inc. | ||||||||
| 5.045% 1/26/23 (a) | 5,000,000 | 4,982,142 | ||||||
| 5.104% 2/06/23 (a) | 10,000,000 | 9,949,154 | ||||||
| Waste Management, Inc. | ||||||||
| 5.010% 2/08/23 (a) | 8,000,000 | 7,958,044 | ||||||
| 74,533,609 | ||||||||
| Repurchase Agreement — 1.0% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (i) | 7,252,583 | 7,252,583 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $81,774,955) | 81,786,192 | |||||||
| TOTAL INVESTMENTS — 110.3% (Cost $907,912,159) (j) | 802,886,007 | |||||||
| Other Assets/(Liabilities) — (10.3)% | (74,949,962) | |||||||
| NET ASSETS — 100.0% | $ | 727,936,045 | ||||||
Abbreviation Legend
| CLO | Collateralized Loan Obligation |
| FRN | Floating Rate Note |
| STEP | Step Up Bond |
| TBA | To Be Announced |
| VRN | Variable Rate Note |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2022, the aggregate market value of these securities amounted to $354,727,097 or 48.73% of net assets. |
| (b) | Security is perpetual and has no stated maturity date. |
| (c) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $3,034,588 or 0.42% of net assets. The Fund received $5,886 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (d) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2022. |
| (e) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
| (f) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (g) | All or a portion of this security is pledged/held as collateral for open derivatives. |
| (h) | Represents investment of security lending cash collateral. (Note 2). |
| (i) | Maturity value of $7,253,615. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $7,397,714. |
| (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 Long Bond | 3/22/23 | 181 | $ | 22,692,969 | $ | (5,750) | ||||||||
| U.S. Treasury Ultra Bond | 3/22/23 | 123 | 16,422,569 | 97,869 | ||||||||||
| U.S. Treasury Note 2 Year | 3/31/23 | 488 | 100,062,614 | 15,511 | ||||||||||
| U.S. Treasury Note 5 Year | 3/31/23 | 183 | 19,748,851 | 2,282 | ||||||||||
| $ | 109,912 | |||||||||||||
| Short | ||||||||||||||
| U.S. Treasury Ultra 10 Year | 3/22/23 | 192 | $ | (22,743,031) | $ | 33,031 | ||||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments |
December 31, 2022 (Unaudited)
| Number of Shares | Value | |||||||
| EQUITIES — 0.7% | ||||||||
| PREFERRED STOCK — 0.7% | ||||||||
| Financial — 0.7% | ||||||||
| Insurance — 0.7% | ||||||||
| Equitable Holdings, Inc. | ||||||||
| 4.300% | 45,600 | $ | 806,664 | |||||
| Selective Insurance Group, Inc. | ||||||||
| 4.600% | 18,825 | 315,319 | ||||||
| 1,121,983 | ||||||||
| TOTAL PREFERRED STOCK (Cost $1,610,625) | 1,121,983 | |||||||
| TOTAL EQUITIES (Cost $1,610,625) | 1,121,983 | |||||||
| Principal Amount | ||||||||
| BONDS & NOTES — 93.9% | ||||||||
| CORPORATE DEBT — 44.7% | ||||||||
| Aerospace & Defense — 0.4% | ||||||||
| The Boeing Co. | ||||||||
| 5.930% 5/01/60 | $ | 140,000 | 128,352 | |||||
| TransDigm, Inc. | ||||||||
| 5.500% 11/15/27 | 250,000 | 234,610 | ||||||
| 6.375% 6/15/26 | 225,000 | 218,586 | ||||||
| 581,548 | ||||||||
| Agriculture — 0.9% | ||||||||
| BAT Capital Corp. | ||||||||
| 4.700% 4/02/27 | 510,000 | 489,555 | ||||||
| 4.758% 9/06/49 | 165,000 | 120,341 | ||||||
| Imperial Brands Finance PLC | ||||||||
| 3.875% 7/26/29 (a) | 545,000 | 465,965 | ||||||
| Reynolds American, Inc. | ||||||||
| 5.850% 8/15/45 | 150,000 | 128,494 | ||||||
| Viterra Finance BV | ||||||||
| 3.200% 4/21/31 (a) | 280,000 | 212,225 | ||||||
| 1,416,580 | ||||||||
| Airlines — 0.3% | ||||||||
| Alaska Airlines Pass Through Trust, 2020-1 Class A, | ||||||||
| 4.800% 2/15/29 (a) | 380,294 | 362,358 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| United Airlines Pass-Through Trust, Series 2018-1, Class B, | ||||||||
| 4.600% 9/01/27 | $ | 63,276 | $ | 57,823 | ||||
| 420,181 | ||||||||
| Auto Manufacturers — 0.6% | ||||||||
| General Motors Co. | ||||||||
| 5.150% 4/01/38 | 230,000 | 199,299 | ||||||
| 5.200% 4/01/45 | 225,000 | 184,187 | ||||||
| 6.800% 10/01/27 | 335,000 | 348,220 | ||||||
| Nissan Motor Co. Ltd. | ||||||||
| 4.345% 9/17/27 (a) | 223,000 | 202,424 | ||||||
| 934,130 | ||||||||
| Auto Parts & Equipment — 0.1% | ||||||||
| Lear Corp. | ||||||||
| 3.550% 1/15/52 | 305,000 | 186,334 | ||||||
| Banks — 7.1% | ||||||||
| Bank Hapoalim BM 5 year CMT + 2.155% | ||||||||
| 3.255% VRN 1/21/32 (a) | 600,000 | 516,288 | ||||||
| Bank of America Corp. | ||||||||
| 5 year CMT + 1.200% 2.482% VRN 9/21/36 | 380,000 | 280,159 | ||||||
| 5 year CMT + 2.000% 3.846% VRN 3/08/37 | 460,000 | 382,106 | ||||||
| 3 mo. USD LIBOR + 1.310% 4.271% VRN 7/23/29 | 200,000 | 186,839 | ||||||
| 6.110% 1/29/37 | 190,000 | 192,674 | ||||||
| 7.750% 5/14/38 | 125,000 | 145,965 | ||||||
| The Bank of Nova Scotia 3 mo. USD LIBOR + 2.648% | ||||||||
| 6.567% VRN (b) | 575,000 | 534,473 | ||||||
| Barclays PLC | ||||||||
| 5 year CMT + 3.410% 4.375% VRN (b) | 375,000 | 285,937 | ||||||
| 5.200% 5/12/26 | 410,000 | 399,073 | ||||||
| 5 year CMT + 5.431% 8.000% VRN (b) | 290,000 | 271,150 | ||||||
| BNP Paribas SA 5 year CMT + 3.340% | ||||||||
| 4.625% VRN (a) (b) | 375,000 | 289,726 | ||||||
| BPCE SA SOFR + 1.730% | ||||||||
| 3.116% VRN 10/19/32 (a) | 450,000 | 329,736 | ||||||
| Citigroup, Inc. 3 mo. USD LIBOR + 4.068% | ||||||||
| 5.950% VRN (b) | 185,000 | 183,196 | ||||||
| Credit Suisse Group AG | ||||||||
| SOFR + .980% 1.305% VRN 2/02/27 (a) | 550,000 | 439,276 | ||||||
| SOFR + 3.340% 6.373% VRN 7/15/26 (a) | 375,000 | 352,342 | ||||||
| Danske Bank A/S 7 year USD Swap + 3.896% | ||||||||
| 6.125% VRN (a) (b) | 425,000 | 404,812 | ||||||
| First Republic Bank | ||||||||
| 4.375% 8/01/46 | 210,000 | 160,248 | ||||||
| The Goldman Sachs Group, Inc. | ||||||||
| 5.150% 5/22/45 | 290,000 | 262,055 | ||||||
| 6.750% 10/01/37 | 165,000 | 175,536 | ||||||
| HSBC Holdings PLC | ||||||||
| 6.500% 9/15/37 | 125,000 | 120,507 | ||||||
| 7.350% 11/27/32 | 415,000 | 391,955 | ||||||
| SOFR + 3.350% 7.390% VRN 11/03/28 | 225,000 | 236,127 | ||||||
| Huntington Bancshares, Inc. 3 mo. USD LIBOR + 2.880% | ||||||||
| 5.700% VRN (b) | 510,000 | 471,919 | ||||||
| JP Morgan Chase & Co. | ||||||||
| SOFR + 2.515% 2.956% VRN 5/13/31 | 235,000 | 194,193 | ||||||
| 4.950% 6/01/45 | 170,000 | 152,411 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Macquarie Bank Ltd. 5 year CMT + 1.700% | ||||||||
| 3.052% VRN 3/03/36 (a) | $ | 550,000 | $ | 399,035 | ||||
| Mizrahi Tefahot Bank Ltd. 5 year CMT + 2.250% | ||||||||
| 3.077% VRN 4/07/31 (a) | 1,225,000 | 1,073,406 | ||||||
| Morgan Stanley | ||||||||
| SOFR + 1.360% 2.484% VRN 9/16/36 | 280,000 | 203,725 | ||||||
| SOFR + 1.485% 3.217% VRN 4/22/42 | 310,000 | 229,879 | ||||||
| SOFR + 2.620% 5.297% VRN 4/20/37 | 185,000 | 169,706 | ||||||
| Nordea Bank Abp 5 year CMT + 4.110% | ||||||||
| 6.625% VRN (a) (b) | 275,000 | 270,067 | ||||||
| Standard Chartered PLC 5 year CMT + 3.805% | ||||||||
| 4.750% VRN (a) (b) | 550,000 | 421,155 | ||||||
| SVB Financial Group | ||||||||
| 10 year CMT + 3.064% 4.100% VRN (b) | 210,000 | 120,187 | ||||||
| 5 year CMT + 3.074% 4.250% VRN (b) | 590,000 | 387,069 | ||||||
| Toronto-Dominion Bank 5 year CMT + 4.075% | ||||||||
| 8.125% VRN 10/31/82 | 358,000 | 372,320 | ||||||
| UBS Group AG 1 year CMT + 1.750% | ||||||||
| 4.751% VRN 5/12/28 (a) | 325,000 | 311,465 | ||||||
| 11,316,717 | ||||||||
| Beverages — 0.6% | ||||||||
| Anheuser-Busch InBev Worldwide, Inc. | ||||||||
| 8.200% 1/15/39 | 250,000 | 311,994 | ||||||
| Bacardi Ltd. | ||||||||
| 5.150% 5/15/38 (a) | 200,000 | 181,597 | ||||||
| Molson Coors Beverage Co. | ||||||||
| 4.200% 7/15/46 | 366,000 | 285,697 | ||||||
| 5.000% 5/01/42 | 135,000 | 120,425 | ||||||
| 899,713 | ||||||||
| Building Materials — 0.2% | ||||||||
| Standard Industries, Inc. | ||||||||
| 4.375% 7/15/30 (a) | 200,000 | 162,985 | ||||||
| 4.750% 1/15/28 (a) | 151,000 | 135,584 | ||||||
| 298,569 | ||||||||
| Chemicals — 0.8% | ||||||||
| Alpek SAB de CV | ||||||||
| 3.250% 2/25/31 (a) | 560,000 | 466,630 | ||||||
| DuPont de Nemours, Inc. | ||||||||
| 5.319% 11/15/38 | 270,000 | 260,337 | ||||||
| Syngenta Finance NV | ||||||||
| 4.892% 4/24/25 (a) | 500,000 | 484,623 | ||||||
| 1,211,590 | ||||||||
| Commercial Services — 0.0% | ||||||||
| ERAC USA Finance LLC | ||||||||
| 7.000% 10/15/37 (a) | 50,000 | 54,553 | ||||||
| Computers — 0.4% | ||||||||
| Dell International LLC / EMC Corp. | ||||||||
| 8.100% 7/15/36 | 100,000 | 112,485 | ||||||
| 8.350% 7/15/46 | 275,000 | 315,026 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Leidos, Inc. | ||||||||
| 5.500% 7/01/33 | $ | 226,000 | $ | 207,775 | ||||
| 635,286 | ||||||||
| Distribution & Wholesale — 0.3% | ||||||||
| H&E Equipment Services, Inc. | ||||||||
| 3.875% 12/15/28 (a) | 600,000 | 511,074 | ||||||
| Diversified Financial Services — 4.2% | ||||||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | ||||||||
| 3.400% 10/29/33 | 935,000 | 711,863 | ||||||
| Antares Holdings LP | ||||||||
| 2.750% 1/15/27 (a) | 645,000 | 517,398 | ||||||
| 3.750% 7/15/27 (a) | 605,000 | 489,806 | ||||||
| 8.500% 5/18/25 (a) | 330,000 | 337,131 | ||||||
| Ares Finance Co. III LLC 5 year CMT + 3.237% | ||||||||
| 4.125% VRN 6/30/51 (a) | 360,000 | 271,800 | ||||||
| Ares Finance Co. LLC | ||||||||
| 4.000% 10/08/24 (a) | 375,000 | 358,093 | ||||||
| Avolon Holdings Funding Ltd. | ||||||||
| 2.528% 11/18/27 (a) | 375,000 | 300,210 | ||||||
| 3.250% 2/15/27 (a) | 175,000 | 149,963 | ||||||
| 4.250% 4/15/26 (a) | 485,000 | 440,412 | ||||||
| 4.375% 5/01/26 (a) | 480,000 | 435,233 | ||||||
| 5.500% 1/15/26 (a) | 135,000 | 128,475 | ||||||
| BGC Partners, Inc. | ||||||||
| 4.375% 12/15/25 | 585,000 | 548,576 | ||||||
| Blue Owl Finance LLC | ||||||||
| 3.125% 6/10/31 (a) | 910,000 | 678,034 | ||||||
| 4.125% 10/07/51 (a) | 375,000 | 222,023 | ||||||
| Coinbase Global, Inc. | ||||||||
| 3.625% 10/01/31 (a) | 734,000 | 353,503 | ||||||
| Global Aircraft Leasing Co. Ltd. | ||||||||
| 6.500% 9/15/24 (a) | 662,078 | 562,766 | ||||||
| OneMain Finance Corp. | ||||||||
| 4.000% 9/15/30 | 220,000 | 164,151 | ||||||
| 6,669,437 | ||||||||
| Electric — 1.1% | ||||||||
| Berkshire Hathaway Energy Co. | ||||||||
| 5.950% 5/15/37 | 120,000 | 124,529 | ||||||
| The Cleveland Electric Illuminating Co. | ||||||||
| 5.950% 12/15/36 | 175,000 | 174,347 | ||||||
| CMS Energy Corp. | ||||||||
| 4.700% 3/31/43 | 115,000 | 96,985 | ||||||
| 4.875% 3/01/44 | 180,000 | 164,496 | ||||||
| Elwood Energy LLC | ||||||||
| 8.159% 7/05/26 | 90,875 | 80,425 | ||||||
| Enel Finance International NV | ||||||||
| 6.000% 10/07/39 (a) | 175,000 | 160,011 | ||||||
| NextEra Energy Capital Holdings, Inc. 5 year CMT + 2.547% | ||||||||
| 3.800% VRN 3/15/82 | 580,000 | 473,264 | ||||||
| Pacific Gas and Electric Co. | ||||||||
| 3.750% 7/01/28 | 320,000 | 284,312 | ||||||
| 4.300% 3/15/45 | 195,000 | 139,088 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Virginia Electric & Power Co. | ||||||||
| 6.000% 1/15/36 | $ | 100,000 | $ | 103,272 | ||||
| 1,800,729 | ||||||||
| Entertainment — 0.1% | ||||||||
| Live Nation Entertainment, Inc. | ||||||||
| 5.625% 3/15/26 (a) | 77,000 | 72,818 | ||||||
| Warnermedia Holdings, Inc. | ||||||||
| 4.279% 3/15/32 (a) | 200,000 | 164,974 | ||||||
| 237,792 | ||||||||
| Food — 0.3% | ||||||||
| Smithfield Foods, Inc. | ||||||||
| 2.625% 9/13/31 (a) | 375,000 | 269,102 | ||||||
| 3.000% 10/15/30 (a) | 206,000 | 156,965 | ||||||
| 426,067 | ||||||||
| Gas — 0.2% | ||||||||
| NiSource, Inc. | ||||||||
| 4.800% 2/15/44 | 295,000 | 261,981 | ||||||
| Home Builders — 0.4% | ||||||||
| Mattamy Group Corp. | ||||||||
| 4.625% 3/01/30 (a) | 35,000 | 28,366 | ||||||
| 5.250% 12/15/27 (a) | 227,000 | 201,311 | ||||||
| Taylor Morrison Communities, Inc. | ||||||||
| 5.750% 1/15/28 (a) | 500,000 | 468,177 | ||||||
| 697,854 | ||||||||
| Insurance — 7.8% | ||||||||
| Allianz SE 5 year CMT + 2.973% | ||||||||
| 3.500% VRN (a) (b) | 1,176,000 | 985,109 | ||||||
| Allstate Corp. 3 mo. USD LIBOR + 2.938% | ||||||||
| 5.750% VRN 8/15/53 | 640,000 | 601,600 | ||||||
| American International Group, Inc. 3 mo. USD LIBOR + 2.868% | ||||||||
| 5.750% VRN 4/01/48 | 485,000 | 463,261 | ||||||
| Ascot Group Ltd. | ||||||||
| 4.250% 12/15/30 (a) | 450,000 | 388,008 | ||||||
| AXIS Specialty Finance LLC 5 year CMT + 3.186% | ||||||||
| 4.900% VRN 1/15/40 | 490,000 | 401,800 | ||||||
| Brighthouse Financial, Inc. | ||||||||
| 3.850% 12/22/51 | 575,000 | 360,744 | ||||||
| 4.700% 6/22/47 | 500,000 | 368,683 | ||||||
| CNO Financial Group, Inc. | ||||||||
| 5.250% 5/30/29 | 791,000 | 755,952 | ||||||
| Enstar Finance LLC 5 year CMT + 5.468% | ||||||||
| 5.750% VRN 9/01/40 | 1,060,000 | 959,300 | ||||||
| Enstar Group Ltd. | ||||||||
| 4.950% 6/01/29 | 350,000 | 321,532 | ||||||
| Equitable Holdings, Inc. 5 year CMT + 4.736% | ||||||||
| 4.950% VRN (b) | 505,000 | 476,063 | ||||||
| Global Atlantic Fin Co. | ||||||||
| 3.125% 6/15/31 (a) | 380,000 | 279,699 | ||||||
| 5 year CMT + 3.796% 4.700% VRN 10/15/51 (a) | 1,170,000 | 891,151 | ||||||
| Hanwha Life Insurance Co. Ltd. 5 year CMT + 1.850% | ||||||||
| 3.379% VRN 2/04/32 (a) | 520,000 | 433,569 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Hill City Funding Trust | ||||||||
| 4.046% 8/15/41 (a) | $ | 490,000 | $ | 339,294 | ||||
| Jackson Financial, Inc. | ||||||||
| 3.125% 11/23/31 | 550,000 | 422,984 | ||||||
| Kyobo Life Insurance Co. 5 year CMT + 2.887% | ||||||||
| 5.900% VRN 6/15/52 (a) | 861,000 | 789,967 | ||||||
| Liberty Mutual Group, Inc. 5 year CMT + 3.315% | ||||||||
| 4.125% VRN 12/15/51 (a) | 265,000 | 215,869 | ||||||
| Lincoln National Corp. 5 year CMT + 5.318% | ||||||||
| 9.250% VRN (b) | 169,000 | 178,011 | ||||||
| MetLife Capital Trust IV | ||||||||
| 7.875% 12/15/67 (a) | 325,000 | 351,035 | ||||||
| Prudential Financial, Inc. | ||||||||
| 5 year CMT + 3.162% 5.125% VRN 3/01/52 | 565,000 | 514,150 | ||||||
| 3 mo. USD LIBOR + 3.920% 5.625% VRN 6/15/43 | 200,000 | 196,500 | ||||||
| Sammons Financial Group, Inc. | ||||||||
| 3.350% 4/16/31 (a) | 570,000 | 435,208 | ||||||
| 4.750% 4/08/32 (a) | 790,000 | 661,791 | ||||||
| Unum Group | ||||||||
| 4.125% 6/15/51 | 460,000 | 316,418 | ||||||
| USF&G Capital I | ||||||||
| 8.500% 12/15/45 (a) | 95,000 | 103,142 | ||||||
| XLIT Ltd. | ||||||||
| 5.500% 3/31/45 | 200,000 | 190,087 | ||||||
| 12,400,927 | ||||||||
| Internet — 0.1% | ||||||||
| Expedia Group, Inc. | ||||||||
| 2.950% 3/15/31 | 178,000 | 143,705 | ||||||
| Investment Companies — 2.8% | ||||||||
| Ares Capital Corp. | ||||||||
| 2.150% 7/15/26 | 560,000 | 474,905 | ||||||
| Blackstone Private Credit Fund | ||||||||
| 1.750% 9/15/24 | 625,000 | 574,824 | ||||||
| 2.625% 12/15/26 | 330,000 | 273,517 | ||||||
| 4.000% 1/15/29 | 630,000 | 520,817 | ||||||
| Golub Capital BDC, Inc. | ||||||||
| 2.500% 8/24/26 | 195,000 | 165,762 | ||||||
| 3.375% 4/15/24 | 562,000 | 540,655 | ||||||
| Icahn Enterprises LP/ Icahn Enterprises Finance Corp. | ||||||||
| 6.250% 5/15/26 | 1,000,000 | 960,896 | ||||||
| OWL Rock Core Income Corp. | ||||||||
| 4.700% 2/08/27 | 410,000 | 370,199 | ||||||
| 5.500% 3/21/25 | 535,000 | 518,994 | ||||||
| 4,400,569 | ||||||||
| Iron & Steel — 0.1% | ||||||||
| Vale Overseas Ltd. | ||||||||
| 6.875% 11/21/36 | 225,000 | 237,529 | ||||||
| Leisure Time — 0.3% | ||||||||
| Royal Caribbean Cruises Ltd. | ||||||||
| 5.500% 8/31/26 (a) | 485,000 | 407,407 | ||||||
| Lodging — 0.7% | ||||||||
| Las Vegas Sands Corp. | ||||||||
| 3.900% 8/08/29 | 525,000 | 445,565 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Travel & Leisure Co. | ||||||||
| 4.500% 12/01/29 (a) | $ | 917,000 | $ | 747,199 | ||||
| 1,192,764 | ||||||||
| Media — 1.5% | ||||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||
| 5.000% 2/01/28 (a) | 250,000 | 225,937 | ||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
| 3.900% 6/01/52 | 150,000 | 94,682 | ||||||
| Comcast Corp. | ||||||||
| 4.600% 8/15/45 | 300,000 | 266,442 | ||||||
| CSC Holdings LLC | ||||||||
| 4.625% 12/01/30 (a) | 250,000 | 138,139 | ||||||
| 5.000% 11/15/31 (a) | 325,000 | 181,578 | ||||||
| 5.750% 1/15/30 (a) | 200,000 | 112,798 | ||||||
| Discovery Communications LLC | ||||||||
| 4.000% 9/15/55 | 235,000 | 141,869 | ||||||
| 4.650% 5/15/50 | 55,000 | 37,929 | ||||||
| DISH DBS Corp. | ||||||||
| 7.375% 7/01/28 | 1,123,000 | 794,522 | ||||||
| Radiate Holdco LLC / Radiate Finance, Inc. | ||||||||
| 6.500% 9/15/28 (a) | 231,000 | 95,865 | ||||||
| Time Warner Cable, Inc. | ||||||||
| 4.500% 9/15/42 | 250,000 | 183,928 | ||||||
| 6.750% 6/15/39 | 115,000 | 109,097 | ||||||
| 2,382,786 | ||||||||
| Mining — 1.7% | ||||||||
| AngloGold Ashanti Holdings PLC | ||||||||
| 3.375% 11/01/28 | 585,000 | 510,925 | ||||||
| First Quantum Minerals Ltd. | ||||||||
| 6.875% 3/01/26 (a) (c) | 1,000,000 | 947,022 | ||||||
| Freeport-McMoRan, Inc. | ||||||||
| 5.400% 11/14/34 | 350,000 | 330,500 | ||||||
| Glencore Finance Canada Ltd. | ||||||||
| 5.550% STEP 10/25/42 (a) | 149,000 | 134,526 | ||||||
| Novelis Corp. | ||||||||
| 3.875% 8/15/31 (a) | 533,000 | 435,137 | ||||||
| Perenti Finance Pty Ltd. | ||||||||
| 6.500% 10/07/25 (a) (c) | 325,000 | 303,225 | ||||||
| 2,661,335 | ||||||||
| Oil & Gas — 3.0% | ||||||||
| Antero Resources Corp. | ||||||||
| 7.625% 2/01/29 (a) | 74,000 | 74,425 | ||||||
| BP Capital Markets PLC | ||||||||
| 5 year CMT + 4.036% 4.375% VRN (b) | 530,000 | 506,150 | ||||||
| 5 year CMT + 4.398% 4.875% VRN (b) | 310,000 | 271,250 | ||||||
| Cenovus Energy, Inc. | ||||||||
| 6.750% 11/15/39 | 175,000 | 182,193 | ||||||
| EQT Corp. | ||||||||
| 7.000% STEP 2/01/30 | 695,000 | 720,798 | ||||||
| Nabors Industries, Inc. | ||||||||
| 7.375% 5/15/27 (a) | 564,000 | 546,344 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Occidental Petroleum Corp. | ||||||||
| 6.600% 3/15/46 | $ | 235,000 | $ | 241,813 | ||||
| Ovintiv, Inc. | ||||||||
| 6.500% 8/15/34 | 185,000 | 186,906 | ||||||
| 6.500% 2/01/38 | 160,000 | 159,312 | ||||||
| Patterson-UTI Energy, Inc. | ||||||||
| 3.950% 2/01/28 | 540,000 | 477,171 | ||||||
| 5.150% 11/15/29 | 615,000 | 552,389 | ||||||
| Petroleos Mexicanos | ||||||||
| 4.625% 9/21/23 | 575,000 | 566,289 | ||||||
| 5.350% 2/12/28 | 190,000 | 159,894 | ||||||
| 6.375% 1/23/45 | 35,000 | 21,687 | ||||||
| 6.500% 3/13/27 | 65,000 | 59,307 | ||||||
| 6.625% 6/15/38 | 51,000 | 34,849 | ||||||
| 4,760,777 | ||||||||
| Oil & Gas Services — 0.7% | ||||||||
| NOV, Inc. | ||||||||
| 3.600% 12/01/29 | 467,000 | 411,336 | ||||||
| 3.950% 12/01/42 | 314,000 | 220,194 | ||||||
| Weatherford International Ltd. | ||||||||
| 8.625% 4/30/30 (a) | 483,000 | 463,829 | ||||||
| 1,095,359 | ||||||||
| Packaging & Containers — 0.0% | ||||||||
| Mauser Packaging Solutions Holding Co. | ||||||||
| 5.500% 4/15/24 (a) | 49,000 | 47,639 | ||||||
| Pharmaceuticals — 1.0% | ||||||||
| 1375209 BC Ltd. | ||||||||
| 9.000% 1/30/28 (a) | 158,000 | 153,852 | ||||||
| AbbVie, Inc. | ||||||||
| 4.700% 5/14/45 | 150,000 | 134,395 | ||||||
| Bausch Health Cos., Inc. | ||||||||
| 11.000% 9/30/28 (a) | 282,000 | 219,916 | ||||||
| 14.000% 10/15/30 (a) | 55,000 | 32,651 | ||||||
| Cigna Corp. | ||||||||
| 4.800% 7/15/46 | 185,000 | 167,032 | ||||||
| CVS Health Corp. | ||||||||
| 5.050% 3/25/48 | 115,000 | 103,741 | ||||||
| 6.125% 9/15/39 | 25,000 | 25,794 | ||||||
| CVS Pass-Through Trust | ||||||||
| 5.926% 1/10/34 (a) | 165,071 | 161,472 | ||||||
| 7.507% 1/10/32 (a) | 11,888 | 12,391 | ||||||
| Utah Acquisition Sub, Inc. | ||||||||
| 3.950% 6/15/26 | 350,000 | 327,590 | ||||||
| 5.250% 6/15/46 | 350,000 | 266,202 | ||||||
| 1,605,036 | ||||||||
| Pipelines — 1.5% | ||||||||
| Energy Transfer LP | ||||||||
| 6.125% 12/15/45 | 230,000 | 214,090 | ||||||
| 3 mo. USD LIBOR + 4.028% 6.250% VRN (b) (c) | 615,000 | 522,750 | ||||||
| 5 year CMT + 5.134% 6.750% VRN (b) | 270,000 | 233,550 | ||||||
| EnLink Midstream Partners LP 3 mo. USD LIBOR + 4.110% | ||||||||
| 8.879% VRN (b) | 375,000 | 311,891 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| MPLX LP 3 mo. USD LIBOR + 4.652% | ||||||||
| 6.875% VRN (b) | $ | 525,000 | $ | 517,125 | ||||
| Plains All American Pipeline LP/PAA Finance Corp. | ||||||||
| 3.800% 9/15/30 | 265,000 | 230,949 | ||||||
| 4.700% 6/15/44 | 260,000 | 198,328 | ||||||
| 6.650% 1/15/37 | 175,000 | 173,046 | ||||||
| 2,401,729 | ||||||||
| Private Equity — 0.3% | ||||||||
| Apollo Management Holdings LP 5 year CMT + 3.266% | ||||||||
| 4.950% VRN 1/14/50 (a) | 325,000 | 275,840 | ||||||
| KKR Group Finance Co. VIII LLC | ||||||||
| 3.500% 8/25/50 (a) | 160,000 | 107,781 | ||||||
| KKR Group Finance Co. X LLC | ||||||||
| 3.250% 12/15/51 (a) | 230,000 | 146,736 | ||||||
| 530,357 | ||||||||
| Real Estate Investment Trusts (REITS) — 2.3% | ||||||||
| Broadstone Net Lease LLC | ||||||||
| 2.600% 9/15/31 | 405,000 | 304,518 | ||||||
| Host Hotels & Resorts LP | ||||||||
| 2.900% 12/15/31 | 130,000 | 99,786 | ||||||
| 3.500% 9/15/30 | 476,000 | 393,989 | ||||||
| Invitation Homes Operating Partnership LP | ||||||||
| 4.150% 4/15/32 | 110,000 | 96,564 | ||||||
| Iron Mountain, Inc. | ||||||||
| 5.250% 7/15/30 (a) | 250,000 | 217,250 | ||||||
| Omega Healthcare Investors, Inc. | ||||||||
| 3.625% 10/01/29 | 640,000 | 526,197 | ||||||
| 4.750% 1/15/28 | 202,000 | 186,363 | ||||||
| Piedmont Operating Partnership LP | ||||||||
| 2.750% 4/01/32 | 235,000 | 165,058 | ||||||
| Rexford Industrial Realty LP | ||||||||
| 2.125% 12/01/30 | 246,000 | 192,625 | ||||||
| Service Properties Trust | ||||||||
| 4.950% 10/01/29 | 590,000 | 407,748 | ||||||
| Spirit Realty LP | ||||||||
| 2.700% 2/15/32 | 120,000 | 89,095 | ||||||
| 3.200% 1/15/27 | 220,000 | 195,359 | ||||||
| 3.400% 1/15/30 | 325,000 | 270,670 | ||||||
| Ventas Realty LP | ||||||||
| 5.700% 9/30/43 | 85,000 | 77,871 | ||||||
| WEA Finance LLC | ||||||||
| 2.875% 1/15/27 (a) | 475,000 | 407,115 | ||||||
| 3,630,208 | ||||||||
| Retail — 0.2% | ||||||||
| Nordstrom, Inc. | ||||||||
| 4.250% 8/01/31 | 440,000 | 314,644 | ||||||
| Software — 0.1% | ||||||||
| Oracle Corp. | ||||||||
| 6.900% 11/09/52 | 149,000 | 160,820 | ||||||
| Telecommunications — 1.6% | ||||||||
| Altice France SA | ||||||||
| 5.125% 7/15/29 (a) | 442,000 | 331,386 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| AT&T, Inc. | ||||||||
| 3.550% 9/15/55 | $ | 814,000 | $ | 545,578 | ||||
| British Telecommunications PLC | ||||||||
| 9.625% STEP 12/15/30 | 150,000 | 180,100 | ||||||
| Hughes Satellite Systems Corp. | ||||||||
| 6.625% 8/01/26 | 444,000 | 414,137 | ||||||
| Sprint Capital Corp. | ||||||||
| 6.875% 11/15/28 | 500,000 | 519,994 | ||||||
| 8.750% 3/15/32 | 141,000 | 167,804 | ||||||
| Verizon Communications, Inc. | ||||||||
| 2.987% 10/30/56 | 233,000 | 143,102 | ||||||
| Vodafone Group PLC | ||||||||
| 5.250% 5/30/48 | 255,000 | 225,951 | ||||||
| 2,528,052 | ||||||||
| Trucking & Leasing — 0.4% | ||||||||
| AerCap Global Aviation Trust 3 mo. USD LIBOR + 4.300% | ||||||||
| 6.500% VRN 6/15/45 (a) | 600,000 | 569,256 | ||||||
| Venture Capital — 0.6% | ||||||||
| Hercules Capital, Inc. | ||||||||
| 2.625% 9/16/26 | 738,000 | 623,195 | ||||||
| 3.375% 1/20/27 | 340,000 | 291,892 | ||||||
| 915,087 | ||||||||
| TOTAL CORPORATE DEBT (Cost $84,191,906) | 70,946,121 | |||||||
| NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 28.6% | ||||||||
| Commercial Mortgage-Backed Securities — 11.9% | ||||||||
| Aventura Mall Trust, Series 2018-AVM, Class D, | ||||||||
| 4.112% VRN 7/05/40 (a) (d) | 530,000 | 435,378 | ||||||
| BAMLL Commercial Mortgage Securities Trust | ||||||||
| Series 2019-BPR, Class CMP, 3.895% VRN 11/05/32 (a) (d) | 440,000 | 376,452 | ||||||
| Series 2019-BPR, Class DMP, 3.895% VRN 11/05/32 (a) (d) | 540,000 | 457,932 | ||||||
| Series 2018-DSNY, Class C, 1 mo. USD LIBOR + 1.350% 5.668% FRN 9/15/34 (a) | 150,000 | 143,637 | ||||||
| BANK | ||||||||
| Series 2020-BN30, Class MCDF, 2.918% VRN 12/15/53 (d) | 500,000 | 316,499 | ||||||
| Series 2019-BN17, Class C, 4.516% VRN 4/15/52 (d) | 331,000 | 267,268 | ||||||
| BBCMS Mortgage Trust | ||||||||
| Series 2018-CHRS, Class B, 4.267% VRN 8/05/38 (a) (d) | 400,000 | 333,890 | ||||||
| Series 2018-CHRS, Class C, 4.267% VRN 8/05/38 (a) (d) | 280,000 | 236,731 | ||||||
| Series 2018-CHRS, Class D, 4.267% VRN 8/05/38 (a) (d) | 270,000 | 214,504 | ||||||
| Benchmark Mortgage Trust | ||||||||
| Series 2021-B25, Class 300C, 2.994% VRN 4/15/54 (a) (d) | 500,000 | 354,104 | ||||||
| Series 2020-IG1, Class D, 3.245% VRN 9/15/43 (d) | 400,000 | 178,800 | ||||||
| BGME Trust, Series 2021-VR, Class D, | ||||||||
| 2.995% VRN 1/10/43 (a) (d) | 3,100,000 | 2,354,829 | ||||||
| BX Commercial Mortgage Trust | ||||||||
| Series 2021-BXMF, Class E, 1 mo. USD LIBOR + 2.427% 6.745% FRN 10/15/26 (a) | 1,500,000 | 1,371,847 | ||||||
| Series 2021-VOLT, Class G, 1 mo. USD LIBOR + 2.850% 7.168% FRN 9/15/36 (a) | 2,004,000 | 1,830,772 | ||||||
| CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, 1 mo. USD LIBOR + 2.150% | ||||||||
| 6.468% FRN 12/15/37 (a) | 572,453 | 548,150 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Citigroup Commercial Mortgage Trust, Series 2019-GC41, Class C | ||||||||
| 3.502% 8/10/56 | $ | 222,000 | $ | 168,868 | ||||
| Commercial Mortgage Pass-Through Certificates, Series 2015-CR23, Class C, | ||||||||
| 4.301% VRN 5/10/48 (d) | 110,000 | 101,561 | ||||||
| DC Office Trust | ||||||||
| Series 2019-MTC, Class D, 3.072% VRN 9/15/45 (a) (d) | 357,000 | 252,169 | ||||||
| Series 2019-MTC, Class E, 3.072% VRN 9/15/45 (a) (d) | 622,000 | 411,479 | ||||||
| DROP Mortgage Trust, Series 2021-FILE, Class D, 1 mo. USD LIBOR + 2.750% | ||||||||
| 7.070% FRN 10/15/43 (a) | 998,000 | 883,141 | ||||||
| GS Mortgage Securities Corp. II, Series 2018-GS10, Class D | ||||||||
| 3.000% 7/10/51 (a) | 599,000 | 400,271 | ||||||
| Hudson Yards Mortgage Trust, Series 2019-30HY, Class E, | ||||||||
| 3.443% VRN 7/10/39 (a) (d) | 630,000 | 445,790 | ||||||
| Jackson Park Trust, Series 2019-LIC, Class D, | ||||||||
| 3.242% VRN 10/14/39 (a) (d) | 686,000 | 508,586 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust | ||||||||
| Series 2022-OPO, Class C, 3.450% VRN 1/05/39 (a) (d) | 700,000 | 544,461 | ||||||
| Series 2019-OSB, Class E, 3.783% VRN 6/05/39 (a) (d) | 553,000 | 421,554 | ||||||
| JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class C, | ||||||||
| 4.644% VRN 8/15/47 (d) | 300,000 | 276,243 | ||||||
| KIND Trust, Series 2021-KIND, Class C, 1 mo. USD LIBOR + 1.750% | ||||||||
| 6.068% FRN 8/15/38 (a) | 893,542 | 823,558 | ||||||
| KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 1 mo. USD LIBOR + 1.800% | ||||||||
| 6.118% FRN 5/15/36 (a) | 263,000 | 255,945 | ||||||
| Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD LIBOR + 1.750% | ||||||||
| 6.068% FRN 3/15/38 (a) | 424,643 | 401,844 | ||||||
| Med Trust 2021-MDLN, Series 2021-MDLN, Class F, 1 mo. USD LIBOR + 4.000% | ||||||||
| 8.318% FRN 11/15/38 (a) | 2,000,000 | 1,840,150 | ||||||
| MFT Trust | ||||||||
| Series 2020-ABC, Class A, 3.358% 2/10/42 (a) | 205,000 | 158,702 | ||||||
| Series 2020-ABC, Class B, 3.477% VRN 2/10/42 (a) (d) | 215,000 | 159,681 | ||||||
| MKT Mortgage Trust, Series 2020-525M, Class E, | ||||||||
| 2.941% VRN 2/12/40 (a) (d) | 213,000 | 121,721 | ||||||
| VASA Trust, Series 2021-VASA, Class D, 1 mo. USD LIBOR + 2.100% | ||||||||
| 6.418% FRN 7/15/39 (a) | 864,000 | 782,862 | ||||||
| Wells Fargo Commercial Mortgage Trust | ||||||||
| Series 2015-NXS1, Class C, 3.848% VRN 5/15/48 (d) | 140,000 | 124,941 | ||||||
| Series 2021-FCMT, Class C, 1 mo. USD LIBOR + 2.400% 6.718% FRN 5/15/31 (a) | 461,000 | 422,119 | ||||||
| 18,926,439 | ||||||||
| Home Equity Asset-Backed Securities — 0.0% | ||||||||
| Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + .480% | ||||||||
| 4.869% FRN 10/25/34 (a) | 10,755 | 10,749 | ||||||
| Other Asset-Backed Securities — 11.9% | ||||||||
| 522 Funding CLO Ltd., Series 2018-3A, Class CR, 3 mo. USD LIBOR + 2.050% | ||||||||
| 6.293% FRN 10/20/31 (a) | 250,000 | 234,636 | ||||||
| AASET Trust, Series 2019-2, Class C | ||||||||
| 6.413% 10/16/39 (a) | 1,280,335 | 256,067 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| AIMCO CLO Series Ltd., Series 2018-AA, Class B, 3 mo. USD LIBOR + 1.400% | ||||||||
| 5.479% FRN 4/17/31 (a) | $ | 250,000 | $ | 240,343 | ||||
| Anchorage Capital CLO Ltd., Series 2021-19A, Class A, 3 mo. USD LIBOR + 1.210% | ||||||||
| 5.289% FRN 10/15/34 (a) | 1,000,000 | 973,963 | ||||||
| Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W10, Class M1, 1 mo. USD LIBOR + .900% | ||||||||
| 3.769% FRN 10/25/34 | 127,519 | 112,186 | ||||||
| Atrium XV, Series 15A, Class B, 3 mo. USD LIBOR + 1.750% | ||||||||
| 6.075% FRN 1/23/31 (a) | 250,000 | 243,426 | ||||||
| Ballyrock CLO Ltd., Series 2021-17A, Class A1A, 3 mo. USD LIBOR + 1.150% | ||||||||
| 5.393% FRN 10/20/34 (a) | 250,000 | 243,637 | ||||||
| Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class A, | ||||||||
| 4.213% STEP 12/16/41 (a) | 321,371 | 262,956 | ||||||
| BRE Grand Islander Timeshare Issuer LLC | ||||||||
| Series 2017-1A, Class A, 2.940% 5/25/29 (a) | 39,877 | 38,770 | ||||||
| Series 2017-1A, Class B, 3.240% 5/25/29 (a) | 32,942 | 32,023 | ||||||
| Business Jet Securities LLC, Series 2021-1A, Class C | ||||||||
| 5.067% 4/15/36 (a) | 1,153,384 | 1,012,141 | ||||||
| Canyon Capital CLO Ltd., Series 2019-2A, Class CR, 3 mo. USD LIBOR + 2.150% | ||||||||
| 6.229% FRN 10/15/34 (a) | 250,000 | 231,860 | ||||||
| Capital Automotive REIT, Series 2020-1A, Class B3 | ||||||||
| 4.950% 2/15/50 (a) | 671,000 | 537,648 | ||||||
| Castlelake Aircraft Securitization Trust, Series 2019-1A, Class A | ||||||||
| 3.967% 4/15/39 (a) | 151,817 | 128,305 | ||||||
| DataBank Issuer, Series 2021-1A, Class B | ||||||||
| 2.650% 2/27/51 (a) | 300,000 | 262,119 | ||||||
| Diameter Capital CLO Ltd., Series 2021-2A, Class A1, 3 mo. USD LIBOR + 1.220% | ||||||||
| 5.299% FRN 10/15/36 (a) | 500,000 | 483,213 | ||||||
| Elara HGV Timeshare Issuer LLC | ||||||||
| Series 2016-A, Class A, 2.730% 4/25/28 (a) | 43,063 | 42,578 | ||||||
| Series 2016-A, Class B, 3.220% 4/25/28 (a) | 26,258 | 25,966 | ||||||
| Falcon Aerospace Ltd., Series 2019-1, Class C | ||||||||
| 6.656% 9/15/39 (a) | 345,019 | 190,156 | ||||||
| FCI Funding LLC, Series 2019-1A, Class A | ||||||||
| 3.630% 2/18/31 (a) | 3,101 | 3,098 | ||||||
| Goldentree Loan Management US CLO Ltd., Series 2019-5A, Class CR, 3 mo. USD LIBOR + 2.050% | ||||||||
| 6.293% FRN 10/20/32 (a) | 250,000 | 236,288 | ||||||
| Goodgreen Trust | ||||||||
| Series 2016-1A, Class A, 3.230% 10/15/52 (a) | 145,434 | 132,105 | ||||||
| Series 2017-1A, Class A, 3.740% 10/15/52 (a) | 80,044 | 74,235 | ||||||
| Series 2019-2A, Class B, 3.860% 4/15/55 (a) | 93,238 | 82,239 | ||||||
| Series 2021-1A, Class C, 5.740% 10/15/56 (a) | 446,385 | 353,415 | ||||||
| Gracie Point International Funding, Series 2021-1A, Class C, 1 mo. USD LIBOR + 2.400% | ||||||||
| 6.520% FRN 11/01/23 (a) | 610,000 | 607,366 | ||||||
| Gulf Stream Meridian 6 Ltd., Series 2021-6A, Class A2, 3 mo. USD LIBOR + 1.750% | ||||||||
| 5.829% FRN 1/15/37 (a) | 250,000 | 235,746 | ||||||
| Harbor Park CLO Ltd., Series 2018-1A, Class B1, 3 mo. USD LIBOR + 1.700% | ||||||||
| 5.943% FRN 1/20/31 (a) | 280,000 | 271,350 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Hero Funding Trust | ||||||||
| Series 2016-3A, Class A1, 3.080% 9/20/42 (a) | $ | 52,561 | $ | 49,178 | ||||
| Series 2017-3A, Class A1, 3.190% 9/20/48 (a) | 73,379 | 66,934 | ||||||
| Series 2017-2A, Class A1, 3.280% 9/20/48 (a) | 27,651 | 25,598 | ||||||
| Series 2016-4A, Class A2, 4.290% 9/20/47 (a) | 55,314 | 52,797 | ||||||
| Horizon Aircraft Finance I Ltd., Series 2018-1, Class B | ||||||||
| 5.270% 12/15/38 (a) | 225,200 | 143,288 | ||||||
| Horizon Aircraft Finance II Ltd., Series 2019-1, Class B | ||||||||
| 4.703% 7/15/39 (a) | 273,167 | 164,212 | ||||||
| Horizon Aircraft Finance III Ltd., Series 2019-2, Class A | ||||||||
| 3.425% 11/15/39 (a) | 466,254 | 359,758 | ||||||
| J.G. Wentworth XLIII LLC, Series 2019-1A, Class B | ||||||||
| 4.510% 8/15/73 (a) | 138,000 | 123,185 | ||||||
| KDAC Aviation Finance Ltd., Series 2017-1A, Class A | ||||||||
| 4.212% 12/15/42 (a) | 271,442 | 204,944 | ||||||
| Kestrel Aircraft Funding Limited, Series 2018-1A, Class A | ||||||||
| 4.250% 12/15/38 (a) | 347,189 | 274,293 | ||||||
| Labrador Aviation Finance Ltd., Series 2016-1A, Class A1 | ||||||||
| 4.300% 1/15/42 (a) | 304,159 | 239,537 | ||||||
| LoanCore Issuer Ltd., Series 2022-CRE7, Class E, 30 day SOFR + 3.750% | ||||||||
| 7.558% FRN 1/17/37 (a) | 1,000,000 | 922,327 | ||||||
| Lunar Aircraft Ltd. | ||||||||
| Series 2020-1A, Class B, 4.335% 2/15/45 (a) | 111,323 | 71,402 | ||||||
| Series 2020-1A, Class C, 6.413% 2/15/45 (a) | 235,561 | 117,826 | ||||||
| MACH 1, Series 2019-1, Class B | ||||||||
| 4.335% 10/15/39 (a) | 319,562 | 228,053 | ||||||
| Madison Park Funding Ltd. | ||||||||
| Series 2018-28A, Class B, 3 mo. USD LIBOR + 1.600% 5.679% FRN 7/15/30 (a) | 950,000 | 924,669 | ||||||
| Series 2018-32A, Class CR, 3 mo. USD LIBOR + 2.000% 6.325% FRN 1/22/31 (a) | 300,000 | 281,713 | ||||||
| Mariner Finance Issuance Trust, Series 2021-AA, Class D | ||||||||
| 3.830% 3/20/36 (a) | 381,000 | 311,692 | ||||||
| Mosaic Solar Loans LLC, Series 2017-1A, Class A | ||||||||
| 4.450% 6/20/42 (a) | 25,407 | 24,326 | ||||||
| Neuberger Berman CLO Ltd., Series 2015-20A, Class BRR, 3 mo. USD LIBOR + 1.650% | ||||||||
| 5.729% FRN 7/15/34 (a) | 500,000 | 481,296 | ||||||
| OHA Credit Funding Ltd., Series 2015-11A, Class CR, 3 mo. USD LIBOR + 2.150% | ||||||||
| 6.393% FRN 1/20/32 (a) | 300,000 | 285,804 | ||||||
| Parallel Ltd., Series 2021-2A, Class A2, 3 mo. USD LIBOR + 1.850% | ||||||||
| 6.093% FRN 10/20/34 (a) | 250,000 | 236,631 | ||||||
| Pioneer Aircraft Finance Ltd., Series 2019-1, Class B | ||||||||
| 4.948% 6/15/44 (a) | 341,661 | 201,866 | ||||||
| Rad CLO 12 Ltd., Series 2021-12A, Class A, 3 mo. USD LIBOR + 1.170% | ||||||||
| 5.585% FRN 10/30/34 (a) | 500,000 | 486,096 | ||||||
| Rad CLO 15 Ltd., Series 2021-15A, Class C, 3 mo. USD LIBOR + 2.050% | ||||||||
| 6.293% FRN 1/20/34 (a) | 250,000 | 233,802 | ||||||
| Rad CLO 4 Ltd., Series 2019-4A, Class B1, 3 mo. USD LIBOR + 2.100% | ||||||||
| 6.458% FRN 4/25/32 (a) | 250,000 | 244,133 | ||||||
| Renew, Series 2021-1, Class M | ||||||||
| 3.210% 11/20/56 (a) | 177,525 | 146,636 | ||||||
| Rockford Tower CLO Ltd., Series 2018-1A, Class B, 3 mo. USD LIBOR + 1.720% | ||||||||
| 6.395% FRN 5/20/31 (a) | 250,000 | 240,427 | ||||||
| Sierra Receivables Funding LLC, Series 2020-2A, Class C | ||||||||
| 3.510% 7/20/37 (a) | 47,021 | 44,333 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Slam Ltd., Series 2021-1A, Class B | ||||||||
| 3.422% 6/15/46 (a) | $ | 265,517 | $ | 216,124 | ||||
| Steele Creek CLO Ltd., Series 2018-2A, Class C, 3 mo. USD LIBOR + 2.300% | ||||||||
| 6.974% FRN 8/18/31 (a) | 490,000 | 453,591 | ||||||
| Store Master Funding I-VII and XIV, Series 2019-1, Class A4 | ||||||||
| 4.490% 11/20/49 (a) | 758,129 | 595,321 | ||||||
| Sunnova Helios II Issuer LLC, Series 2018-1A, Class A | ||||||||
| 4.870% 7/20/48 (a) | 105,057 | 92,918 | ||||||
| SuttonPark Structured Settlements LLC, Series 2017-1A, Class A | ||||||||
| 4.190% 1/15/71 (a) | 261,586 | 231,412 | ||||||
| THL Credit Wind River CLO Ltd., Series 2018-3A, Class B, 3 mo. USD LIBOR + 1.700% | ||||||||
| 5.943% FRN 1/20/31 (a) | 490,000 | 470,627 | ||||||
| Thrust Engine Leasing DAC | ||||||||
| Series 2021-1A, Class B, 6.121% 7/15/40 (a) | 1,113,135 | 785,680 | ||||||
| Series 2021-1A, Class C, 7.386% 7/15/40 (a) | 368,626 | 267,292 | ||||||
| TICP CLO XIV Ltd., Series 2019-14A, Class A2R, 3 mo. USD LIBOR + 1.650% | ||||||||
| 5.893% FRN 10/20/32 (a) | 250,000 | 242,082 | ||||||
| WAVE LLC, Series 2019-1, Class B | ||||||||
| 4.581% 9/15/44 (a) | 608,521 | 364,680 | ||||||
| Willis Engine Structured Trust III, Series 2017-A, Class A, | ||||||||
| 4.690% STEP 8/15/42 (a) | 320,318 | 278,687 | ||||||
| Willis Engine Structured Trust IV, Series 2018-A, Class A, | ||||||||
| 4.750% STEP 9/15/43 (a) | 194,363 | 155,217 | ||||||
| 18,888,222 | ||||||||
| Student Loans Asset-Backed Securities — 2.9% | ||||||||
| Access Group, Inc., Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500% | ||||||||
| 5.889% FRN 7/25/58 (a) | 130,000 | 119,642 | ||||||
| College Avenue Student Loans LLC | ||||||||
| Series 2021-A, Class C, 2.920% 7/25/51 (a) | 576,000 | 517,777 | ||||||
| Series 2021-A, Class D, 4.120% 7/25/51 (a) | 284,000 | 254,412 | ||||||
| Series 2019-A, Class C, 4.460% 12/28/48 (a) | 163,242 | 152,325 | ||||||
| Series 2019-A, Class D, 5.500% 12/28/48 (a) | 114,709 | 105,863 | ||||||
| Commonbond Student Loan Trust, Series 2017-AGS, Class C | ||||||||
| 5.280% 5/25/41 (a) | 33,079 | 30,644 | ||||||
| Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B | ||||||||
| 2.500% 1/25/30 (a) | 53,167 | 50,132 | ||||||
| EDvestinU Private Education Loan Issue No 3 LLC, Series 2021-A, Class B | ||||||||
| 3.500% 11/25/50 (a) | 600,000 | 485,247 | ||||||
| Goal Capital Funding Trust, Series 2006-1, Class B, 3 mo. USD LIBOR + .450% | ||||||||
| 5.149% FRN 8/25/42 | 424,534 | 407,109 | ||||||
| Navient Student Loan Trust | ||||||||
| Series 2018-EA, Class B, 4.440% 12/15/59 (a) | 140,000 | 130,379 | ||||||
| Series 2018-1A, Class B, 1 mo. USD LIBOR + 1.200% 5.589% FRN 3/25/67 (a) | 250,000 | 239,037 | ||||||
| Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% | ||||||||
| 6.139% FRN 12/26/40 (a) | 2,824 | 2,823 | ||||||
| Nelnet Student Loan Trust | ||||||||
| Series 2005-4, Class A4R2, 1.191% FRN 3/22/32 (d) | 120,000 | 118,628 | ||||||
| Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 4.974% FRN 6/25/41 | 80,062 | 72,587 | ||||||
| Series 2012-2A, Class B, 1 mo. USD LIBOR + 1.000% 5.389% FRN 11/25/36 (a) | 200,000 | 197,288 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2012-1A, Class B, 1 mo. USD LIBOR + 1.000% 5.389% FRN 6/25/42 (a) | $ | 150,000 | $ | 148,261 | ||||
| Series 2012-4A, Class B, 1 mo. USD LIBOR + 1.000% 5.389% FRN 7/26/49 (a) | 350,000 | 299,549 | ||||||
| Series 2014-2A, Class B, 1 mo. USD LIBOR + 1.500% 5.889% FRN 6/25/41 (a) | 100,000 | 98,849 | ||||||
| Series 2014-5A, Class B, 1 mo. USD LIBOR + 1.500% 5.889% FRN 5/26/54 (a) | 100,000 | 88,568 | ||||||
| SLM Student Loan Trust | ||||||||
| Series 2006-4, Class B, 3 mo. USD LIBOR + .200% 4.558% FRN 1/25/70 | 118,360 | 111,266 | ||||||
| Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 4.568% FRN 10/25/40 | 116,609 | 108,997 | ||||||
| Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 4.648% FRN 1/25/44 | 231,010 | 211,468 | ||||||
| Series 2004-3, Class B, 3 mo. USD LIBOR + .470% 4.828% FRN 10/25/64 | 78,812 | 74,641 | ||||||
| SMB Private Education Loan Trust, Series 2019-A, Class B | ||||||||
| 4.000% 11/17/42 (a) | 185,000 | 170,376 | ||||||
| SoFi Professional Loan Program LLC | ||||||||
| Series 2017-C, Class C, 4.210% VRN 7/25/40 (a) (d) | 180,000 | 162,024 | ||||||
| Series 2017-A, Class C, 4.430% VRN 3/26/40 (a) (d) | 170,000 | 157,840 | ||||||
| South Carolina Student Loan Corp., Series 2015-A, Class A, 1 mo. USD LIBOR + 1.500% | ||||||||
| 5.889% FRN 1/25/36 | 46,977 | 47,001 | ||||||
| 4,562,733 | ||||||||
| Whole Loan Collateral Collateralized Mortgage Obligations — 1.9% | ||||||||
| Angel Oak Mortgage Trust I LLC | ||||||||
| Series 2019-4, Class M1, 3.459% VRN 7/26/49 (a) (d) | 492,000 | 468,402 | ||||||
| Series 2019-2, Class M1, 4.065% VRN 3/25/49 (a) (d) | 239,396 | 232,601 | ||||||
| Bank of America Mortgage Securities, Series 2004-G, Class 2A7, | ||||||||
| 3.961% VRN 8/25/34 (d) | 4,518 | 4,250 | ||||||
| JP Morgan Mortgage Trust, Series 2017-1, Class A11, | ||||||||
| 3.449% VRN 1/25/47 (a) (d) | 82,847 | 71,147 | ||||||
| New Residential Mortgage Loan Trust, Series 2021-NQM3, Class B1, | ||||||||
| 3.398% VRN 11/27/56 (a) (d) | 3,600,000 | 2,302,244 | ||||||
| 3,078,644 | ||||||||
| TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $54,683,067) | 45,466,787 | |||||||
| SOVEREIGN DEBT OBLIGATION — 0.1% | ||||||||
| Mexico Government International Bond | ||||||||
| 4.750% 3/08/44 | 214,000 | 172,489 | ||||||
| TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $241,696) | 172,489 | |||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (e) — 15.1% | ||||||||
| Collateralized Mortgage Obligations — 0.0% | ||||||||
| Federal Home Loan Mortgage Corp. Series 2178, Class PB 7.000% 8/15/29 | 3,592 | 3,690 | ||||||
| Pass-Through Securities — 15.1% | ||||||||
| Federal Home Loan Mortgage Corp. | ||||||||
| Pool #RA4245 2.000% 12/01/50 | 480,299 | 396,924 | ||||||
| Pool #RA4255 2.000% 1/01/51 | 992,000 | 820,108 | ||||||
| Pool #SD0905 3.000% 3/01/52 | 749,611 | 665,458 | ||||||
| Pool #SD1523 4.000% 8/01/52 | 1,089,788 | 1,032,226 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Pool #SD1603 4.000% 9/01/52 | $ | 693,399 | $ | 652,874 | ||||
| Federal National Mortgage Association | ||||||||
| Pool #FM8596 2.500% 9/01/51 | 487,998 | 418,120 | ||||||
| Pool #FS3035 2.500% 4/01/52 | 1,579,090 | 1,356,676 | ||||||
| Pool #MA3029 3.000% 6/01/32 | 253,375 | 241,317 | ||||||
| Pool #MA3090 3.000% 8/01/32 | 102,038 | 97,055 | ||||||
| Pool #AR3007 3.000% 2/01/43 | 87,897 | 79,946 | ||||||
| Pool #FS1075 3.000% 3/01/52 | 762,295 | 676,956 | ||||||
| Pool #CB3304 3.000% 4/01/52 | 1,149,759 | 1,021,044 | ||||||
| Pool #CB3305 3.000% 4/01/52 | 1,392,171 | 1,234,578 | ||||||
| Pool #AS1304 3.500% 12/01/28 | 66,722 | 64,785 | ||||||
| Pool #MA1356 3.500% 2/01/43 | 478,809 | 445,955 | ||||||
| Pool #CA6096 3.500% 6/01/50 | 1,001,279 | 919,747 | ||||||
| Pool #FM4017 3.500% 8/01/50 | 64,678 | 59,614 | ||||||
| Pool #CB3842 3.500% 6/01/52 | 2,248,439 | 2,062,367 | ||||||
| Pool #CA1909 4.500% 6/01/48 | 364,571 | 357,533 | ||||||
| Pool #CB3866 4.500% 6/01/52 | 868,420 | 844,666 | ||||||
| Pool #CB4129 4.500% 7/01/52 | 1,108,020 | 1,073,557 | ||||||
| Pool #AD6437 5.000% 6/01/40 | 27,830 | 28,188 | ||||||
| Pool #AD6996 5.000% 7/01/40 | 175,459 | 177,816 | ||||||
| Pool #AL8173 5.000% 2/01/44 | 60,074 | 61,183 | ||||||
| Government National Mortgage Association | ||||||||
| Pool #579140 6.500% 1/15/32 | 418 | 433 | ||||||
| Pool #587280 6.500% 9/15/32 | 625 | 641 | ||||||
| Pool #550659 6.500% 9/15/35 | 47,131 | 49,557 | ||||||
| Pool #538689 6.500% 12/15/35 | 5,833 | 6,153 | ||||||
| Pool #780651 7.000% 10/15/27 | 313 | 320 | ||||||
| Pool #462384 7.000% 11/15/27 | 187 | 192 | ||||||
| Pool #482668 7.000% 8/15/28 | 561 | 577 | ||||||
| Pool #581417 7.000% 7/15/32 | 516 | 532 | ||||||
| Pool #423836 8.000% 8/15/26 | 213 | 219 | ||||||
| Government National Mortgage Association II | ||||||||
| Pool #MA6038 3.000% 7/20/49 | 477,581 | 431,714 | ||||||
| Pool #MA6283 3.000% 11/20/49 | 853,120 | 770,652 | ||||||
| Pool #MA6409 3.000% 1/20/50 | 889,655 | 803,099 | ||||||
| Pool #MA4321 3.500% 3/20/47 | 560,645 | 524,452 | ||||||
| Government National Mortgage Association II TBA
(f) 3.000% 1/23/53 | 975,000 | 870,111 | ||||||
| Uniform Mortgage Backed Securities TBA | ||||||||
| 3.000% 12/01/53 (f) | 1,450,000 | 1,276,566 | ||||||
| 3.500% 4/25/52 (f) | 1,600,000 | 1,457,625 | ||||||
| 4.000% 6/25/52 (f) | 3,175,000 | 2,985,492 | ||||||
| 23,967,028 | ||||||||
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $25,714,595) | 23,970,718 | |||||||
| U.S. TREASURY OBLIGATIONS — 5.4% | ||||||||
| U.S. Treasury Bonds & Notes — 5.4% | ||||||||
| U.S. Treasury Bond | ||||||||
| 2.250% 8/15/49 (g) | 3,330,000 | 2,368,107 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| U.S. Treasury Note | ||||||||
| 3.000% 7/15/25 | $ | 6,450,000 | $ | 6,253,006 | ||||
| 8,621,113 | ||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $8,908,404) | 8,621,113 | |||||||
| TOTAL BONDS & NOTES (Cost $173,739,668) | 149,177,228 | |||||||
| Number of Shares | ||||||||
| WARRANTS — 0.0% | ||||||||
| Consumer, Non-cyclical — 0.0% | ||||||||
| Chemicals — 0.0% | ||||||||
| Hercules LLC, Expires 3/31/29, Strike 0.09 (h) (i) (j) | 150 | 4,290 | ||||||
| TOTAL WARRANTS (Cost $0) | 4,290 | |||||||
| MUTUAL FUNDS — 0.8% | ||||||||
| Diversified Financial Services — 0.8% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio (k) | 1,289,700 | 1,289,700 | ||||||
| TOTAL MUTUAL FUNDS (Cost $1,289,700) | 1,289,700 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $176,639,993) | 151,593,201 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENTS — 8.4% | ||||||||
| Commercial Paper — 7.5% | ||||||||
| Fidelity National Information Services, Inc. | ||||||||
| 4.941% 1/19/23 (a) | $ | 1,000,000 | 997,430 | |||||
| Florida Power & Light Co. | ||||||||
| 4.311% 1/03/23 | 1,000,000 | 999,509 | ||||||
| HP, Inc. | ||||||||
| 4.864% 1/23/23 (a) | 1,000,000 | 996,904 | ||||||
| Parker-Hannifin Corp. | ||||||||
| 5.078% 3/23/23 (a) | 2,000,000 | 1,976,834 | ||||||
| Suncor Energy, Inc. | ||||||||
| 4.906% 1/03/23 (a) | 2,000,000 | 1,998,990 | ||||||
| Tampa Electric Co. | ||||||||
| 4.826% 1/30/23 (a) | 1,000,000 | 995,905 | ||||||
| VF Corp. | ||||||||
| 4.977% 2/02/23 | 1,000,000 | 995,784 | ||||||
| Walgreens Boots Alliance, Inc. | ||||||||
| 5.097% 2/06/23 (a) | 2,000,000 | 1,989,831 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| The Walt Disney Co. | ||||||||
| 5.004% 3/24/23 (a) | $ | 1,000,000 | $ | 988,977 | ||||
| 11,940,164 | ||||||||
| Repurchase Agreement — 0.9% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (l) | 1,433,065 | 1,433,065 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $13,373,896) | 13,373,229 | |||||||
| TOTAL INVESTMENTS — 103.8% (Cost $190,013,889) (m) | 164,966,430 | |||||||
| Other Assets/(Liabilities) — (3.8)% | (6,036,551) | |||||||
| NET ASSETS — 100.0% | $ | 158,929,879 | ||||||
Abbreviation Legend
| CLO | Collateralized Loan Obligation |
| FRN | Floating Rate Note |
| STEP | Step Up Bond |
| TBA | To Be Announced |
| VRN | Variable Rate Note |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2022, the aggregate market value of these securities amounted to $80,893,800 or 50.90% of net assets. |
| (b) | Security is perpetual and has no stated maturity date. |
| (c) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $1,794,596 or 1.13% of net assets. The Fund received $596,406 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (d) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2022. |
| (e) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
| (f) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (g) | All or a portion of this security is pledged/held as collateral for open derivatives. |
| (h) | Non-income producing security. |
| (i) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2022, these securities amounted to a value of $4,290 or 0.00% of net assets. |
| (j) | Investment is valued using significant unobservable inputs. |
| (k) | Represents investment of security lending cash collateral. (Note 2). |
| (l) | Maturity value of $1,433,268. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $1,461,818. |
| (m) | See Note 3 for aggregate cost for federal tax purposes. |
| Forward contracts | ||||||||||||||||
| Counterparty | Settlement Date | Currency Purchased | Currency Sold | Unrealized Appreciation/ (Depreciation) | ||||||||||||
| Bank of America N.A. | 1/17/23 | USD | 293,000 | NOK | 2,927,914 | $ | (6,024) | |||||||||
| Bank of America N.A. | 1/17/23 | NOK | 5,512,522 | USD | 513,653 | 49,332 | ||||||||||
| Bank of America N.A. | 1/17/23 | USD | 377,295 | CHF | 372,870 | (26,521) | ||||||||||
| Bank of America N.A. | 1/24/23 | JPY | 79,828,000 | USD | 542,800 | 66,982 | ||||||||||
| Bank of America N.A. | 2/14/23 | PLN | 745,805 | USD | 157,310 | 12,342 | ||||||||||
| Bank of America N.A. | 2/14/23 | USD | 258,254 | EUR | 254,537 | (14,962) | ||||||||||
| Bank of America N.A. | 2/21/23 | PHP | 8,929,309 | USD | 161,025 | (1,036) | ||||||||||
| Bank of America N.A. | 2/21/23 | USD | 155,549 | PHP | 8,929,309 | (4,440) | ||||||||||
| Bank of America N.A. | 2/21/23 | USD | 469,828 | CNH | 3,284,470 | (6,514) | ||||||||||
| Barclays Bank PLC | 1/17/23 | EUR | 18,302 | USD | 19,000 | 609 | ||||||||||
| BNP Paribas SA | 1/24/23 | USD | 307,606 | INR | 25,577,420 | (1,226) | ||||||||||
| BNP Paribas SA | 2/21/23 | SGD | 371,207 | USD | 274,765 | 2,592 | ||||||||||
| BNP Paribas SA | 2/21/23 | USD | 271,505 | SGD | 371,207 | (5,852) | ||||||||||
| Citibank N.A. | 1/10/23 | COP | 289,368,900 | USD | 59,890 | (267) | ||||||||||
| Citibank N.A. | 1/10/23 | CLP | 46,883,544 | USD | 54,238 | 1,000 | ||||||||||
| Citibank N.A. | 1/10/23 | USD | 63,285 | COP | 289,368,900 | 3,661 | ||||||||||
| Citibank N.A. | 1/10/23 | USD | 50,227 | CLP | 46,883,544 | (5,011) | ||||||||||
| Citibank N.A. | 2/08/23 | COP | 159,438,815 | USD | 32,802 | (124) | ||||||||||
| Citibank N.A. | 2/08/23 | USD | 32,100 | COP | 159,438,815 | (578) | ||||||||||
| HSBC Bank USA | 1/10/23 | USD | 106,000 | BRL | 562,289 | (358) | ||||||||||
| HSBC Bank USA | 1/17/23 | ILS | 551,694 | USD | 156,000 | 1,024 | ||||||||||
| HSBC Bank USA | 1/17/23 | USD | 159,000 | TWD | 5,035,053 | (5,026) | ||||||||||
| HSBC Bank USA | 1/17/23 | USD | 167,000 | EUR | 170,080 | (15,223) | ||||||||||
| HSBC Bank USA | 1/30/23 | USD | 290,997 | CNH | 2,084,735 | (10,833) | ||||||||||
| HSBC Bank USA | 2/14/23 | ILS | 914,455 | USD | 260,428 | 206 | ||||||||||
| HSBC Bank USA | 2/14/23 | CZK | 6,376,112 | USD | 261,316 | 20,170 | ||||||||||
| HSBC Bank USA | 2/14/23 | EUR | 101,890 | USD | 108,000 | 1,367 | ||||||||||
| HSBC Bank USA | 2/14/23 | USD | 263,385 | HUF | 108,238,241 | (23,433) | ||||||||||
| HSBC Bank USA | 2/14/23 | USD | 245,000 | CHF | 229,215 | (3,989) | ||||||||||
| HSBC Bank USA | 2/21/23 | KRW | 735,057,130 | USD | 562,960 | 18,993 | ||||||||||
| HSBC Bank USA | 2/21/23 | THB | 8,957,520 | USD | 261,000 | (1,169) | ||||||||||
| HSBC Bank USA | 2/21/23 | USD | 477,557 | INR | 39,277,890 | 4,051 | ||||||||||
| JP Morgan Chase Bank N.A. | 1/17/23 | EUR | 151,777 | USD | 160,582 | 2,032 | ||||||||||
| Morgan Stanley & Co. LLC | 2/08/23 | MXN | 2,099,551 | USD | 105,000 | 2,071 | ||||||||||
| Morgan Stanley & Co. LLC | 2/14/23 | USD | 142,377 | CHF | 139,006 | (8,621) | ||||||||||
| Morgan Stanley & Co. LLC | 2/21/23 | USD | 257,809 | MYR | 1,140,804 | (1,689) | ||||||||||
| Morgan Stanley & Co. LLC | 2/21/23 | MYR | 1,140,804 | USD | 252,307 | 7,191 | ||||||||||
| Morgan Stanley & Co. LLC | 2/21/23 | JPY | 67,741,432 | USD | 493,969 | 25,431 | ||||||||||
| $ | 76,158 | |||||||||||||||
| Futures contracts | ||||||||||||||
| Expiration Date | Number of Contracts | Notional Amount | Value/ Net Unrealized Appreciation/ (Depreciation) | |||||||||||
| Long | ||||||||||||||
| U.S. Treasury Long Bond | 3/22/23 | 58 | $ | 7,279,282 | $ | (9,344) | ||||||||
| U.S. Treasury Ultra Bond | 3/22/23 | 70 | 9,346,177 | 55,698 | ||||||||||
| U.S. Treasury Note 2 Year | 3/31/23 | 81 | 16,602,966 | 8,362 | ||||||||||
| U.S. Treasury Note 5 Year | 3/31/23 | 49 | 5,296,475 | (7,920) | ||||||||||
| $ | 46,796 | |||||||||||||
| Short | ||||||||||||||
| U.S. Treasury Ultra 10 Year | 3/22/23 | 29 | $ | (3,435,272) | $ | 5,116 | ||||||||
Currency Legend
| BRL | Brazilian Real |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNH | Offshore Chinese Yuan |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| EUR | Euro |
| HUF | Hungarian Forint |
| ILS | Israeli Shekel |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TWD | Taiwan Dollar |
| USD | U.S. Dollar |
| MassMutual High Yield Fund — Portfolio of Investments |
December 31, 2022 (Unaudited)
| Principal Amount | Value | |||||||
| BONDS & NOTES — 95.1% | ||||||||
| BANK LOANS — 2.0% | ||||||||
| Computers — 0.0% | ||||||||
| SonicWall US Holdings, Inc., 2nd Lien Term Loan, 3 mo. USD LIBOR + 7.500% | ||||||||
| 12.199% VRN 5/18/26 | $ | 51,897 | $ | 47,862 | ||||
| Food — 0.3% | ||||||||
| Florida Food Products LLC, Term Loan, 1 mo. USD LIBOR + 5.000% | ||||||||
| 9.384% VRN 10/18/28 | 1,224,442 | 1,114,243 | ||||||
| Packaging & Containers — 0.2% | ||||||||
| Clydesdale Acquisition Holdings, Inc., Term Loan B, 1 mo. SOFR CME + 4.175% | ||||||||
| 8.598% VRN 4/13/29 | 652,490 | 620,139 | ||||||
| Software — 1.5% | ||||||||
| Finastra USA, Inc., USD 2nd Lien Term Loan, 3 mo. USD LIBOR + 7.250% | ||||||||
| 10.621% VRN 6/13/25 | 4,430,158 | 3,279,911 | ||||||
| Ivanti Software, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.250% | ||||||||
| 9.011% VRN 12/01/27 | 1,220,775 | 962,374 | ||||||
| Quest Software US Holdings, Inc., 2022 2nd Lien Term Loan, 3 mo. USD SOFR + 11.600% | ||||||||
| 11.594% VRN 2/01/30 | 2,522,327 | 1,517,608 | ||||||
| 5,759,893 | ||||||||
| TOTAL BANK LOANS (Cost $9,834,646) | 7,542,137 | |||||||
| CORPORATE DEBT — 93.1% | ||||||||
| Advertising — 0.8% | ||||||||
| CMG Media Corp. | ||||||||
| 8.875% 12/15/27 (a) | 2,314,000 | 1,741,748 | ||||||
| Stagwell Global LLC | ||||||||
| 5.625% 8/15/29 (a) | 1,514,000 | 1,248,414 | ||||||
| 2,990,162 | ||||||||
| Aerospace & Defense — 0.2% | ||||||||
| Spirit AeroSystems, Inc. | ||||||||
| 9.375% 11/30/29 (a) | 559,000 | 588,459 | ||||||
| TransDigm, Inc. | ||||||||
| 8.000% 12/15/25 (a) | 221,000 | 224,184 | ||||||
| 812,643 | ||||||||
| Agriculture — 0.2% | ||||||||
| Darling Ingredients, Inc. | ||||||||
| 6.000% 6/15/30 (a) | 938,000 | 916,895 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Airlines — 2.7% | ||||||||
| American Airlines, Inc. | ||||||||
| 11.750% 7/15/25 (a) | $ | 2,318,000 | $ | 2,486,004 | ||||
| American Airlines, Inc. /AAdvantage Loyalty IP Ltd. | ||||||||
| 5.500% 4/20/26 (a) | 3,925,000 | 3,773,410 | ||||||
| 5.750% 4/20/29 (a) | 1,488,000 | 1,357,342 | ||||||
| Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. | ||||||||
| 6.500% 6/20/27 (a) | 1,158,375 | 1,151,658 | ||||||
| United Airlines, Inc. | ||||||||
| 4.375% 4/15/26 (a) | 758,000 | 702,610 | ||||||
| 4.625% 4/15/29 (a) | 795,000 | 692,203 | ||||||
| 10,163,227 | ||||||||
| Auto Manufacturers — 2.0% | ||||||||
| Ford Motor Co. | ||||||||
| 3.250% 2/12/32 | 2,869,000 | 2,151,894 | ||||||
| Ford Motor Credit Co. LLC | ||||||||
| 4.000% 11/13/30 | 2,330,000 | 1,912,557 | ||||||
| 4.125% 8/17/27 | 1,560,000 | 1,396,200 | ||||||
| 4.389% 1/08/26 | 712,000 | 665,225 | ||||||
| 5.113% 5/03/29 | 322,000 | 291,586 | ||||||
| 7.350% 11/04/27 | 1,232,000 | 1,262,431 | ||||||
| 7,679,893 | ||||||||
| Auto Parts & Equipment — 0.4% | ||||||||
| Adient Global Holdings Ltd. | ||||||||
| 4.875% 8/15/26 (a) | 1,734,000 | 1,614,319 | ||||||
| Biotechnology — 0.3% | ||||||||
| Emergent BioSolutions, Inc. | ||||||||
| 3.875% 8/15/28 (a) | 2,529,000 | 1,257,090 | ||||||
| Building Materials — 1.5% | ||||||||
| Jeld-Wen, Inc. | ||||||||
| 4.875% 12/15/27 (a) | 474,000 | 356,766 | ||||||
| New Enterprise Stone & Lime Co., Inc. | ||||||||
| 5.250% 7/15/28 (a) | 2,072,000 | 1,839,875 | ||||||
| 9.750% 7/15/28 (a) | 3,764,000 | 3,477,709 | ||||||
| 5,674,350 | ||||||||
| Chemicals — 5.2% | ||||||||
| Celanese US Holdings LLC | ||||||||
| 6.379% 7/15/32 | 4,728,000 | 4,510,356 | ||||||
| Consolidated Energy Finance SA | ||||||||
| 5.625% 10/15/28 (a) | 4,296,000 | 3,652,762 | ||||||
| LSF11 A5 HoldCo LLC | ||||||||
| 6.625% 10/15/29 (a) | 2,205,000 | 1,821,575 | ||||||
| Methanex Corp. | ||||||||
| 5.125% 10/15/27 | 2,056,000 | 1,906,940 | ||||||
| 5.250% 12/15/29 | 1,618,000 | 1,435,485 | ||||||
| Olympus Water US Holding Corp. | ||||||||
| 4.250% 10/01/28 (a) | 2,503,000 | 2,032,041 | ||||||
| 6.250% 10/01/29 (a) (b) | 1,772,000 | 1,344,778 | ||||||
| Polar US Borrower LLC / Schenectady International Group, Inc. | ||||||||
| 6.750% 5/15/26 (a) | 2,234,000 | 826,580 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Tronox, Inc. | ||||||||
| 4.625% 3/15/29 (a) | $ | 1,296,000 | $ | 1,077,300 | ||||
| Vibrantz Technologies, Inc. | ||||||||
| 9.000% 2/15/30 (a) | 1,743,000 | 1,313,057 | ||||||
| 19,920,874 | ||||||||
| Coal — 0.6% | ||||||||
| Coronado Finance Pty Ltd. | ||||||||
| 10.750% 5/15/26 (a) | 2,077,000 | 2,123,733 | ||||||
| Commercial Services — 4.0% | ||||||||
| Alta Equipment Group, Inc. | ||||||||
| 5.625% 4/15/26 (a) | 2,194,000 | 1,974,808 | ||||||
| Ashtead Capital, Inc. | ||||||||
| 4.000% 5/01/28 (a) | 306,000 | 279,811 | ||||||
| 5.500% 8/11/32 (a) | 1,261,000 | 1,210,125 | ||||||
| CoreLogic, Inc. | ||||||||
| 4.500% 5/01/28 (a) | 1,254,000 | 962,069 | ||||||
| The Hertz Corp. | ||||||||
| 5.000% 12/01/29 (a) | 1,347,000 | 1,021,834 | ||||||
| Prime Security Services Borrower LLC / Prime Finance, Inc. | ||||||||
| 6.250% 1/15/28 (a) | 2,865,000 | 2,607,608 | ||||||
| PROG Holdings, Inc. | ||||||||
| 6.000% 11/15/29 (a) | 3,302,000 | 2,657,053 | ||||||
| Rent-A-Center, Inc. | ||||||||
| 6.375% 2/15/29 (a) | 499,000 | 403,665 | ||||||
| Sabre GLBL, Inc. | ||||||||
| 7.375% 9/01/25 (a) | 638,000 | 609,662 | ||||||
| 9.250% 4/15/25 (a) | 3,672,000 | 3,657,778 | ||||||
| 15,384,413 | ||||||||
| Computers — 1.5% | ||||||||
| Condor Merger Sub, Inc. | ||||||||
| 7.375% 2/15/30 (a) | 2,689,000 | 2,162,737 | ||||||
| Presidio Holdings, Inc. | ||||||||
| 8.250% 2/01/28 (a) | 2,787,000 | 2,583,772 | ||||||
| Seagate HDD Cayman | ||||||||
| 9.625% 12/01/32 (a) | 748,800 | 821,284 | ||||||
| 5,567,793 | ||||||||
| Cosmetics & Personal Care — 0.7% | ||||||||
| Coty, Inc. /HFC Prestige Products, Inc. /HFC Prestige International US LLC | ||||||||
| 4.750% 1/15/29 (a) | 3,086,000 | 2,792,830 | ||||||
| Distribution & Wholesale — 0.9% | ||||||||
| American Builders & Contractors Supply Co., Inc. | ||||||||
| 3.875% 11/15/29 (a) | 1,527,000 | 1,248,246 | ||||||
| Resideo Funding, Inc. | ||||||||
| 4.000% 9/01/29 (a) | 2,600,000 | 2,102,230 | ||||||
| Univar Solutions USA, Inc. | ||||||||
| 5.125% 12/01/27 (a) | 177,000 | 167,858 | ||||||
| 3,518,334 | ||||||||
| Diversified Financial Services — 5.8% | ||||||||
| Coinbase Global, Inc. | ||||||||
| 3.375% 10/01/28 (a) | 1,255,000 | 663,393 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 3.625% 10/01/31 (a) | $ | 1,018,000 | $ | 490,281 | ||||
| Global Aircraft Leasing Co. Ltd. | ||||||||
| 6.500% 9/15/24 (a) | 9,512,514 | 8,085,637 | ||||||
| Jefferson Capital Holdings LLC | ||||||||
| 6.000% 8/15/26 (a) | 2,664,000 | 2,204,274 | ||||||
| Midcap Financial Issuer Trust | ||||||||
| 5.625% 1/15/30 (a) | 723,000 | 585,514 | ||||||
| 6.500% 5/01/28 (a) | 2,875,000 | 2,462,624 | ||||||
| OneMain Finance Corp. | ||||||||
| 4.000% 9/15/30 | 1,207,000 | 900,591 | ||||||
| 5.375% 11/15/29 | 2,695,000 | 2,204,242 | ||||||
| PRA Group, Inc. | ||||||||
| 5.000% 10/01/29 (a) | 4,020,000 | 3,316,500 | ||||||
| 7.375% 9/01/25 (a) | 1,113,000 | 1,075,322 | ||||||
| 21,988,378 | ||||||||
| Electric — 1.5% | ||||||||
| PG&E Corp. | ||||||||
| 5.000% 7/01/28 (b) | 3,644,000 | 3,325,150 | ||||||
| 5.250% 7/01/30 (b) | 583,000 | 530,530 | ||||||
| Pike Corp. | ||||||||
| 5.500% 9/01/28 (a) | 2,213,000 | 1,934,693 | ||||||
| 5,790,373 | ||||||||
| Electronics — 0.9% | ||||||||
| Atkore, Inc. | ||||||||
| 4.250% 6/01/31 (a) | 3,884,000 | 3,330,530 | ||||||
| Engineering & Construction — 1.6% | ||||||||
| Arcosa, Inc. | ||||||||
| 4.375% 4/15/29 (a) | 2,691,000 | 2,333,583 | ||||||
| Dycom Industries, Inc. | ||||||||
| 4.500% 4/15/29 (a) | 721,000 | 627,554 | ||||||
| Global Infrastructure Solutions, Inc. | ||||||||
| 5.625% 6/01/29 (a) | 488,000 | 381,286 | ||||||
| 7.500% 4/15/32 (a) | 1,457,000 | 1,153,317 | ||||||
| MasTec, Inc. | ||||||||
| 4.500% 8/15/28 (a) (b) | 938,000 | 841,666 | ||||||
| Railworks Holdings LP / Railworks Rally, Inc. | ||||||||
| 8.250% 11/15/28 (a) | 879,000 | 813,075 | ||||||
| 6,150,481 | ||||||||
| Entertainment — 0.2% | ||||||||
| Everi Holdings, Inc. | ||||||||
| 5.000% 7/15/29 (a) | 31,000 | 26,628 | ||||||
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. | ||||||||
| 4.875% 5/01/29 (a) | 987,000 | 839,803 | ||||||
| 866,431 | ||||||||
| Environmental Controls — 0.3% | ||||||||
| Harsco Corp. | ||||||||
| 5.750% 7/31/27 (a) | 1,245,000 | 983,010 | ||||||
| Food — 0.8% | ||||||||
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | ||||||||
| 3.625% 1/15/32 (a) | 2,474,000 | 2,003,940 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 3.750% 12/01/31 (a) | $ | 400,000 | $ | 326,975 | ||||
| Simmons Foods, Inc. /Simmons Prepared Foods, Inc. /Simmons Pet Food, Inc. /Simmons Feed | ||||||||
| 4.625% 3/01/29 (a) | 766,000 | 623,565 | ||||||
| 2,954,480 | ||||||||
| Forest Products & Paper — 0.1% | ||||||||
| Clearwater Paper Corp. | ||||||||
| 4.750% 8/15/28 (a) | 493,000 | 433,847 | ||||||
| Health Care – Products — 0.5% | ||||||||
| Garden Spinco Corp. | ||||||||
| 8.625% 7/20/30 (a) | 1,861,000 | 1,972,660 | ||||||
| Health Care – Services — 5.5% | ||||||||
| Centene Corp. | ||||||||
| 4.625% 12/15/29 | 4,327,000 | 3,955,696 | ||||||
| Charles River Laboratories International, Inc. | ||||||||
| 3.750% 3/15/29 (a) (b) | 280,000 | 247,632 | ||||||
| 4.250% 5/01/28 (a) | 2,190,000 | 2,016,924 | ||||||
| CHS/Community Health Systems, Inc. | ||||||||
| 4.750% 2/15/31 (a) | 1,356,000 | 984,483 | ||||||
| 5.625% 3/15/27 (a) | 556,000 | 476,748 | ||||||
| 6.000% 1/15/29 (a) | 1,492,000 | 1,248,028 | ||||||
| 6.125% 4/01/30 (a) | 1,361,000 | 673,937 | ||||||
| 6.875% 4/15/29 (a) | 472,000 | 242,591 | ||||||
| HCA, Inc. | ||||||||
| 3.500% 9/01/30 | 5,131,000 | 4,438,786 | ||||||
| ModivCare, Inc. | ||||||||
| 5.875% 11/15/25 (a) | 97,000 | 91,115 | ||||||
| Molina Healthcare, Inc. | ||||||||
| 4.375% 6/15/28 (a) | 1,253,000 | 1,143,475 | ||||||
| Radiology Partners, Inc. | ||||||||
| 9.250% 2/01/28 (a) | 4,598,000 | 2,581,105 | ||||||
| Tenet Healthcare Corp. | ||||||||
| 4.375% 1/15/30 (a) | 1,178,000 | 1,019,636 | ||||||
| 6.125% 6/15/30 (a) | 2,081,000 | 1,982,777 | ||||||
| 21,102,933 | ||||||||
| Home Builders — 1.2% | ||||||||
| Ashton Woods USA LLC / Ashton Woods Finance Co. | ||||||||
| 4.625% 8/01/29 (a) | 1,339,000 | 1,072,178 | ||||||
| Mattamy Group Corp. | ||||||||
| 4.625% 3/01/30 (a) | 4,544,000 | 3,682,750 | ||||||
| 5.250% 12/15/27 (a) | 25,000 | 22,171 | ||||||
| 4,777,099 | ||||||||
| Insurance — 0.6% | ||||||||
| Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co-Issuer, Inc. | ||||||||
| 7.625% 10/15/25 (a) | 2,333,066 | 2,169,957 | ||||||
| Internet — 0.9% | ||||||||
| Getty Images, Inc. | ||||||||
| 9.750% 3/01/27 (a) | 2,165,000 | 2,136,994 | ||||||
| Millennium Escrow Corp. | ||||||||
| 6.625% 8/01/26 (a) | 1,127,000 | 721,338 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Uber Technologies, Inc. | ||||||||
| 4.500% 8/15/29 (a) | $ | 770,000 | $ | 670,866 | ||||
| 3,529,198 | ||||||||
| Investment Companies — 0.3% | ||||||||
| Icahn Enterprises LP/ Icahn Enterprises Finance Corp. | ||||||||
| 4.750% 9/15/24 | 1,179,000 | 1,130,185 | ||||||
| Leisure Time — 1.2% | ||||||||
| Carnival Corp. | ||||||||
| 7.625% 3/01/26 (a) (b) | 651,000 | 515,979 | ||||||
| 5.750% 3/01/27 (a) | 1,023,000 | 730,463 | ||||||
| NCL Corp. Ltd. | ||||||||
| 5.875% 3/15/26 (a) | 781,000 | 615,077 | ||||||
| 5.875% 2/15/27 (a) | 224,000 | 194,051 | ||||||
| NCL Finance Ltd. | ||||||||
| 6.125% 3/15/28 (a) (b) | 620,000 | 457,697 | ||||||
| Royal Caribbean Cruises Ltd. | ||||||||
| Convertible, 4.250% 6/15/23 | 143,000 | 141,892 | ||||||
| 4.250% 7/01/26 (a) | 1,609,000 | 1,300,631 | ||||||
| 5.500% 8/31/26 (a) | 775,000 | 651,012 | ||||||
| 4,606,802 | ||||||||
| Lodging — 1.9% | ||||||||
| Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc | ||||||||
| 4.875% 7/01/31 (a) | 1,266,000 | 1,033,250 | ||||||
| Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp. | ||||||||
| 5.875% 5/15/25 (a) | 1,698,000 | 1,585,045 | ||||||
| Travel & Leisure Co. | ||||||||
| 4.500% 12/01/29 (a) | 1,000,000 | 814,830 | ||||||
| 4.625% 3/01/30 (a) | 800,000 | 663,416 | ||||||
| 6.000% STEP 4/01/27 | 419,000 | 397,669 | ||||||
| 6.625% 7/31/26 (a) | 1,839,000 | 1,799,023 | ||||||
| Wyndham Hotels & Resorts, Inc. | ||||||||
| 4.375% 8/15/28 (a) | 968,000 | 868,490 | ||||||
| 7,161,723 | ||||||||
| Machinery – Diversified — 0.2% | ||||||||
| OT Merger Corp. | ||||||||
| 7.875% 10/15/29 (a) | 1,410,000 | 747,300 | ||||||
| Media — 7.6% | ||||||||
| Altice Financing SA | ||||||||
| 5.000% 1/15/28 (a) | 1,105,000 | 889,525 | ||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||
| 4.250% 1/15/34 (a) | 3,376,000 | 2,491,640 | ||||||
| 4.500% 5/01/32 | 853,000 | 679,542 | ||||||
| 5.000% 2/01/28 (a) | 939,000 | 848,621 | ||||||
| 5.375% 6/01/29 (a) | 1,205,000 | 1,085,157 | ||||||
| CSC Holdings LLC | ||||||||
| 4.625% 12/01/30 (a) | 1,843,000 | 1,018,360 | ||||||
| 5.750% 1/15/30 (a) | 670,000 | 377,873 | ||||||
| Cumulus Media New Holdings, Inc. | ||||||||
| 6.750% 7/01/26 (a) (b) | 1,614,000 | 1,355,760 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc. | ||||||||
| 5.875% 8/15/27 (a) | $ | 2,160,000 | $ | 1,932,466 | ||||
| DISH DBS Corp. | ||||||||
| 5.250% 12/01/26 (a) | 392,000 | 330,195 | ||||||
| 5.750% 12/01/28 (a) | 504,000 | 402,255 | ||||||
| 5.875% 11/15/24 | 981,000 | 911,578 | ||||||
| 7.375% 7/01/28 | 918,000 | 649,485 | ||||||
| DISH Network Corp. | ||||||||
| 3.375% 8/15/26 | 3,231,000 | 2,024,222 | ||||||
| Gray Escrow II, Inc. | ||||||||
| 5.375% 11/15/31 (a) | 1,881,000 | 1,355,543 | ||||||
| iHeartCommunications, Inc. | ||||||||
| 8.375% 5/01/27 (b) | 1,265,114 | 1,075,508 | ||||||
| LCPR Senior Secured Financing DAC | ||||||||
| 6.750% 10/15/27 (a) | 2,216,000 | 2,071,960 | ||||||
| Radiate Holdco LLC / Radiate Finance, Inc. | ||||||||
| 6.500% 9/15/28 (a) | 2,534,000 | 1,051,610 | ||||||
| Sinclair Television Group Inc | ||||||||
| 5.125% 2/15/27 (a) (b) | 1,350,000 | 1,101,076 | ||||||
| Sirius XM Radio, Inc. | ||||||||
| 3.875% 9/01/31 (a) | 3,880,000 | 3,027,057 | ||||||
| Univision Communications, Inc. | ||||||||
| 7.375% 6/30/30 (a) | 514,000 | 491,230 | ||||||
| Virgin Media Secured Finance PLC | ||||||||
| 4.500% 8/15/30 (a) | 250,000 | 208,856 | ||||||
| 5.500% 5/15/29 (a) | 4,137,000 | 3,705,842 | ||||||
| 29,085,361 | ||||||||
| Mining — 2.5% | ||||||||
| Arconic Corp. | ||||||||
| 6.125% 2/15/28 (a) | 1,627,000 | 1,526,557 | ||||||
| Compass Minerals International, Inc. | ||||||||
| 4.875% 7/15/24 (a) | 1,164,000 | 1,118,895 | ||||||
| First Quantum Minerals Ltd. | ||||||||
| 6.500% 3/01/24 (a) | 2,110,000 | 2,064,139 | ||||||
| 6.875% 3/01/26 (a) | 1,420,000 | 1,344,771 | ||||||
| 7.500% 4/01/25 (a) | 2,954,000 | 2,875,247 | ||||||
| Novelis Corp. | ||||||||
| 3.250% 11/15/26 (a) | 304,000 | 272,539 | ||||||
| 3.875% 8/15/31 (a) | 313,000 | 255,531 | ||||||
| 9,457,679 | ||||||||
| Miscellaneous - Manufacturing — 0.6% | ||||||||
| Amsted Industries, Inc. | ||||||||
| 5.625% 7/01/27 (a) | 2,435,000 | 2,309,987 | ||||||
| Oil & Gas — 10.2% | ||||||||
| Apache Corp. | ||||||||
| 4.750% 4/15/43 | 816,000 | 615,672 | ||||||
| 5.100% 9/01/40 | 607,000 | 503,028 | ||||||
| 5.350% 7/01/49 | 910,000 | 735,378 | ||||||
| Chesapeake Energy Corp. | ||||||||
| 5.500% 2/01/26 (a) | 633,000 | 610,829 | ||||||
| 5.875% 2/01/29 (a) | 1,359,000 | 1,287,683 | ||||||
| Comstock Resources, Inc. | ||||||||
| 5.875% 1/15/30 (a) | 733,000 | 630,160 | ||||||
| 6.750% 3/01/29 (a) | 1,512,000 | 1,364,580 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| CVR Energy, Inc. | ||||||||
| 5.750% 2/15/28 (a) | $ | 1,222,000 | $ | 1,063,751 | ||||
| Hilcorp Energy I LP / Hilcorp Finance Co. | ||||||||
| 5.750% 2/01/29 (a) | 513,000 | 456,604 | ||||||
| 6.000% 4/15/30 (a) | 443,000 | 393,949 | ||||||
| 6.000% 2/01/31 (a) | 1,607,000 | 1,386,132 | ||||||
| 6.250% 11/01/28 (a) | 2,052,000 | 1,857,060 | ||||||
| Murphy Oil Corp. | ||||||||
| 6.375% 7/15/28 | 1,190,000 | 1,145,436 | ||||||
| Nabors Industries Ltd. | ||||||||
| 7.250% 1/15/26 (a) | 2,399,000 | 2,260,815 | ||||||
| 7.500% 1/15/28 (a) | 909,000 | 831,641 | ||||||
| Nabors Industries, Inc. | ||||||||
| 5.750% 2/01/25 | 387,000 | 369,047 | ||||||
| 7.375% 5/15/27 (a) | 2,040,000 | 1,976,137 | ||||||
| Neptune Energy Bondco PLC | ||||||||
| 6.625% 5/15/25 (a) | 6,763,000 | 6,566,926 | ||||||
| Occidental Petroleum Corp. | ||||||||
| 6.125% 1/01/31 | 1,607,000 | 1,621,768 | ||||||
| 6.200% 3/15/40 | 1,570,000 | 1,525,155 | ||||||
| 6.375% 9/01/28 | 2,015,000 | 2,034,589 | ||||||
| 6.450% 9/15/36 | 1,040,000 | 1,060,800 | ||||||
| 6.600% 3/15/46 | 801,000 | 824,221 | ||||||
| Parkland Corp. | ||||||||
| 4.625% 5/01/30 (a) | 795,000 | 657,863 | ||||||
| 5.875% 7/15/27 (a) | 1,856,000 | 1,762,272 | ||||||
| Range Resources Corp. Co. | ||||||||
| 8.250% 1/15/29 | 846,000 | 871,756 | ||||||
| Southwestern Energy Co. | ||||||||
| 4.750% 2/01/32 | 380,000 | 324,744 | ||||||
| 5.375% 3/15/30 | 366,000 | 333,799 | ||||||
| Sunoco LP/Sunoco Finance Corp. | ||||||||
| 6.000% 4/15/27 | 1,137,000 | 1,119,602 | ||||||
| Transocean Guardian Ltd. | ||||||||
| 5.875% 1/15/24 (a) | 169,895 | 165,903 | ||||||
| Transocean Poseidon Ltd. | ||||||||
| 6.875% 2/01/27 (a) | 171,500 | 166,890 | ||||||
| Transocean, Inc. | ||||||||
| 7.250% 11/01/25 (a) | 1,205,000 | 1,065,486 | ||||||
| 7.500% 1/15/26 (a) | 1,662,000 | 1,399,138 | ||||||
| 38,988,814 | ||||||||
| Oil & Gas Services — 1.0% | ||||||||
| Weatherford International Ltd. | ||||||||
| 6.500% 9/15/28 (a) | 964,000 | 945,009 | ||||||
| 8.625% 4/30/30 (a) | 2,835,000 | 2,722,474 | ||||||
| 3,667,483 | ||||||||
| Packaging & Containers — 2.3% | ||||||||
| Clydesdale Acquisition Holdings, Inc. | ||||||||
| 6.625% 4/15/29 (a) | 538,000 | 511,809 | ||||||
| 8.750% 4/15/30 (a) | 1,799,000 | 1,540,322 | ||||||
| Graphic Packaging International LLC | ||||||||
| 3.500% 3/01/29 (a) | 754,000 | 643,598 | ||||||
| Mauser Packaging Solutions Holding Co. | ||||||||
| 7.250% 4/15/25 (a) (b) | 1,077,000 | 995,844 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Mauser Packaging Solutions Holding Co. | ||||||||
| 5.500% 4/15/24 (a) | $ | 2,384,000 | $ | 2,317,806 | ||||
| Trident TPI Holdings, Inc. | ||||||||
| 9.250% 8/01/24 (a) | 2,752,000 | 2,616,139 | ||||||
| 8,625,518 | ||||||||
| Pharmaceuticals — 2.1% | ||||||||
| 1375209 BC Ltd. | ||||||||
| 9.000% 1/30/28 (a) | 816,000 | 794,580 | ||||||
| Bausch Health Cos., Inc. | ||||||||
| 4.875% 6/01/28 (a) | 1,347,000 | 856,748 | ||||||
| 9.000% 12/15/25 (a) (b) | 870,000 | 691,067 | ||||||
| 11.000% 9/30/28 (a) | 1,449,000 | 1,129,995 | ||||||
| 14.000% 10/15/30 (a) | 286,000 | 169,783 | ||||||
| Jazz Securities DAC | ||||||||
| 4.375% 1/15/29 (a) | 1,247,000 | 1,111,264 | ||||||
| Organon & Co. / Organon Foreign Debt Co-Issuer BV | ||||||||
| 4.125% 4/30/28 (a) | 1,343,000 | 1,189,092 | ||||||
| 5.125% 4/30/31 (a) | 1,230,000 | 1,064,417 | ||||||
| Perrigo Finance Unlimited Co. | ||||||||
| 4.400% STEP 6/15/30 | 1,262,000 | 1,075,246 | ||||||
| 8,082,192 | ||||||||
| Pipelines — 6.8% | ||||||||
| Antero Midstream Partners LP / Antero Midstream Finance Corp. | ||||||||
| 5.375% 6/15/29 (a) | 2,101,000 | 1,920,818 | ||||||
| CQP Holdco LP / BIP-V Chinook Holdco LLC | ||||||||
| 5.500% 6/15/31 (a) | 2,124,000 | 1,855,335 | ||||||
| EnLink Midstream LLC | ||||||||
| 5.375% 6/01/29 | 786,000 | 727,271 | ||||||
| 5.625% 1/15/28 (a) | 449,000 | 427,672 | ||||||
| EnLink Midstream Partners LP | ||||||||
| 4.150% 6/01/25 | 27,000 | 25,516 | ||||||
| 4.850% 7/15/26 | 277,000 | 260,388 | ||||||
| 5.050% 4/01/45 | 160,000 | 121,253 | ||||||
| 5.450% 6/01/47 | 706,000 | 565,956 | ||||||
| 5.600% 4/01/44 | 3,122,000 | 2,574,922 | ||||||
| EQM Midstream Partners LP | ||||||||
| 4.500% 1/15/29 (a) | 1,111,000 | 933,150 | ||||||
| 6.000% 7/01/25 (a) | 339,000 | 327,134 | ||||||
| 6.500% 7/01/27 (a) | 763,000 | 729,237 | ||||||
| 7.500% 6/01/27 (a) | 832,000 | 814,744 | ||||||
| 7.500% 6/01/30 (a) | 176,000 | 169,580 | ||||||
| Genesis Energy LP/Genesis Energy Finance Corp. | ||||||||
| 5.625% 6/15/24 | 666,000 | 642,686 | ||||||
| 6.250% 5/15/26 | 290,000 | 265,339 | ||||||
| 6.500% 10/01/25 | 2,411,000 | 2,289,960 | ||||||
| ITT Holdings LLC | ||||||||
| 6.500% 8/01/29 (a) | 4,327,000 | 3,643,940 | ||||||
| NGL Energy Operating LLC / NGL Energy Finance Corp. | ||||||||
| 7.500% 2/01/26 (a) | 2,530,000 | 2,249,359 | ||||||
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | ||||||||
| 5.500% 3/01/30 | 3,403,000 | 3,201,951 | ||||||
| Venture Global Calcasieu Pass LLC | ||||||||
| 3.875% 8/15/29 (a) | 869,000 | 760,375 | ||||||
| 4.125% 8/15/31 (a) | 994,000 | 846,883 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Western Midstream Operating LP | ||||||||
| 5.450% 4/01/44 | $ | 929,000 | $ | 770,476 | ||||
| 26,123,945 | ||||||||
| Real Estate — 0.5% | ||||||||
| Realogy Group LLC / Realogy Co-Issuer Corp. | ||||||||
| 5.750% 1/15/29 (a) | 2,591,000 | 1,959,806 | ||||||
| Real Estate Investment Trusts (REITS) — 2.1% | ||||||||
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. | ||||||||
| 4.750% 6/15/29 (a) | 2,804,000 | 2,263,837 | ||||||
| MPT Operating Partnership LP / MPT Finance Corp. | ||||||||
| 5.000% 10/15/27 (b) | 1,252,000 | 1,052,344 | ||||||
| RLJ Lodging Trust LP | ||||||||
| 3.750% 7/01/26 (a) | 1,238,000 | 1,101,412 | ||||||
| 4.000% 9/15/29 (a) | 829,000 | 672,042 | ||||||
| Service Properties Trust | ||||||||
| 3.950% 1/15/28 | 359,000 | 254,887 | ||||||
| 4.375% 2/15/30 | 568,000 | 375,277 | ||||||
| 4.950% 2/15/27 | 284,000 | 223,678 | ||||||
| 5.500% 12/15/27 | 949,000 | 817,243 | ||||||
| Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC | ||||||||
| 4.750% 4/15/28 (a) | 1,162,000 | 923,305 | ||||||
| 6.500% 2/15/29 (a) | 560,000 | 371,000 | ||||||
| 8,055,025 | ||||||||
| Retail — 3.6% | ||||||||
| Asbury Automotive Group, Inc. | ||||||||
| 4.625% 11/15/29 (a) | 993,000 | 836,742 | ||||||
| Bath & Body Works, Inc. | ||||||||
| 6.750% 7/01/36 | 658,000 | 578,316 | ||||||
| 6.875% 11/01/35 | 2,029,000 | 1,803,578 | ||||||
| BCPE Ulysses Intermediate, Inc. | ||||||||
| 7.750% 4/01/27 (a) | 3,207,000 | 1,981,640 | ||||||
| Macy's Retail Holdings LLC | ||||||||
| 5.875% 4/01/29 (a) (b) | 261,000 | 231,090 | ||||||
| 5.875% 3/15/30 (a) | 500,000 | 433,865 | ||||||
| 6.125% 3/15/32 (a) | 553,000 | 464,813 | ||||||
| Nordstrom, Inc. | ||||||||
| 5.000% 1/15/44 (b) | 2,262,000 | 1,374,165 | ||||||
| Sonic Automotive, Inc. | ||||||||
| 4.625% 11/15/29 (a) | 1,085,000 | 868,768 | ||||||
| 4.875% 11/15/31 (a) | 448,000 | 352,211 | ||||||
| Staples, Inc. | ||||||||
| 7.500% 4/15/26 (a) | 1,049,000 | 902,853 | ||||||
| 10.750% 4/15/27 (a) (b) | 1,421,000 | 1,023,262 | ||||||
| Suburban Propane Partners LP / Suburban Energy Finance Corp. | ||||||||
| 5.000% 6/01/31 (a) | 1,271,000 | 1,080,328 | ||||||
| Superior Plus LP / Superior General Partner, Inc. | ||||||||
| 4.500% 3/15/29 (a) | 2,169,000 | 1,854,495 | ||||||
| 13,786,126 | ||||||||
| Semiconductors — 0.4% | ||||||||
| Entegris Escrow Corp. | ||||||||
| 5.950% 6/15/30 (a) | 1,567,000 | 1,445,087 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Software — 1.4% | ||||||||
| AthenaHealth Group, Inc. | ||||||||
| 6.500% 2/15/30 (a) (b) | $ | 1,601,000 | $ | 1,179,829 | ||||
| Boxer Parent Co., Inc. | ||||||||
| 9.125% 3/01/26 (a) | 158,000 | 149,060 | ||||||
| Consensus Cloud Solutions, Inc. | ||||||||
| 6.000% 10/15/26 (a) | 702,000 | 656,539 | ||||||
| CWT Travel Group, Inc., (Acquired 11/16/21, Cost $685) | ||||||||
| 8.500% 11/19/26 (a) (c) | 696 | 588 | ||||||
| Open Text Corp. | ||||||||
| 3.875% 2/15/28 (a) | 302,000 | 259,155 | ||||||
| Open Text Holdings, Inc. | ||||||||
| 4.125% 2/15/30 (a) | 1,297,000 | 1,043,632 | ||||||
| 4.125% 12/01/31 (a) | 504,000 | 391,757 | ||||||
| Veritas US, Inc./Veritas Bermuda Ltd. | ||||||||
| 7.500% 9/01/25 (a) | 2,645,000 | 1,825,590 | ||||||
| 5,506,150 | ||||||||
| Telecommunications — 5.9% | ||||||||
| Altice France Holding SA | ||||||||
| 10.500% 5/15/27 (a) | 494,000 | 376,675 | ||||||
| Altice France SA | ||||||||
| 5.125% 7/15/29 (a) | 2,356,000 | 1,766,395 | ||||||
| Connect Finco SARL / Connect US Finco LLC | ||||||||
| 6.750% 10/01/26 (a) | 2,300,000 | 2,131,547 | ||||||
| Consolidated Communications, Inc. | ||||||||
| 6.500% 10/01/28 (a) | 2,299,000 | 1,786,463 | ||||||
| Frontier Communications Holdings LLC | ||||||||
| 5.000% 5/01/28 (a) | 3,081,000 | 2,675,294 | ||||||
| 6.000% 1/15/30 (a) (b) | 819,000 | 643,384 | ||||||
| 6.750% 5/01/29 (a) | 902,000 | 746,189 | ||||||
| GoTo Group, Inc. | ||||||||
| 5.500% 9/01/27 (a) | 1,559,000 | 838,464 | ||||||
| Hughes Satellite Systems Corp. | ||||||||
| 6.625% 8/01/26 | 2,280,000 | 2,126,647 | ||||||
| Sprint Capital Corp. | ||||||||
| 6.875% 11/15/28 | 3,131,000 | 3,256,200 | ||||||
| 8.750% 3/15/32 | 4,688,000 | 5,579,189 | ||||||
| T-Mobile USA, Inc. | ||||||||
| 3.375% 4/15/29 | 804,000 | 708,051 | ||||||
| 22,634,498 | ||||||||
| Transportation — 1.6% | ||||||||
| Carriage Purchaser, Inc. | ||||||||
| 7.875% 10/15/29 (a) | 1,473,000 | 1,045,830 | ||||||
| First Student Bidco, Inc./First Transit Parent, Inc. | ||||||||
| 4.000% 7/31/29 (a) | 2,525,000 | 2,088,497 | ||||||
| Seaspan Corp. | ||||||||
| 5.500% 8/01/29 (a) | 3,997,000 | 3,028,926 | ||||||
| 6,163,253 | ||||||||
| TOTAL CORPORATE DEBT (Cost $409,071,874) | 356,002,867 | |||||||
| TOTAL BONDS & NOTES (Cost $418,906,520) | 363,545,004 | |||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| MUTUAL FUNDS — 2.8% | ||||||||
| Diversified Financial Services — 2.8% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio (d) | 10,691,475 | $ | 10,691,475 | |||||
| TOTAL MUTUAL FUNDS (Cost $10,691,475) | 10,691,475 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $429,597,995) | 374,236,479 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENTS — 3.5% | ||||||||
| Commercial Paper — 3.4% | ||||||||
| Mercedes-Benz Finance North America LLC | ||||||||
| 4.897% 2/01/23 (a) | $ | 4,000,000 | 3,982,679 | |||||
| Penske Truck Leasing Co. LP | ||||||||
| 4.778% 1/10/23 (a) | 4,000,000 | 3,994,270 | ||||||
| Spire, Inc. | ||||||||
| 5.021% 2/09/23 (a) | 5,000,000 | 4,972,889 | ||||||
| 12,949,838 | ||||||||
| Repurchase Agreement — 0.1% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (e) | 368,992 | 368,992 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $13,319,370) | 13,318,830 | |||||||
| TOTAL INVESTMENTS — 101.4% (Cost $442,917,365) (f) | 387,555,309 | |||||||
| Other Assets/(Liabilities) — (1.4)% | (5,222,632) | |||||||
| NET ASSETS — 100.0% | $ | 382,332,677 | ||||||
Abbreviation Legend
| STEP | Step Up Bond |
| VRN | Variable Rate Note |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2022, the aggregate market value of these securities amounted to $287,299,421 or 75.14% of net assets. |
| (b) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $13,244,108 or 3.46% of net assets. The Fund received $2,833,014 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) | Restricted security. Certain securities are restricted as to resale. At December 31, 2022, these securities amounted to a value of $588 or 0.00% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
| (d) | Represents investment of security lending cash collateral. (Note 2). |
| (e) | Maturity value of $369,044. Collateralized by U.S. Government Agency obligations with a rate of 2.875%, maturity date of 5/15/28, and an aggregate market value, including accrued interest, of $376,426. |
| (f) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Balanced Fund — Portfolio of Investments |
December 31, 2022 (Unaudited)
| Number of Shares | Value | |||||||
| EQUITIES — 64.1% | ||||||||
| COMMON STOCK — 64.1% | ||||||||
| Basic Materials — 1.2% | ||||||||
| Chemicals — 1.2% | ||||||||
| Air Products & Chemicals, Inc. | 605 | $ | 186,497 | |||||
| Albemarle Corp. | 136 | 29,493 | ||||||
| Celanese Corp. | 295 | 30,161 | ||||||
| Dow, Inc. | 2,684 | 135,247 | ||||||
| DuPont de Nemours, Inc. | 1,030 | 70,689 | ||||||
| Ecolab, Inc. | 447 | 65,065 | ||||||
| International Flavors & Fragrances, Inc. | 119 | 12,476 | ||||||
| Linde PLC | 1,625 | 530,043 | ||||||
| LyondellBasell Industries NV Class A | 2,676 | 222,188 | ||||||
| PPG Industries, Inc. | 335 | 42,123 | ||||||
| The Sherwin-Williams Co. | 352 | 83,540 | ||||||
| 1,407,522 | ||||||||
| Forest Products & Paper — 0.0% | ||||||||
| International Paper Co. | 1,232 | 42,664 | ||||||
| Mining — 0.0% | ||||||||
| Newmont Corp. | 1,208 | 57,018 | ||||||
| 1,507,204 | ||||||||
| Communications — 4.2% | ||||||||
| Advertising — 0.1% | ||||||||
| Omnicom Group, Inc. | 994 | 81,081 | ||||||
| Internet — 0.9% | ||||||||
| Booking Holdings, Inc. (a) | 165 | 332,521 | ||||||
| CDW Corp. | 449 | 80,182 | ||||||
| eBay, Inc. | 1,860 | 77,134 | ||||||
| Gen Digital, Inc. | 1,322 | 28,331 | ||||||
| MercadoLibre, Inc. (a) | 115 | 97,318 | ||||||
| Netflix, Inc. (a) | 545 | 160,710 | ||||||
| Okta, Inc. (a) | 78 | 5,330 | ||||||
| Palo Alto Networks, Inc. (a) | 884 | 123,353 | ||||||
| VeriSign, Inc. (a) | 653 | 134,152 | ||||||
| 1,039,031 | ||||||||
| Media — 0.4% | ||||||||
| Fox Corp. Class A | 4,810 | 146,080 | ||||||
| Liberty Media Corp-Liberty Formula One Class C (a) | 1,771 | 105,870 | ||||||
| Paramount Global Class B | 1,123 | 18,956 | ||||||
| The Walt Disney Co. (a) | 3,083 | 267,851 | ||||||
| 538,757 | ||||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Telecommunications — 2.8% | ||||||||
| Arista Networks, Inc. (a) | 424 | $ | 51,452 | |||||
| AT&T, Inc. | 58,460 | 1,076,249 | ||||||
| Cisco Systems, Inc. | 17,091 | 814,215 | ||||||
| Corning, Inc. | 2,014 | 64,327 | ||||||
| Motorola Solutions, Inc. | 622 | 160,296 | ||||||
| Verizon Communications, Inc. | 30,433 | 1,199,060 | ||||||
| 3,365,599 | ||||||||
| 5,024,468 | ||||||||
| Consumer, Cyclical — 6.8% | ||||||||
| Apparel — 0.3% | ||||||||
| NIKE, Inc. Class B | 2,890 | 338,159 | ||||||
| VF Corp. | 373 | 10,298 | ||||||
| 348,457 | ||||||||
| Auto Manufacturers — 0.2% | ||||||||
| Cummins, Inc. | 1,096 | 265,550 | ||||||
| Auto Parts & Equipment — 0.1% | ||||||||
| Aptiv PLC (a) | 682 | 63,515 | ||||||
| Distribution & Wholesale — 0.3% | ||||||||
| Copart, Inc. (a) | 1,856 | 113,012 | ||||||
| W.W. Grainger, Inc. | 323 | 179,668 | ||||||
| 292,680 | ||||||||
| Leisure Time — 0.0% | ||||||||
| Carnival Corp. (a) | 534 | 4,304 | ||||||
| Lodging — 0.2% | ||||||||
| Hilton Worldwide Holdings, Inc. | 747 | 94,391 | ||||||
| Las Vegas Sands Corp. (a) | 1,222 | 58,742 | ||||||
| Marriott International, Inc. Class A | 698 | 103,925 | ||||||
| 257,058 | ||||||||
| Retail — 5.7% | ||||||||
| AutoZone, Inc. (a) | 245 | 604,214 | ||||||
| Best Buy Co., Inc. | 1,178 | 94,487 | ||||||
| CarMax, Inc. (a) | 169 | 10,290 | ||||||
| Chipotle Mexican Grill, Inc. (a) | 120 | 166,499 | ||||||
| Costco Wholesale Corp. | 2,392 | 1,091,948 | ||||||
| Dollar General Corp. | 2,656 | 654,040 | ||||||
| Dollar Tree, Inc. (a) | 877 | 124,043 | ||||||
| Genuine Parts Co. | 1,455 | 252,457 | ||||||
| The Home Depot, Inc. | 4,921 | 1,554,347 | ||||||
| Lowe's Cos., Inc. | 5,012 | 998,591 | ||||||
| Lululemon Athletica, Inc. (a) | 385 | 123,346 | ||||||
| Ross Stores, Inc. | 1,071 | 124,311 | ||||||
| Target Corp. | 1,351 | 201,353 | ||||||
| The TJX Cos., Inc. | 5,607 | 446,317 | ||||||
| Ulta Beauty, Inc. (a) | 337 | 158,077 | ||||||
| Walgreens Boots Alliance, Inc. | 1,672 | 62,466 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Yum! Brands, Inc. | 1,681 | $ | 215,303 | |||||
| 6,882,089 | ||||||||
| 8,113,653 | ||||||||
| Consumer, Non-cyclical — 17.8% | ||||||||
| Beverages — 2.2% | ||||||||
| Brown-Forman Corp. Class B | 980 | 64,366 | ||||||
| The Coca-Cola Co. | 11,496 | 731,261 | ||||||
| Constellation Brands, Inc. Class A | 1,000 | 231,750 | ||||||
| Keurig Dr Pepper, Inc. | 3,825 | 136,399 | ||||||
| Monster Beverage Corp. (a) | 752 | 76,351 | ||||||
| PepsiCo, Inc. | 7,570 | 1,367,596 | ||||||
| 2,607,723 | ||||||||
| Biotechnology — 1.7% | ||||||||
| Amgen, Inc. | 2,311 | 606,961 | ||||||
| Biogen, Inc. (a) | 369 | 102,183 | ||||||
| BioMarin Pharmaceutical, Inc. (a) | 191 | 19,767 | ||||||
| Gilead Sciences, Inc. | 6,209 | 533,043 | ||||||
| Illumina, Inc. (a) | 76 | 15,367 | ||||||
| Incyte Corp. (a) | 512 | 41,124 | ||||||
| Regeneron Pharmaceuticals, Inc. (a) | 328 | 236,649 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 1,462 | 422,196 | ||||||
| 1,977,290 | ||||||||
| Commercial Services — 1.1% | ||||||||
| Automatic Data Processing, Inc. | 2,183 | 521,431 | ||||||
| Block, Inc. (a) | 464 | 29,158 | ||||||
| Cintas Corp. | 274 | 123,744 | ||||||
| Global Payments, Inc. | 1,735 | 172,320 | ||||||
| Moody's Corp. | 269 | 74,949 | ||||||
| PayPal Holdings, Inc. (a) | 3,524 | 250,979 | ||||||
| S&P Global, Inc. | 376 | 125,938 | ||||||
| Verisk Analytics, Inc. | 429 | 75,684 | ||||||
| 1,374,203 | ||||||||
| Cosmetics & Personal Care — 1.8% | ||||||||
| Colgate-Palmolive Co. | 5,097 | 401,593 | ||||||
| The Estee Lauder Cos., Inc. Class A | 308 | 76,418 | ||||||
| The Procter & Gamble Co. | 11,106 | 1,683,225 | ||||||
| 2,161,236 | ||||||||
| Food — 2.1% | ||||||||
| Campbell Soup Co. | 2,819 | 159,978 | ||||||
| General Mills, Inc. | 9,096 | 762,699 | ||||||
| The Hershey Co. | 1,879 | 435,120 | ||||||
| Hormel Foods Corp. | 1,546 | 70,420 | ||||||
| Kellogg Co. | 3,683 | 262,377 | ||||||
| The Kroger Co. | 6,247 | 278,491 | ||||||
| McCormick & Co., Inc. | 258 | 21,386 | ||||||
| Mondelez International, Inc. Class A | 6,166 | 410,964 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Sysco Corp. | 688 | $ | 52,598 | |||||
| 2,454,033 | ||||||||
| Health Care – Products — 1.5% | ||||||||
| Abbott Laboratories | 3,906 | 428,840 | ||||||
| Align Technology, Inc. (a) | 40 | 8,436 | ||||||
| Baxter International, Inc. | 607 | 30,939 | ||||||
| Boston Scientific Corp. (a) | 2,229 | 103,136 | ||||||
| Danaher Corp. | 1,022 | 271,259 | ||||||
| Edwards Lifesciences Corp. (a) | 704 | 52,525 | ||||||
| IDEXX Laboratories, Inc. (a) | 70 | 28,557 | ||||||
| Intuitive Surgical, Inc. (a) | 286 | 75,890 | ||||||
| Medtronic PLC | 3,115 | 242,098 | ||||||
| ResMed, Inc. | 123 | 25,600 | ||||||
| Thermo Fisher Scientific, Inc. | 796 | 438,349 | ||||||
| Waters Corp. (a) | 96 | 32,888 | ||||||
| West Pharmaceutical Services, Inc. | 54 | 12,709 | ||||||
| Zimmer Biomet Holdings, Inc. | 396 | 50,490 | ||||||
| 1,801,716 | ||||||||
| Health Care – Services — 2.6% | ||||||||
| Centene Corp. (a) | 1,027 | 84,224 | ||||||
| Elevance Health, Inc. | 971 | 498,094 | ||||||
| HCA Healthcare, Inc. | 468 | 112,301 | ||||||
| Humana, Inc. | 665 | 340,607 | ||||||
| IQVIA Holdings, Inc. (a) | 215 | 44,051 | ||||||
| Laboratory Corp. of America Holdings | 188 | 44,270 | ||||||
| Quest Diagnostics, Inc. | 435 | 68,052 | ||||||
| UnitedHealth Group, Inc. | 3,661 | 1,940,989 | ||||||
| 3,132,588 | ||||||||
| Household Products & Wares — 0.2% | ||||||||
| Church & Dwight Co., Inc. | 583 | 46,996 | ||||||
| The Clorox Co. | 405 | 56,834 | ||||||
| Kimberly-Clark Corp. | 1,298 | 176,203 | ||||||
| 280,033 | ||||||||
| Pharmaceuticals — 4.6% | ||||||||
| AbbVie, Inc. | 3,857 | 623,330 | ||||||
| AmerisourceBergen Corp. | 395 | 65,455 | ||||||
| Becton Dickinson and Co. | 562 | 142,917 | ||||||
| Bristol-Myers Squibb Co. | 8,682 | 624,670 | ||||||
| Cardinal Health, Inc. | 1,065 | 81,866 | ||||||
| Cigna Corp. | 2,115 | 700,784 | ||||||
| CVS Health Corp. | 6,602 | 615,240 | ||||||
| DexCom, Inc. (a) | 309 | 34,991 | ||||||
| McKesson Corp. | 955 | 358,240 | ||||||
| Merck & Co., Inc. | 13,426 | 1,489,615 | ||||||
| Pfizer, Inc. | 13,720 | 703,013 | ||||||
| Zoetis, Inc. | 544 | 79,723 | ||||||
| 5,519,844 | ||||||||
| 21,308,666 | ||||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Energy — 2.8% | ||||||||
| Energy – Alternate Sources — 0.1% | ||||||||
| Enphase Energy, Inc. (a) | 571 | $ | 151,292 | |||||
| Oil & Gas — 1.6% | ||||||||
| Hess Corp. | 1,506 | 213,581 | ||||||
| Marathon Petroleum Corp. | 7,554 | 879,210 | ||||||
| Phillips 66 | 2,249 | 234,076 | ||||||
| Valero Energy Corp. | 4,515 | 572,773 | ||||||
| 1,899,640 | ||||||||
| Oil & Gas Services — 0.3% | ||||||||
| Baker Hughes Co. | 2,856 | 84,338 | ||||||
| Halliburton Co. | 2,456 | 96,643 | ||||||
| Schlumberger NV | 4,472 | 239,073 | ||||||
| 420,054 | ||||||||
| Pipelines — 0.8% | ||||||||
| Cheniere Energy, Inc. | 1,004 | 150,560 | ||||||
| Kinder Morgan, Inc. | 22,507 | 406,926 | ||||||
| ONEOK, Inc. | 1,308 | 85,936 | ||||||
| The Williams Cos., Inc. | 8,170 | 268,793 | ||||||
| 912,215 | ||||||||
| 3,383,201 | ||||||||
| Financial — 8.7% | ||||||||
| Banks — 1.4% | ||||||||
| The Bank of New York Mellon Corp. | 4,805 | 218,724 | ||||||
| Fifth Third Bancorp | 1,693 | 55,547 | ||||||
| First Republic Bank | 304 | 37,054 | ||||||
| The Goldman Sachs Group, Inc. | 1,272 | 436,779 | ||||||
| KeyCorp. | 2,779 | 48,410 | ||||||
| Morgan Stanley | 3,630 | 308,623 | ||||||
| Northern Trust Corp. | 345 | 30,529 | ||||||
| The PNC Financial Services Group, Inc. | 1,203 | 190,002 | ||||||
| Regions Financial Corp. | 3,836 | 82,704 | ||||||
| State Street Corp. | 1,228 | 95,256 | ||||||
| Truist Financial Corp. | 2,953 | 127,068 | ||||||
| 1,630,696 | ||||||||
| Diversified Financial Services — 2.5% | ||||||||
| American Express Co. | 2,255 | 333,176 | ||||||
| Ameriprise Financial, Inc. | 360 | 112,093 | ||||||
| BlackRock, Inc. | 354 | 250,855 | ||||||
| The Charles Schwab Corp. | 1,663 | 138,461 | ||||||
| CME Group, Inc. | 688 | 115,694 | ||||||
| Discover Financial Services | 1,421 | 139,017 | ||||||
| Franklin Resources, Inc. | 1,340 | 35,349 | ||||||
| Intercontinental Exchange, Inc. | 1,179 | 120,954 | ||||||
| Nasdaq, Inc. | 1,594 | 97,792 | ||||||
| Synchrony Financial | 4,392 | 144,321 | ||||||
| T. Rowe Price Group, Inc. | 957 | 104,371 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Visa, Inc. Class A | 6,995 | $ | 1,453,281 | |||||
| 3,045,364 | ||||||||
| Insurance — 3.2% | ||||||||
| Aflac, Inc. | 2,752 | 197,979 | ||||||
| The Allstate Corp. | 1,676 | 227,266 | ||||||
| American International Group, Inc. | 4,219 | 266,809 | ||||||
| Aon PLC Class A | 874 | 262,322 | ||||||
| Arthur J Gallagher & Co. | 1,254 | 236,429 | ||||||
| Chubb Ltd. | 2,505 | 552,603 | ||||||
| The Hartford Financial Services Group, Inc. | 1,841 | 139,603 | ||||||
| Marsh & McLennan Cos., Inc. | 2,685 | 444,314 | ||||||
| MetLife, Inc. | 3,399 | 245,986 | ||||||
| Principal Financial Group, Inc. | 1,616 | 135,615 | ||||||
| The Progressive Corp. | 3,948 | 512,095 | ||||||
| Prudential Financial, Inc. | 1,140 | 113,384 | ||||||
| The Travelers Cos., Inc. | 2,127 | 398,791 | ||||||
| Willis Towers Watson PLC | 510 | 124,736 | ||||||
| 3,857,932 | ||||||||
| Private Equity — 0.0% | ||||||||
| KKR & Co., Inc. | 320 | 14,854 | ||||||
| Real Estate — 0.1% | ||||||||
| CBRE Group, Inc. Class A (a) | 804 | 61,876 | ||||||
| Real Estate Investment Trusts (REITS) — 1.5% | ||||||||
| Alexandria Real Estate Equities, Inc. | 431 | 62,784 | ||||||
| American Tower Corp. | 984 | 208,470 | ||||||
| AvalonBay Communities, Inc. | 378 | 61,055 | ||||||
| Boston Properties, Inc. | 319 | 21,558 | ||||||
| Crown Castle, Inc. | 1,192 | 161,683 | ||||||
| Digital Realty Trust, Inc. | 614 | 61,566 | ||||||
| Equinix, Inc. | 281 | 184,063 | ||||||
| Equity Residential | 960 | 56,640 | ||||||
| Essex Property Trust, Inc. | 177 | 37,510 | ||||||
| Extra Space Storage, Inc. | 447 | 65,790 | ||||||
| Healthpeak Properties, Inc. | 917 | 22,989 | ||||||
| Prologis, Inc. | 1,579 | 178,001 | ||||||
| Public Storage | 890 | 249,369 | ||||||
| Realty Income Corp. | 1,749 | 110,939 | ||||||
| SBA Communications Corp. | 291 | 81,570 | ||||||
| Simon Property Group, Inc. | 382 | 44,877 | ||||||
| Ventas, Inc. | 587 | 26,444 | ||||||
| VICI Properties, Inc. | 4,132 | 133,877 | ||||||
| Welltower, Inc. | 707 | 46,344 | ||||||
| 1,815,529 | ||||||||
| 10,426,251 | ||||||||
| Industrial — 4.7% | ||||||||
| Building Materials — 0.2% | ||||||||
| Carrier Global Corp. | 2,466 | 101,723 | ||||||
| Johnson Controls International PLC | 2,223 | 142,272 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Vulcan Materials Co. | 291 | $ | 50,957 | |||||
| 294,952 | ||||||||
| Electrical Components & Equipment — 0.1% | ||||||||
| AMETEK, Inc. | 715 | 99,900 | ||||||
| Electronics — 1.0% | ||||||||
| Agilent Technologies, Inc. | 626 | 93,681 | ||||||
| Amphenol Corp. Class A | 2,290 | 174,360 | ||||||
| Garmin Ltd. | 369 | 34,055 | ||||||
| Honeywell International, Inc. | 2,266 | 485,604 | ||||||
| Keysight Technologies, Inc. (a) | 913 | 156,187 | ||||||
| Mettler-Toledo International, Inc. (a) | 64 | 92,509 | ||||||
| TE Connectivity Ltd. | 1,249 | 143,385 | ||||||
| 1,179,781 | ||||||||
| Environmental Controls — 0.8% | ||||||||
| Republic Services, Inc. | 1,904 | 245,597 | ||||||
| Waste Connections, Inc. | 1,616 | 214,217 | ||||||
| Waste Management, Inc. | 3,022 | 474,091 | ||||||
| 933,905 | ||||||||
| Hand & Machine Tools — 0.0% | ||||||||
| Stanley Black & Decker, Inc. | 122 | 9,165 | ||||||
| Machinery – Diversified — 0.5% | ||||||||
| Deere & Co. | 846 | 362,731 | ||||||
| Dover Corp. | 345 | 46,716 | ||||||
| Otis Worldwide Corp. | 1,748 | 136,886 | ||||||
| Rockwell Automation, Inc. | 240 | 61,817 | ||||||
| 608,150 | ||||||||
| Miscellaneous - Manufacturing — 0.4% | ||||||||
| Eaton Corp. PLC | 1,323 | 207,645 | ||||||
| Illinois Tool Works, Inc. | 797 | 175,579 | ||||||
| Trane Technologies PLC | 738 | 124,050 | ||||||
| 507,274 | ||||||||
| Packaging & Containers — 0.1% | ||||||||
| Amcor PLC | 7,892 | 93,994 | ||||||
| Ball Corp. | 288 | 14,728 | ||||||
| 108,722 | ||||||||
| Transportation — 1.6% | ||||||||
| C.H. Robinson Worldwide, Inc. | 1,614 | 147,778 | ||||||
| CSX Corp. | 10,639 | 329,596 | ||||||
| Expeditors International of Washington, Inc. | 1,763 | 183,211 | ||||||
| FedEx Corp. | 848 | 146,874 | ||||||
| Norfolk Southern Corp. | 929 | 228,924 | ||||||
| Union Pacific Corp. | 2,397 | 496,347 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| United Parcel Service, Inc. Class B | 2,300 | $ | 399,832 | |||||
| 1,932,562 | ||||||||
| 5,674,411 | ||||||||
| Technology — 15.5% | ||||||||
| Computers — 5.8% | ||||||||
| Accenture PLC Class A | 2,507 | 668,968 | ||||||
| Apple, Inc. | 38,040 | 4,942,537 | ||||||
| Cognizant Technology Solutions Corp. Class A | 1,852 | 105,916 | ||||||
| Crowdstrike Holdings, Inc. Class A (a) | 357 | 37,588 | ||||||
| Fortinet, Inc. (a) | 1,986 | 97,096 | ||||||
| Hewlett Packard Enterprise Co. | 6,129 | 97,819 | ||||||
| HP, Inc. | 5,190 | 139,455 | ||||||
| International Business Machines Corp. | 5,598 | 788,702 | ||||||
| NetApp, Inc. | 553 | 33,213 | ||||||
| Seagate Technology Holdings PLC | 534 | 28,094 | ||||||
| Western Digital Corp. (a) | 563 | 17,763 | ||||||
| 6,957,151 | ||||||||
| Office & Business Equipment — 0.0% | ||||||||
| Zebra Technologies Corp. Class A (a) | 89 | 22,820 | ||||||
| Semiconductors — 2.9% | ||||||||
| Advanced Micro Devices, Inc. (a) | 1,522 | 98,580 | ||||||
| Applied Materials, Inc. | 2,318 | 225,727 | ||||||
| Broadcom, Inc. | 1,675 | 936,543 | ||||||
| Intel Corp. | 6,001 | 158,606 | ||||||
| KLA Corp. | 726 | 273,724 | ||||||
| Lam Research Corp. | 417 | 175,265 | ||||||
| Micron Technology, Inc. | 3,691 | 184,476 | ||||||
| NVIDIA Corp. | 3,023 | 441,781 | ||||||
| Texas Instruments, Inc. | 5,959 | 984,546 | ||||||
| 3,479,248 | ||||||||
| Software — 6.8% | ||||||||
| Adobe, Inc. (a) | 1,417 | 476,863 | ||||||
| Akamai Technologies, Inc. (a) | 883 | 74,437 | ||||||
| ANSYS, Inc. (a) | 188 | 45,419 | ||||||
| Autodesk, Inc. (a) | 703 | 131,370 | ||||||
| Cadence Design Systems, Inc. (a) | 1,572 | 252,526 | ||||||
| DocuSign, Inc. (a) | 238 | 13,190 | ||||||
| Electronic Arts, Inc. | 2,080 | 254,134 | ||||||
| Fidelity National Information Services, Inc. | 2,876 | 195,137 | ||||||
| Fiserv, Inc. (a) | 2,735 | 276,427 | ||||||
| HubSpot, Inc. (a) | 51 | 14,746 | ||||||
| Intuit, Inc. | 870 | 338,621 | ||||||
| Microsoft Corp. | 17,570 | 4,213,637 | ||||||
| MSCI, Inc. | 179 | 83,265 | ||||||
| Oracle Corp. | 6,629 | 541,855 | ||||||
| Paychex, Inc. | 1,041 | 120,298 | ||||||
| Salesforce, Inc. (a) | 2,858 | 378,942 | ||||||
| ServiceNow, Inc. (a) | 504 | 195,688 | ||||||
| Snowflake, Inc. Class A (a) | 258 | 37,033 | ||||||
| Splunk, Inc. (a) | 152 | 13,086 | ||||||
| Synopsys, Inc. (a) | 652 | 208,177 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Unity Software, Inc. (a) | 126 | $ | 3,602 | |||||
| Veeva Systems, Inc. Class A (a) | 156 | 25,175 | ||||||
| VMware, Inc. Class A (a) | 997 | 122,392 | ||||||
| Workday, Inc. Class A (a) | 399 | 66,765 | ||||||
| Zoom Video Communications, Inc. Class A (a) | 407 | 27,570 | ||||||
| 8,110,355 | ||||||||
| 18,569,574 | ||||||||
| Utilities — 2.4% | ||||||||
| Electric — 2.3% | ||||||||
| Ameren Corp. | 1,012 | 89,987 | ||||||
| American Electric Power Co., Inc. | 3,170 | 300,991 | ||||||
| Avangrid, Inc. | 137 | 5,888 | ||||||
| CMS Energy Corp. | 674 | 42,684 | ||||||
| Consolidated Edison, Inc. | 2,922 | 278,496 | ||||||
| Dominion Energy, Inc. | 2,043 | 125,277 | ||||||
| DTE Energy Co. | 847 | 99,548 | ||||||
| Duke Energy Corp. | 3,557 | 366,335 | ||||||
| Edison International | 1,530 | 97,339 | ||||||
| Entergy Corp. | 630 | 70,875 | ||||||
| Eversource Energy | 1,542 | 129,281 | ||||||
| Exelon Corp. | 2,772 | 119,834 | ||||||
| FirstEnergy Corp. | 2,304 | 96,630 | ||||||
| NextEra Energy, Inc. | 4,438 | 371,017 | ||||||
| Public Service Enterprise Group, Inc. | 1,756 | 107,590 | ||||||
| Sempra Energy | 819 | 126,568 | ||||||
| WEC Energy Group, Inc. | 2,063 | 193,427 | ||||||
| Xcel Energy, Inc. | 2,624 | 183,969 | ||||||
| 2,805,736 | ||||||||
| Water — 0.1% | ||||||||
| American Water Works Co., Inc. | 488 | 74,381 | ||||||
| 2,880,117 | ||||||||
| TOTAL COMMON STOCK (Cost $76,421,293) | 76,887,545 | |||||||
| TOTAL EQUITIES (Cost $76,421,293) | 76,887,545 | |||||||
| Principal Amount | ||||||||
| BONDS & NOTES — 38.1% | ||||||||
| CORPORATE DEBT — 11.0% | ||||||||
| Agriculture — 0.1% | ||||||||
| Archer-Daniels-Midland Co. | ||||||||
| 2.700% 9/15/51 | $ | 49,000 | 32,715 | |||||
| Bunge Ltd. Finance Corp. | ||||||||
| 1.630% 8/17/25 | 13,000 | 11,855 | ||||||
| 3.250% 8/15/26 | 47,000 | 43,836 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Cargill, Inc. | ||||||||
| 3.125% 5/25/51 (b) | $ | 74,000 | $ | 51,391 | ||||
| 139,797 | ||||||||
| Airlines — 0.1% | ||||||||
| American Airlines 2021-1 Class A Pass Through Trust | ||||||||
| 2.875% 1/11/36 | 69,000 | 55,666 | ||||||
| Delta Air Lines, Inc./SkyMiles IP Ltd. | ||||||||
| 4.500% 10/20/25 (b) | 82,995 | 81,005 | ||||||
| 136,671 | ||||||||
| Banks — 2.9% | ||||||||
| Australia & New Zealand Banking Group Ltd. 5 year CMT + 1.700% | ||||||||
| 2.570% VRN 11/25/35 (b) | 225,000 | 165,689 | ||||||
| Bank of America Corp. | ||||||||
| 5 year CMT + 1.200% 2.482% VRN 9/21/36 | 162,000 | 119,436 | ||||||
| SOFR + 1.330% 2.972% VRN 2/04/33 | 66,000 | 53,377 | ||||||
| SOFR + 1.580% 3.311% VRN 4/22/42 | 135,000 | 99,685 | ||||||
| 4.183% 11/25/27 | 41,000 | 38,947 | ||||||
| 3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38 | 23,000 | 19,630 | ||||||
| 3 mo. USD LIBOR + 1.310% 4.271% VRN 7/23/29 | 18,000 | 16,815 | ||||||
| 4.750% 4/21/45 | 63,000 | 53,949 | ||||||
| 5 year CMT + 3.231% 6.125% VRN (c) | 162,000 | 158,962 | ||||||
| 7.750% 5/14/38 | 20,000 | 23,354 | ||||||
| The Bank of New York Mellon Corp. 5 year CMT + 2.630% | ||||||||
| 3.750% VRN (c) | 156,000 | 125,651 | ||||||
| The Bank of Nova Scotia | ||||||||
| 4.500% 12/16/25 | 36,000 | 35,315 | ||||||
| Citigroup, Inc. | ||||||||
| SOFR + .528% 1.281% VRN 11/03/25 | 55,000 | 50,704 | ||||||
| 4.450% 9/29/27 | 27,000 | 25,801 | ||||||
| SOFR + 2.086% 4.910% VRN 5/24/33 | 71,000 | 66,709 | ||||||
| 5.500% 9/13/25 | 54,000 | 54,375 | ||||||
| 5.875% 1/30/42 | 18,000 | 18,110 | ||||||
| 6.000% 10/31/33 | 16,000 | 16,056 | ||||||
| 6.625% 6/15/32 | 14,000 | 14,793 | ||||||
| 8.125% 7/15/39 | 14,000 | 17,280 | ||||||
| Cooperatieve Rabobank UA 1 year CMT + .550% | ||||||||
| 1.106% VRN 2/24/27 (b) | 250,000 | 218,638 | ||||||
| The Goldman Sachs Group, Inc. | ||||||||
| SOFR + .798% 1.431% VRN 3/09/27 | 227,000 | 199,063 | ||||||
| SOFR + 1.090% 1.992% VRN 1/27/32 | 135,000 | 102,992 | ||||||
| SOFR + 1.248% 2.383% VRN 7/21/32 | 76,000 | 59,169 | ||||||
| SOFR + 1.410% 3.102% VRN 2/24/33 | 66,000 | 53,778 | ||||||
| 4.250% 10/21/25 | 32,000 | 31,274 | ||||||
| 5.950% 1/15/27 | 72,000 | 73,957 | ||||||
| 6.750% 10/01/37 | 32,000 | 34,043 | ||||||
| JP Morgan Chase & Co. | ||||||||
| 3 mo. USD LIBOR + 1.160% 3.702% VRN 5/06/30 | 320,000 | 287,721 | ||||||
| 5.600% 7/15/41 | 41,000 | 41,208 | ||||||
| KeyBank NA/Cleveland OH | ||||||||
| 3.900% 4/13/29 | 356,000 | 321,370 | ||||||
| Mizuho Financial Group, Inc. | ||||||||
| 2.564% 9/13/31 | 200,000 | 152,838 | ||||||
| Morgan Stanley | ||||||||
| SOFR + 1.360% 2.484% VRN 9/16/36 | 203,000 | 147,701 | ||||||
| SOFR + 1.485% 3.217% VRN 4/22/42 | 44,000 | 32,628 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 3 mo. USD LIBOR + 1.628% 4.431% VRN 1/23/30 | $ | 154,000 | $ | 144,128 | ||||
| The PNC Financial Services Group, Inc. SOFR + 1.850% | ||||||||
| 4.626% VRN 6/06/33 | 108,000 | 100,111 | ||||||
| SVB Financial Group | ||||||||
| 1.800% 2/02/31 | 189,000 | 136,519 | ||||||
| 2.100% 5/15/28 | 87,000 | 72,064 | ||||||
| 3.125% 6/05/30 | 18,000 | 14,944 | ||||||
| 3.500% 1/29/25 | 77,000 | 73,977 | ||||||
| 3,472,761 | ||||||||
| Biotechnology — 0.5% | ||||||||
| Amgen, Inc. | ||||||||
| 2.200% 2/21/27 | 347,000 | 311,769 | ||||||
| CSL Finance PLC | ||||||||
| 4.250% 4/27/32 (b) | 65,000 | 61,416 | ||||||
| 4.750% 4/27/52 (b) | 27,000 | 24,368 | ||||||
| Illumina, Inc. | ||||||||
| 0.550% 3/23/23 | 194,000 | 192,011 | ||||||
| 589,564 | ||||||||
| Commercial Services — 0.3% | ||||||||
| Element Fleet Management Corp. | ||||||||
| 1.600% 4/06/24 (b) | 21,000 | 19,901 | ||||||
| Moody's Corp. | ||||||||
| 4.250% 2/01/29 | 209,000 | 200,400 | ||||||
| PayPal Holdings, Inc. | ||||||||
| 3.250% 6/01/50 | 27,000 | 18,485 | ||||||
| Triton Container International Ltd. | ||||||||
| 3.150% 6/15/31 (b) | 100,000 | 78,097 | ||||||
| 316,883 | ||||||||
| Computers — 0.2% | ||||||||
| Apple, Inc. | ||||||||
| 1.650% 5/11/30 | 46,000 | 37,783 | ||||||
| 2.650% 5/11/50 | 27,000 | 18,013 | ||||||
| 3.000% 6/20/27 | 177,000 | 166,953 | ||||||
| 222,749 | ||||||||
| Diversified Financial Services — 0.4% | ||||||||
| Air Lease Corp. | ||||||||
| 2.200% 1/15/27 | 64,000 | 55,873 | ||||||
| Ally Financial, Inc. | ||||||||
| 2.200% 11/02/28 | 112,000 | 87,495 | ||||||
| Brookfield Finance, Inc. | ||||||||
| 3.900% 1/25/28 | 99,000 | 91,042 | ||||||
| The Charles Schwab Corp. 10 year CMT + 3.079% | ||||||||
| 4.000% VRN (c) | 93,000 | 74,163 | ||||||
| CI Financial Corp. | ||||||||
| 3.200% 12/17/30 | 65,000 | 49,448 | ||||||
| LSEGA Financing PLC | ||||||||
| 1.375% 4/06/26 (b) | 218,000 | 191,848 | ||||||
| 549,869 | ||||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Electric — 0.1% | ||||||||
| Nevada Power Co. | ||||||||
| 6.650% 4/01/36 | $ | 20,000 | $ | 21,882 | ||||
| Xcel Energy, Inc. | ||||||||
| 6.500% 7/01/36 | 99,000 | 107,654 | ||||||
| 129,536 | ||||||||
| Electronics — 0.1% | ||||||||
| Vontier Corp. | ||||||||
| 2.400% 4/01/28 | 219,000 | 174,989 | ||||||
| Entertainment — 0.1% | ||||||||
| Magallanes, Inc. Co. | ||||||||
| 5.391% 3/15/62 (b) | 37,000 | 26,928 | ||||||
| Warnermedia Holdings, Inc. | ||||||||
| 5.141% 3/15/52 (b) | 49,000 | 35,795 | ||||||
| 62,723 | ||||||||
| Food — 0.3% | ||||||||
| Conagra Brands, Inc. | ||||||||
| 4.850% 11/01/28 | 170,000 | 165,600 | ||||||
| General Mills, Inc. | ||||||||
| 3.000% 2/01/51 | 112,000 | 77,227 | ||||||
| Ingredion, Inc. | ||||||||
| 3.200% 10/01/26 | 25,000 | 23,418 | ||||||
| Mars, Inc. | ||||||||
| 3.950% 4/01/49 (b) | 67,000 | 55,106 | ||||||
| 321,351 | ||||||||
| Health Care – Services — 0.6% | ||||||||
| HCA, Inc. | ||||||||
| 5.000% 3/15/24 | 328,000 | 326,224 | ||||||
| Kaiser Foundation Hospitals | ||||||||
| 2.810% 6/01/41 | 110,000 | 80,215 | ||||||
| 3.002% 6/01/51 | 80,000 | 54,944 | ||||||
| Mayo Clinic | ||||||||
| 3.196% 11/15/61 | 106,000 | 71,165 | ||||||
| Providence St Joseph Health Obligated Group | ||||||||
| 2.700% 10/01/51 | 93,000 | 55,343 | ||||||
| UnitedHealth Group, Inc. | ||||||||
| 3.125% 5/15/60 | 36,000 | 24,624 | ||||||
| 4.750% 5/15/52 | 33,000 | 30,634 | ||||||
| 5.875% 2/15/53 | 25,000 | 27,050 | ||||||
| 670,199 | ||||||||
| Insurance — 0.6% | ||||||||
| Allstate Corp. 3 mo. USD LIBOR + 2.938% | ||||||||
| 5.750% VRN 8/15/53 | 158,000 | 148,520 | ||||||
| American International Group, Inc. 3 mo. USD LIBOR + 2.868% | ||||||||
| 5.750% VRN 4/01/48 | 104,000 | 99,338 | ||||||
| Arch Capital Finance LLC | ||||||||
| 5.031% 12/15/46 | 27,000 | 23,379 | ||||||
| Arch Capital Group Ltd. | ||||||||
| 3.635% 6/30/50 | 49,000 | 34,059 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Athene Holding Ltd. | ||||||||
| 3.950% 5/25/51 | $ | 16,000 | $ | 10,874 | ||||
| Brighthouse Financial, Inc. | ||||||||
| 3.850% 12/22/51 | 68,000 | 42,662 | ||||||
| GA Global Funding Trust | ||||||||
| 1.625% 1/15/26 (b) | 37,000 | 32,885 | ||||||
| Jackson Financial, Inc. | ||||||||
| 5.170% 6/08/27 | 78,000 | 77,019 | ||||||
| New York Life Insurance Co. | ||||||||
| 3.750% 5/15/50 (b) | 23,000 | 17,724 | ||||||
| Prudential Financial, Inc. | ||||||||
| 5 year CMT + 3.035% 3.700% VRN 10/01/50 | 18,000 | 15,190 | ||||||
| 3 mo. USD LIBOR + 3.920% 5.625% VRN 6/15/43 | 41,000 | 40,283 | ||||||
| 3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48 | 99,000 | 94,545 | ||||||
| Reinsurance Group of America, Inc. | ||||||||
| 3.150% 6/15/30 | 49,000 | 41,740 | ||||||
| 3.900% 5/15/29 | 54,000 | 49,529 | ||||||
| USF&G Capital I | ||||||||
| 8.500% 12/15/45 (b) | 35,000 | 38,000 | ||||||
| 765,747 | ||||||||
| Internet — 0.1% | ||||||||
| Alphabet, Inc. | ||||||||
| 2.250% 8/15/60 | 32,000 | 18,199 | ||||||
| Prosus NV | ||||||||
| 3.832% 2/08/51 (b) | 233,000 | 141,748 | ||||||
| 159,947 | ||||||||
| Investment Companies — 0.2% | ||||||||
| Ares Capital Corp. | ||||||||
| 3.200% 11/15/31 | 161,000 | 118,542 | ||||||
| Blackstone Secured Lending Fund | ||||||||
| 2.750% 9/16/26 | 158,000 | 139,021 | ||||||
| 257,563 | ||||||||
| Media — 0.3% | ||||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
| 3.500% 6/01/41 | 119,000 | 77,968 | ||||||
| 3.850% 4/01/61 | 80,000 | 46,462 | ||||||
| 6.484% 10/23/45 | 32,000 | 28,980 | ||||||
| Comcast Corp. | ||||||||
| 2.937% 11/01/56 | 43,000 | 26,797 | ||||||
| 3.400% 7/15/46 | 41,000 | 30,168 | ||||||
| 3.969% 11/01/47 | 23,000 | 18,387 | ||||||
| Discovery Communications LLC | ||||||||
| 3.950% 3/20/28 | 56,000 | 49,831 | ||||||
| FactSet Research Systems, Inc. | ||||||||
| 3.450% 3/01/32 | 67,000 | 56,544 | ||||||
| Time Warner Cable, Inc. | ||||||||
| 6.750% 6/15/39 | 27,000 | 25,614 | ||||||
| The Walt Disney Co. | ||||||||
| 3.600% 1/13/51 | 58,000 | 44,430 | ||||||
| 405,181 | ||||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Oil & Gas — 0.1% | ||||||||
| BP Capital Markets America, Inc. | ||||||||
| 3.379% 2/08/61 | $ | 95,000 | $ | 65,534 | ||||
| BP Capital Markets PLC 5 year CMT + 4.036% | ||||||||
| 4.375% VRN (c) | 58,000 | 55,390 | ||||||
| 120,924 | ||||||||
| Packaging & Containers — 0.3% | ||||||||
| Berry Global, Inc. | ||||||||
| 1.570% 1/15/26 | 48,000 | 42,805 | ||||||
| Sealed Air Corp. | ||||||||
| 1.573% 10/15/26 (b) | 44,000 | 38,044 | ||||||
| Silgan Holdings, Inc. | ||||||||
| 1.400% 4/01/26 (b) | 49,000 | 43,280 | ||||||
| WRKCo, Inc. | ||||||||
| 3.000% 6/15/33 | 27,000 | 21,535 | ||||||
| 4.650% 3/15/26 | 192,000 | 188,545 | ||||||
| 334,209 | ||||||||
| Pharmaceuticals — 0.2% | ||||||||
| AbbVie, Inc. | ||||||||
| 4.700% 5/14/45 | 67,000 | 60,029 | ||||||
| Becton Dickinson and Co. | ||||||||
| 4.685% 12/15/44 | 21,000 | 18,844 | ||||||
| Bristol-Myers Squibb Co. | ||||||||
| 4.350% 11/15/47 | 27,000 | 23,863 | ||||||
| Cigna Corp. | ||||||||
| 2.400% 3/15/30 | 100,000 | 83,945 | ||||||
| 3.400% 3/15/51 | 47,000 | 33,552 | ||||||
| 4.800% 7/15/46 | 27,000 | 24,378 | ||||||
| CVS Health Corp. | ||||||||
| 5.050% 3/25/48 | 25,000 | 22,552 | ||||||
| 6.125% 9/15/39 | 8,000 | 8,254 | ||||||
| 275,417 | ||||||||
| Pipelines — 1.0% | ||||||||
| Enbridge, Inc. | ||||||||
| 2.500% 8/01/33 | 190,000 | 146,953 | ||||||
| Enterprise Products Operating LLC | ||||||||
| 3 mo. USD LIBOR + 3.033% 5.250% VRN 8/16/77 | 41,000 | 33,036 | ||||||
| 3 mo. USD LIBOR + 2.570% 5.375% VRN 2/15/78 | 27,000 | 20,628 | ||||||
| Kinder Morgan, Inc. | ||||||||
| 3.250% 8/01/50 | 100,000 | 64,895 | ||||||
| 4.800% 2/01/33 | 137,000 | 127,483 | ||||||
| MPLX LP | ||||||||
| 1.750% 3/01/26 | 365,000 | 325,805 | ||||||
| 4.500% 4/15/38 | 27,000 | 22,866 | ||||||
| ONEOK, Inc. | ||||||||
| 6.350% 1/15/31 | 200,000 | 203,754 | ||||||
| Sabine Pass Liquefaction LLC | ||||||||
| 4.500% 5/15/30 | 100,000 | 92,937 | ||||||
| The Williams Cos., Inc. | ||||||||
| 3.500% 10/15/51 | 45,000 | 30,874 | ||||||
| 4.650% 8/15/32 | 84,000 | 78,459 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 5.300% 8/15/52 | $ | 40,000 | $ | 36,002 | ||||
| 1,183,692 | ||||||||
| Real Estate — 0.2% | ||||||||
| CBRE Services, Inc. | ||||||||
| 2.500% 4/01/31 | 243,000 | 192,157 | ||||||
| Real Estate Investment Trusts (REITS) — 0.8% | ||||||||
| Alexandria Real Estate Equities, Inc. | ||||||||
| 2.950% 3/15/34 | 78,000 | 63,410 | ||||||
| American Tower Corp. | ||||||||
| 1.600% 4/15/26 | 96,000 | 85,466 | ||||||
| 2.700% 4/15/31 | 119,000 | 97,163 | ||||||
| Brixmor Operating Partnership LP | ||||||||
| 2.250% 4/01/28 | 24,000 | 20,030 | ||||||
| Crown Castle International Corp. | ||||||||
| 2.500% 7/15/31 | 88,000 | 71,157 | ||||||
| 3.700% 6/15/26 | 243,000 | 231,333 | ||||||
| Crown Castle, Inc. | ||||||||
| 5.200% 2/15/49 | 11,000 | 9,956 | ||||||
| Equinix, Inc. | ||||||||
| 3.900% 4/15/32 | 118,000 | 105,226 | ||||||
| Extra Space Storage LP | ||||||||
| 2.350% 3/15/32 | 65,000 | 49,363 | ||||||
| Host Hotels & Resorts LP | ||||||||
| 3.500% 9/15/30 | 84,000 | 69,528 | ||||||
| Kimco Realty Corp. | ||||||||
| 2.250% 12/01/31 | 58,000 | 44,686 | ||||||
| Kite Realty Group LP | ||||||||
| 4.000% 10/01/26 | 110,000 | 101,398 | ||||||
| 948,716 | ||||||||
| Retail — 0.7% | ||||||||
| Advance Auto Parts, Inc. | ||||||||
| 1.750% 10/01/27 | 13,000 | 10,939 | ||||||
| 3.900% 4/15/30 | 323,000 | 283,817 | ||||||
| AutoZone, Inc. | ||||||||
| 1.650% 1/15/31 | 41,000 | 31,851 | ||||||
| Dollar General Corp. | ||||||||
| 4.250% 9/20/24 | 83,000 | 81,879 | ||||||
| The Home Depot, Inc. | ||||||||
| 2.375% 3/15/51 | 48,000 | 28,857 | ||||||
| 2.700% 4/15/30 | 97,000 | 84,622 | ||||||
| Lowe's Cos., Inc. | ||||||||
| 3.000% 10/15/50 | 90,000 | 57,631 | ||||||
| McDonald's Corp. | ||||||||
| 3.300% 7/01/25 | 182,000 | 176,071 | ||||||
| Starbucks Corp. | ||||||||
| 4.450% 8/15/49 | 86,000 | 73,628 | ||||||
| 829,295 | ||||||||
| Semiconductors — 0.3% | ||||||||
| Microchip Technology, Inc. | ||||||||
| 0.983% 9/01/24 | 49,000 | 45,392 | ||||||
| Micron Technology, Inc. | ||||||||
| 2.703% 4/15/32 | 75,000 | 56,537 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 4.185% 2/15/27 | $ | 200,000 | $ | 189,660 | ||||
| Skyworks Solutions, Inc. | ||||||||
| 1.800% 6/01/26 | 36,000 | 31,700 | ||||||
| 323,289 | ||||||||
| Software — 0.3% | ||||||||
| Electronic Arts, Inc. | ||||||||
| 2.950% 2/15/51 | 42,000 | 27,307 | ||||||
| Microsoft Corp. | ||||||||
| 2.921% 3/17/52 | 80,000 | 57,146 | ||||||
| Oracle Corp. | ||||||||
| 3.600% 4/01/40 | 197,000 | 146,430 | ||||||
| 6.900% 11/09/52 | 53,000 | 57,204 | ||||||
| Workday, Inc. | ||||||||
| 3.800% 4/01/32 | 50,000 | 44,304 | ||||||
| 332,391 | ||||||||
| Telecommunications — 0.2% | ||||||||
| Verizon Communications, Inc. | ||||||||
| 3.550% 3/22/51 | 47,000 | 33,593 | ||||||
| 3.700% 3/22/61 | 47,000 | 33,067 | ||||||
| 3.875% 2/08/29 | 180,000 | 169,251 | ||||||
| 235,911 | ||||||||
| Transportation — 0.0% | ||||||||
| CSX Corp. | ||||||||
| 4.750% 11/15/48 | 18,000 | 16,373 | ||||||
| TOTAL CORPORATE DEBT (Cost $16,007,248) | 13,167,904 | |||||||
| NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 3.8% | ||||||||
| Automobile Asset-Backed Securities — 0.5% | ||||||||
| Avis Budget Rental Car Funding AESOP LLC, Series 2021-2A, Class A | ||||||||
| 1.660% 2/20/28 (b) | 150,000 | 130,220 | ||||||
| Enterprise Fleet Financing LLC, Series 2021-3, Class A3 | ||||||||
| 1.220% 8/20/27 (b) | 234,000 | 212,607 | ||||||
| Hyundai Auto Receivables Trust, Series 2021-C, Class A4 | ||||||||
| 1.030% 12/15/27 | 140,000 | 125,538 | ||||||
| Toyota Auto Receivables Owner Trust, Series 2021-D, Class A4 | ||||||||
| 1.020% 3/15/27 | 70,000 | 62,147 | ||||||
| 530,512 | ||||||||
| Commercial Mortgage-Backed Securities — 1.1% | ||||||||
| Bank | ||||||||
| Series 2019-BN17, Class B, 4.128% VRN 4/15/52 (d) | 29,000 | 24,646 | ||||||
| Series 2019-BN16, Class AS, 4.267% 2/15/52 | 31,333 | 28,499 | ||||||
| Series 2019-BN16, Class B, 4.438% VRN 2/15/52 (d) | 24,330 | 20,932 | ||||||
| BBCMS Mortgage Trust, Series 2020-C7, Class AS | ||||||||
| 2.444% 4/15/53 | 57,000 | 46,279 | ||||||
| Benchmark Mortgage Trust | ||||||||
| Series 2019-B14, Class AS, 3.352% 12/15/62 | 150,000 | 128,786 | ||||||
| Series 2019-B9, Class AAB, 3.933% 3/15/52 | 274,000 | 260,567 | ||||||
| BX Commercial Mortgage Trust | ||||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2021-VOLT , Class C, 1 mo. USD LIBOR + .700% 5.018% FRN 9/15/36 (b) | $ | 115,000 | $ | 110,792 | ||||
| Series 2021-VOLT , Class C, 1 mo. USD LIBOR + 1.100% 5.418% FRN 9/15/36 (b) | 100,000 | 93,942 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2017-C4, Class C, | ||||||||
| 4.177% VRN 10/12/50 (d) | 70,000 | 58,821 | ||||||
| Commercial Mortgage Pass-Through Certificates, Series 2014-LC17, Class C, | ||||||||
| 4.544% VRN 10/10/47 (d) | 100,000 | 92,839 | ||||||
| GS Mortgage Securities Trust | ||||||||
| Series 2020-GC45, Class A5, 2.911% 2/13/53 | 140,000 | 120,391 | ||||||
| Series 2017-GS6, Class B, 3.869% 5/10/50 | 79,000 | 69,039 | ||||||
| Life Mortgage Trust | ||||||||
| Series 2021-BMR , Class A, 1 mo. USD LIBOR + .700% 5.018% FRN 3/15/38 (b) | 98,297 | 95,198 | ||||||
| Series 2021-BMR , Class B, 1 mo. USD LIBOR + .880% 5.198% FRN 3/15/38 (b) | 98,297 | 93,940 | ||||||
| Morgan Stanley Capital I Trust, Series 2018-H3, Class B, | ||||||||
| 4.620% VRN 7/15/51 (d) | 20,000 | 17,383 | ||||||
| Wells Fargo Commercial Mortgage Trust | ||||||||
| Series 2018-C45, Class AS, 4.405% VRN 6/15/51 (d) | 30,000 | 27,654 | ||||||
| Series 2018-C45, Class B, 4.556% 6/16/51 | 10,000 | 8,688 | ||||||
| 1,298,396 | ||||||||
| Other Asset-Backed Securities — 0.4% | ||||||||
| AMSR Trust, Series 2021-SFR3, Class B | ||||||||
| 1.726% 10/17/38 (b) | 130,000 | 109,562 | ||||||
| Dllmt LLC, Series 2021-1A, Class A4 | ||||||||
| 1.240% 6/20/29 (b) | 150,000 | 138,022 | ||||||
| MVW LLC, Series 2021-2A, Class A | ||||||||
| 1.430% 5/20/39 (b) | 222,749 | 200,024 | ||||||
| Progress Residential Trust, Series 2021-SFR10, Class A | ||||||||
| 2.393% 12/17/40 (b) | 99,977 | 82,196 | ||||||
| 529,804 | ||||||||
| Whole Loan Collateral Collateralized Mortgage Obligations — 1.8% | ||||||||
| Angel Oak Mortgage Trust | ||||||||
| Series 2021-8, Class A1, 1.820% VRN 11/25/66 (b) (d) | 237,983 | 199,915 | ||||||
| Series 2022-1, Class A1, 2.881% STEP 12/25/66 (b) | 244,367 | 216,447 | ||||||
| Bayview MSR Opportunity Master Fund Trust | ||||||||
| Series 2021-5, Class A2, 2.500% VRN 11/25/51 (b) (d) | 134,292 | 107,801 | ||||||
| Series 2021-5, Class A1, 3.000% VRN 11/25/51 (b) (d) | 110,134 | 92,117 | ||||||
| Ellington Financial Mortgage Trust, Series 2022-3, Class A1, | ||||||||
| 5.000% STEP 8/25/67 (b) | 221,125 | 218,737 | ||||||
| Flagstar Mortgage Trust, Series 2021-11IN, Class A6, | ||||||||
| 2.500% VRN 11/25/51 (b) (d) | 233,088 | 200,784 | ||||||
| Imperial Fund Mortgage Trust, Series 2021-NQM3, Class A1, | ||||||||
| 1.595% VRN 11/25/56 (b) (d) | 149,050 | 122,632 | ||||||
| JP Morgan Mortgage Trust | ||||||||
| Series 2021-LTV2, Class A1, 2.520% VRN 5/25/52 (b) (d) | 249,664 | 204,288 | ||||||
| Series 2022-8, Class A4A, 4.000% VRN 1/25/53 (b) (d) | 154,692 | 145,374 | ||||||
| Onslow Bay Financial LLC, Series 2022-NQM1, Class A1, | ||||||||
| 2.305% VRN 11/25/61 (b) (d) | 228,869 | 195,766 | ||||||
| Starwood Mortgage Residential Trust | ||||||||
| Series 2021-6, Class A1, 1.920% VRN 11/25/66 (b) (d) | 258,267 | 214,039 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2022-1, Class A1, 2.447% VRN 12/25/66 (b) (d) | $ | 275,642 | $ | 236,050 | ||||
| 2,153,950 | ||||||||
| TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $5,173,569) | 4,512,662 | |||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (e) — 9.6% | ||||||||
| Pass-Through Securities — 9.6% | ||||||||
| Federal Home Loan Mortgage Corp. | ||||||||
| Pool #RA6233 2.000% 11/01/51 | 518,341 | 424,637 | ||||||
| Pool #SD8212 2.500% 5/01/52 | 765,462 | 651,189 | ||||||
| Pool #SD8174 3.000% 10/01/51 | 429,895 | 379,703 | ||||||
| Pool #RA7484 4.000% 6/01/52 | 459,307 | 432,033 | ||||||
| Pool #SD1351 4.500% 7/01/52 | 426,866 | 412,522 | ||||||
| Pool #SD1628 5.000% 9/01/52 | 418,100 | 413,278 | ||||||
| Federal National Mortgage Association | ||||||||
| Pool #CB1787 2.000% 10/01/51 | 499,346 | 409,543 | ||||||
| Pool #CB1782 2.000% 10/01/51 | 754,791 | 619,049 | ||||||
| Pool #MA4562 2.000% 3/01/52 | 959,278 | 785,262 | ||||||
| Pool #MA4361 2.500% 6/01/36 | 304,507 | 280,107 | ||||||
| Pool #CB2074 2.500% 11/01/51 | 393,482 | 335,539 | ||||||
| Pool #FS2635 2.500% 5/01/52 | 474,328 | 405,000 | ||||||
| Pool #BO7245 3.000% 1/01/50 | 292,509 | 260,654 | ||||||
| Pool #FS2600 3.000% 5/01/52 | 492,187 | 435,395 | ||||||
| Pool #BU8819 3.500% 5/01/52 | 490,133 | 446,661 | ||||||
| Pool #CB3859 4.000% 6/01/52 | 241,689 | 227,488 | ||||||
| Pool #CB4404 5.000% 8/01/52 | 416,537 | 411,734 | ||||||
| Uniform Mortgage Backed Securities TBA | ||||||||
| 2.000% 1/17/38 (f) | 1,500,000 | 1,338,516 | ||||||
| 2.500% 12/25/51 (f) | 485,000 | 412,098 | ||||||
| 3.000% 2/25/52 (f) | 400,000 | 352,156 | ||||||
| 3.500% 4/25/52 (f) | 1,000,000 | 911,016 | ||||||
| 4.000% 6/25/52 (f) | 750,000 | 705,234 | ||||||
| 4.500% 7/25/52 (f) | 511,000 | 493,195 | ||||||
| 11,542,009 | ||||||||
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $12,259,805) | 11,542,009 | |||||||
| U.S. TREASURY OBLIGATIONS — 13.7% | ||||||||
| U.S. Treasury Bonds & Notes — 13.7% | ||||||||
| U.S. Treasury Bond | ||||||||
| 2.250% 8/15/49 | 873,900 | 621,468 | ||||||
| 3.000% 8/15/52 | 1,286,600 | 1,073,196 | ||||||
| 4.000% 11/15/42 | 1,448,200 | 1,428,319 | ||||||
| U.S. Treasury Note | ||||||||
| 0.375% 4/30/25 | 2,243,600 | 2,049,464 | ||||||
| 2.250% 4/30/24 | 550,000 | 532,710 | ||||||
| 2.750% 4/30/27 | 1,700,000 | 1,613,620 | ||||||
| 2.875% 4/30/29 | 1,050,000 | 985,520 | ||||||
| 3.875% 11/30/27 | 1,320,500 | 1,315,225 | ||||||
| 3.875% 11/30/29 | 1,529,400 | 1,522,824 | ||||||
| 4.000% 12/15/25 | 1,326,400 | 1,319,403 | ||||||
| 4.125% 11/15/32 | 1,920,200 | 1,964,713 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 4.500% 11/30/24 | $ | 1,945,600 | $ | 1,946,773 | ||||
| 16,373,235 | ||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $16,944,124) | 16,373,235 | |||||||
| TOTAL BONDS & NOTES (Cost $50,384,746) | 45,595,810 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $126,806,039) | 122,483,355 | |||||||
| SHORT-TERM INVESTMENTS — 0.7% | ||||||||
| Repurchase Agreement — 0.6% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (g) | 699,392 | 699,392 | ||||||
| U.S. Treasury Bill — 0.1% | ||||||||
| U.S. Treasury Bill | ||||||||
| 3.760% 3/09/23 (h) (i) | 4,000 | 3,969 | ||||||
| 4.535% 5/11/23 (h) (i) | 8,000 | 7,871 | ||||||
| 4.540% 5/11/23 (h) (i) | 1,000 | 984 | ||||||
| 4.542% 5/11/23 (h) (i) | 4,000 | 3,935 | ||||||
| 4.544% 5/11/23 (h) (i) | 92,000 | 90,515 | ||||||
| 107,274 | ||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $806,689) | 806,666 | |||||||
| TOTAL INVESTMENTS — 102.9% (Cost $127,612,728) (j) | 123,290,021 | |||||||
| Other Assets/(Liabilities) — (2.9)% | (3,441,382) | |||||||
| NET ASSETS — 100.0% | $ | 119,848,639 | ||||||
Abbreviation Legend
| FRN | Floating Rate Note |
| STEP | Step Up Bond |
| TBA | To Be Announced |
| VRN | Variable Rate Note |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2022, the aggregate market value of these securities amounted to $4,742,316 or 3.96% of net assets. |
| (c) | Security is perpetual and has no stated maturity date. |
| (d) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2022. |
| (e) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
| (f) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (g) | Maturity value of $699,491. Collateralized by U.S. Government Agency obligations with a rate of 3.000%, maturity date of 6/30/24, and an aggregate market value, including accrued interest, of $713,436. |
| (h) | The rate shown represents yield-to-maturity. |
| (i) | All or a portion of this security is pledged/held as collateral for open derivatives. |
| (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) | |||||||||||
| Short | ||||||||||||||
| U.S. Treasury Note 10 Year | 3/22/23 | 17 | $ | (1,920,167) | $ | 11,120 | ||||||||
| U.S. Treasury Ultra 10 Year | 3/22/23 | 11 | (1,308,633) | 7,539 | ||||||||||
| U.S. Treasury Note 2 Year | 3/31/23 | 6 | (1,229,051) | (1,418) | ||||||||||
| U.S. Treasury Note 5 Year | 3/31/23 | 9 | (971,899) | 532 | ||||||||||
| $ | 17,773 | |||||||||||||
| MassMutual Disciplined Value Fund — Portfolio of Investments |
December 31, 2022 (Unaudited)
| Number of Shares | Value | |||||||
| EQUITIES — 99.6% | ||||||||
| COMMON STOCK — 99.6% | ||||||||
| Basic Materials — 3.4% | ||||||||
| Chemicals — 2.0% | ||||||||
| Albemarle Corp. | 1,979 | $ | 429,166 | |||||
| LyondellBasell Industries NV Class A | 8,115 | 673,789 | ||||||
| The Mosaic Co. | 1,407 | 61,725 | ||||||
| Westlake Corp. | 3,171 | 325,154 | ||||||
| 1,489,834 | ||||||||
| Iron & Steel — 1.4% | ||||||||
| Nucor Corp. | 2,427 | 319,903 | ||||||
| Reliance Steel & Aluminum Co. | 1,083 | 219,242 | ||||||
| Steel Dynamics, Inc. | 4,681 | 457,334 | ||||||
| 996,479 | ||||||||
| 2,486,313 | ||||||||
| Communications — 5.7% | ||||||||
| Advertising — 1.2% | ||||||||
| Omnicom Group, Inc. | 10,864 | 886,176 | ||||||
| Internet — 2.1% | ||||||||
| F5, Inc. (a) | 476 | 68,311 | ||||||
| GoDaddy, Inc. Class A (a) | 2,316 | 173,283 | ||||||
| Meta Platforms, Inc. Class A (a) | 10,615 | 1,277,409 | ||||||
| 1,519,003 | ||||||||
| Media — 0.8% | ||||||||
| Altice USA, Inc. Class A (a) | 24,218 | 111,403 | ||||||
| DISH Network Corp. Class A (a) | 8,360 | 117,375 | ||||||
| Paramount Global Class B | 9,472 | 159,887 | ||||||
| Warner Bros Discovery, Inc. (a) | 23,188 | 219,822 | ||||||
| 608,487 | ||||||||
| Telecommunications — 1.6% | ||||||||
| Cisco Systems, Inc. | 20,131 | 959,041 | ||||||
| Lumen Technologies, Inc. | 39,786 | 207,683 | ||||||
| 1,166,724 | ||||||||
| 4,180,390 | ||||||||
| MassMutual Disciplined Value Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Consumer, Cyclical — 5.7% | ||||||||
| Apparel — 0.3% | ||||||||
| Capri Holdings Ltd. (a) | 3,363 | $ | 192,767 | |||||
| Auto Parts & Equipment — 0.4% | ||||||||
| BorgWarner, Inc. | 7,608 | 306,222 | ||||||
| Distribution & Wholesale — 0.2% | ||||||||
| Core & Main, Inc. Class A (a) | 3,759 | 72,586 | ||||||
| WESCO International, Inc. (a) | 544 | 68,109 | ||||||
| 140,695 | ||||||||
| Entertainment — 0.2% | ||||||||
| Penn Entertainment, Inc. (a) | 5,252 | 155,984 | ||||||
| Home Builders — 0.2% | ||||||||
| NVR, Inc. (a) | 37 | 170,666 | ||||||
| Leisure Time — 0.3% | ||||||||
| Brunswick Corp. | 1,655 | 119,292 | ||||||
| Polaris, Inc. | 837 | 84,537 | ||||||
| 203,829 | ||||||||
| Retail — 4.1% | ||||||||
| Advance Auto Parts, Inc. | 876 | 128,798 | ||||||
| AutoNation, Inc. (a) | 2,134 | 228,978 | ||||||
| Lithia Motors, Inc. | 414 | 84,763 | ||||||
| Macy's, Inc. | 5,411 | 111,737 | ||||||
| McDonald's Corp. | 3,105 | 818,261 | ||||||
| Penske Automotive Group, Inc. | 669 | 76,888 | ||||||
| RH (a) | 287 | 76,684 | ||||||
| Walmart, Inc. | 10,590 | 1,501,556 | ||||||
| 3,027,665 | ||||||||
| 4,197,828 | ||||||||
| Consumer, Non-cyclical — 27.9% | ||||||||
| Agriculture — 1.6% | ||||||||
| Altria Group, Inc. | 6,772 | 309,548 | ||||||
| Philip Morris International, Inc. | 8,537 | 864,030 | ||||||
| 1,173,578 | ||||||||
| Beverages — 1.2% | ||||||||
| PepsiCo, Inc. | 4,780 | 863,555 | ||||||
| Biotechnology — 0.8% | ||||||||
| Moderna, Inc. (a) | 1,977 | 355,109 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 720 | 207,921 | ||||||
| 563,030 | ||||||||
| Commercial Services — 3.3% | ||||||||
| Avis Budget Group, Inc. (a) | 543 | 89,014 | ||||||
| Clarivate PLC (a) | 17,461 | 145,625 | ||||||
| Dun & Bradstreet Holdings, Inc. | 8,498 | 104,185 | ||||||
| MassMutual Disciplined Value Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Equifax, Inc. | 992 | $ | 192,805 | |||||
| Global Payments, Inc. | 4,005 | 397,777 | ||||||
| Robert Half International, Inc. | 1,568 | 115,765 | ||||||
| S&P Global, Inc. | 1,437 | 481,309 | ||||||
| United Rentals, Inc. (a) | 2,055 | 730,388 | ||||||
| WEX, Inc. (a) | 1,288 | 210,781 | ||||||
| 2,467,649 | ||||||||
| Cosmetics & Personal Care — 2.1% | ||||||||
| The Procter & Gamble Co. | 10,152 | 1,538,637 | ||||||
| Food — 3.0% | ||||||||
| Campbell Soup Co. | 4,563 | 258,950 | ||||||
| General Mills, Inc. | 6,832 | 572,863 | ||||||
| Kellogg Co. | 9,413 | 670,582 | ||||||
| Mondelez International, Inc. Class A | 10,519 | 701,092 | ||||||
| 2,203,487 | ||||||||
| Health Care – Products — 6.5% | ||||||||
| Abbott Laboratories | 9,653 | 1,059,803 | ||||||
| Align Technology, Inc. (a) | 1,478 | 311,710 | ||||||
| Danaher Corp. | 4,798 | 1,273,485 | ||||||
| Hologic, Inc. (a) | 7,144 | 534,443 | ||||||
| Quidelortho Corp. (a) | 1,755 | 150,351 | ||||||
| Thermo Fisher Scientific, Inc. | 2,592 | 1,427,388 | ||||||
| 4,757,180 | ||||||||
| Health Care – Services — 2.4% | ||||||||
| Centene Corp. (a) | 1,867 | 153,113 | ||||||
| Elevance Health, Inc. | 1,095 | 561,702 | ||||||
| Quest Diagnostics, Inc. | 531 | 83,070 | ||||||
| Syneos Health, Inc. (a) | 2,783 | 102,080 | ||||||
| UnitedHealth Group, Inc. | 1,635 | 866,844 | ||||||
| 1,766,809 | ||||||||
| Household Products & Wares — 0.5% | ||||||||
| Kimberly-Clark Corp. | 2,998 | 406,979 | ||||||
| Pharmaceuticals — 6.5% | ||||||||
| Bristol-Myers Squibb Co. | 17,297 | 1,244,519 | ||||||
| Henry Schein, Inc. (a) | 3,845 | 307,100 | ||||||
| Jazz Pharmaceuticals PLC (a) | 2,776 | 442,245 | ||||||
| McKesson Corp. | 2,294 | 860,525 | ||||||
| Pfizer, Inc. | 37,983 | 1,946,249 | ||||||
| 4,800,638 | ||||||||
| 20,541,542 | ||||||||
| Energy — 7.2% | ||||||||
| Oil & Gas — 7.2% | ||||||||
| Chevron Corp. | 7,231 | 1,297,892 | ||||||
| ConocoPhillips | 10,789 | 1,273,102 | ||||||
| Exxon Mobil Corp. | 13,214 | 1,457,504 | ||||||
| HF Sinclair Corp. | 5,961 | 309,316 | ||||||
| Marathon Oil Corp. | 16,364 | 442,974 | ||||||
| MassMutual Disciplined Value Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Pioneer Natural Resources Co. | 529 | $ | 120,819 | |||||
| Valero Energy Corp. | 2,799 | 355,081 | ||||||
| 5,256,688 | ||||||||
| 5,256,688 | ||||||||
| Financial — 28.5% | ||||||||
| Banks — 6.5% | ||||||||
| The Bank of New York Mellon Corp. | 8,836 | 402,215 | ||||||
| Citigroup, Inc. | 20,861 | 943,543 | ||||||
| East West Bancorp, Inc. | 6,078 | 400,540 | ||||||
| JP Morgan Chase & Co. | 15,789 | 2,117,305 | ||||||
| KeyCorp. | 31,196 | 543,434 | ||||||
| State Street Corp. | 1,064 | 82,535 | ||||||
| US Bancorp | 6,887 | 300,342 | ||||||
| 4,789,914 | ||||||||
| Diversified Financial Services — 5.0% | ||||||||
| Affiliated Managers Group, Inc. | 4,393 | 695,983 | ||||||
| Apollo Global Management, Inc. | 6,191 | 394,924 | ||||||
| Capital One Financial Corp. | 1,761 | 163,702 | ||||||
| The Charles Schwab Corp. | 2,960 | 246,450 | ||||||
| CME Group, Inc. | 625 | 105,100 | ||||||
| Discover Financial Services | 3,267 | 319,611 | ||||||
| Franklin Resources, Inc. | 4,018 | 105,995 | ||||||
| Intercontinental Exchange, Inc. | 3,362 | 344,907 | ||||||
| Nasdaq, Inc. | 13,328 | 817,673 | ||||||
| Synchrony Financial | 5,259 | 172,811 | ||||||
| Virtu Financial, Inc. Class A | 17,027 | 347,521 | ||||||
| 3,714,677 | ||||||||
| Insurance — 10.2% | ||||||||
| Aflac, Inc. | 13,872 | 997,952 | ||||||
| American International Group, Inc. | 2,872 | 181,625 | ||||||
| Arthur J Gallagher & Co. | 4,609 | 868,981 | ||||||
| Berkshire Hathaway, Inc. Class B (a) | 9,128 | 2,819,639 | ||||||
| Brown & Brown, Inc. | 8,213 | 467,895 | ||||||
| Fidelity National Financial, Inc. | 15,010 | 564,676 | ||||||
| Globe Life, Inc. | 2,413 | 290,887 | ||||||
| Loews Corp. | 8,135 | 474,515 | ||||||
| MetLife, Inc. | 9,450 | 683,896 | ||||||
| Reinsurance Group of America, Inc. | 568 | 80,707 | ||||||
| Voya Financial, Inc. | 1,253 | 77,047 | ||||||
| 7,507,820 | ||||||||
| Real Estate — 0.9% | ||||||||
| CBRE Group, Inc. Class A (a) | 8,811 | 678,094 | ||||||
| Real Estate Investment Trusts (REITS) — 5.7% | ||||||||
| AGNC Investment Corp. | 82,364 | 852,467 | ||||||
| Healthcare Realty Trust, Inc. | 22,109 | 426,040 | ||||||
| Highwoods Properties, Inc. | 8,266 | 231,283 | ||||||
| Kimco Realty Corp. | 15,306 | 324,181 | ||||||
| Omega Healthcare Investors, Inc. | 5,445 | 152,188 | ||||||
| Park Hotels & Resorts, Inc. | 14,944 | 176,190 | ||||||
| MassMutual Disciplined Value Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Realty Income Corp. | 12,868 | $ | 816,217 | |||||
| SBA Communications Corp. | 2,212 | 620,046 | ||||||
| SL Green Realty Corp. (b) | 1,711 | 57,695 | ||||||
| STORE Capital Corp. | 11,369 | 364,490 | ||||||
| WP Carey, Inc. | 1,887 | 147,469 | ||||||
| 4,168,266 | ||||||||
| Savings & Loans — 0.2% | ||||||||
| New York Community Bancorp, Inc. | 16,122 | 138,649 | ||||||
| 20,997,420 | ||||||||
| Industrial — 10.9% | ||||||||
| Aerospace & Defense — 2.8% | ||||||||
| General Dynamics Corp. | 2,727 | 676,596 | ||||||
| Raytheon Technologies Corp. | 12,273 | 1,238,591 | ||||||
| TransDigm Group, Inc. | 254 | 159,931 | ||||||
| 2,075,118 | ||||||||
| Building Materials — 0.2% | ||||||||
| Builders FirstSource, Inc. (a) | 1,633 | 105,949 | ||||||
| Electrical Components & Equipment — 1.1% | ||||||||
| Emerson Electric Co. | 7,929 | 761,660 | ||||||
| Electronics — 1.6% | ||||||||
| Arrow Electronics, Inc. (a) | 6,226 | 651,053 | ||||||
| National Instruments Corp. | 7,590 | 280,071 | ||||||
| nVent Electric PLC | 5,123 | 197,082 | ||||||
| Vontier Corp. | 3,806 | 73,570 | ||||||
| 1,201,776 | ||||||||
| Hand & Machine Tools — 0.3% | ||||||||
| Regal Rexnord Corp. | 1,905 | 228,562 | ||||||
| Machinery – Diversified — 1.0% | ||||||||
| Ingersoll Rand, Inc. | 12,709 | 664,045 | ||||||
| The Middleby Corp. (a) | 593 | 79,403 | ||||||
| 743,448 | ||||||||
| Miscellaneous - Manufacturing — 1.4% | ||||||||
| 3M Co. | 8,216 | 985,263 | ||||||
| Carlisle Cos., Inc. | 297 | 69,988 | ||||||
| 1,055,251 | ||||||||
| Packaging & Containers — 0.5% | ||||||||
| Sonoco Products Co. | 1,107 | 67,206 | ||||||
| WestRock Co. | 8,163 | 287,011 | ||||||
| 354,217 | ||||||||
| Transportation — 2.0% | ||||||||
| C.H. Robinson Worldwide, Inc. | 5,352 | 490,029 | ||||||
| Expeditors International of Washington, Inc. | 3,221 | 334,726 | ||||||
| Knight-Swift Transportation Holdings, Inc. | 2,962 | 155,238 | ||||||
| MassMutual Disciplined Value Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Landstar System, Inc. | 3,093 | $ | 503,850 | |||||
| 1,483,843 | ||||||||
| 8,009,824 | ||||||||
| Technology — 8.6% | ||||||||
| Computers — 2.2% | ||||||||
| CACI International, Inc. Class A (a) | 379 | 113,924 | ||||||
| Dell Technologies, Inc. Class C | 5,799 | 233,236 | ||||||
| International Business Machines Corp. | 1,651 | 232,609 | ||||||
| Leidos Holdings, Inc. | 1,902 | 200,071 | ||||||
| Science Applications International Corp. | 7,360 | 816,445 | ||||||
| 1,596,285 | ||||||||
| Office & Business Equipment — 0.2% | ||||||||
| Zebra Technologies Corp. Class A (a) | 636 | 163,077 | ||||||
| Semiconductors — 3.4% | ||||||||
| Analog Devices, Inc. | 6,285 | 1,030,929 | ||||||
| Microchip Technology, Inc. | 6,214 | 436,533 | ||||||
| ON Semiconductor Corp. (a) | 1,451 | 90,499 | ||||||
| Texas Instruments, Inc. | 5,650 | 933,493 | ||||||
| 2,491,454 | ||||||||
| Software — 2.8% | ||||||||
| Activision Blizzard, Inc. | 2,756 | 210,972 | ||||||
| ANSYS, Inc. (a) | 840 | 202,936 | ||||||
| Black Knight, Inc. (a) | 3,528 | 217,854 | ||||||
| Doximity, Inc. Class A (a) | 6,515 | 218,643 | ||||||
| Nutanix, Inc. Class A (a) | 12,832 | 334,273 | ||||||
| Oracle Corp. | 6,553 | 535,642 | ||||||
| Playtika Holding Corp. (a) | 6,880 | 58,549 | ||||||
| Tyler Technologies, Inc. (a) | 209 | 67,384 | ||||||
| VMware, Inc. Class A (a) | 1,901 | 233,367 | ||||||
| 2,079,620 | ||||||||
| 6,330,436 | ||||||||
| Utilities — 1.7% | ||||||||
| Electric — 0.7% | ||||||||
| NRG Energy, Inc. | 17,137 | 545,299 | ||||||
| Gas — 1.0% | ||||||||
| National Fuel Gas Co. | 10,989 | 695,604 | ||||||
| 1,240,903 | ||||||||
| TOTAL COMMON STOCK (Cost $70,288,918) | 73,241,344 | |||||||
| TOTAL EQUITIES (Cost $70,288,918) | 73,241,344 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $70,288,918) | 73,241,344 | |||||||
| MassMutual Disciplined Value Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| SHORT-TERM INVESTMENTS — 1.0% | ||||||||
| Repurchase Agreement — 1.0% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (c) | $ | 754,116 | $ | 754,116 | ||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $754,116) | 754,116 | |||||||
| TOTAL INVESTMENTS — 100.6% (Cost $71,043,034) (d) | 73,995,460 | |||||||
| Other Assets/(Liabilities) — (0.6)% | (418,178) | |||||||
| NET ASSETS — 100.0% | $ | 73,577,282 | ||||||
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $57,156 or 0.08% of net assets. The Fund received $58,696 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (c) | Maturity value of $754,223. Collateralized by U.S. Government Agency obligations with a rate of 3.000%, maturity date of 6/30/24, and an aggregate market value, including accrued interest, of $769,202. |
| (d) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Main Street Fund — Portfolio of Investments |
December 31, 2022 (Unaudited)
| Number of Shares | Value | |||||||
| EQUITIES — 100.3% | ||||||||
| COMMON STOCK — 100.3% | ||||||||
| Basic Materials — 1.3% | ||||||||
| Chemicals — 1.3% | ||||||||
| DuPont de Nemours, Inc. | 2,669 | $ | 183,174 | |||||
| Valvoline, Inc. | 21,919 | 715,655 | ||||||
| 898,829 | ||||||||
| 898,829 | ||||||||
| Communications — 10.1% | ||||||||
| Advertising — 1.0% | ||||||||
| The Interpublic Group of Cos., Inc. | 20,673 | 688,618 | ||||||
| Internet — 7.0% | ||||||||
| Airbnb, Inc. Class A (a) | 8,223 | 703,066 | ||||||
| Alphabet, Inc. Class A (a) | 13,221 | 1,166,489 | ||||||
| Meta Platforms, Inc. Class A (a) | 9,596 | 1,154,783 | ||||||
| Netflix, Inc. (a) | 6,364 | 1,876,616 | ||||||
| 4,900,954 | ||||||||
| Telecommunications — 2.1% | ||||||||
| Motorola Solutions, Inc. | 2,144 | 552,530 | ||||||
| T-Mobile US, Inc. (a) | 3,303 | 462,420 | ||||||
| Verizon Communications, Inc. | 12,045 | 474,573 | ||||||
| 1,489,523 | ||||||||
| 7,079,095 | ||||||||
| Consumer, Cyclical — 4.5% | ||||||||
| Auto Manufacturers — 1.1% | ||||||||
| General Motors Co. | 22,724 | 764,435 | ||||||
| Auto Parts & Equipment — 0.3% | ||||||||
| Mobileye Global, Inc. Class A (a) | 5,100 | 178,806 | ||||||
| Retail — 3.1% | ||||||||
| Dollar General Corp. | 1,758 | 432,908 | ||||||
| O'Reilly Automotive, Inc. (a) | 1,199 | 1,011,992 | ||||||
| Starbucks Corp. | 7,582 | 752,134 | ||||||
| 2,197,034 | ||||||||
| 3,140,275 | ||||||||
| MassMutual Main Street Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Consumer, Non-cyclical — 21.1% | ||||||||
| Agriculture — 1.1% | ||||||||
| British American Tobacco PLC Sponsored ADR (b) | 18,568 | $ | 742,349 | |||||
| Beverages — 5.0% | ||||||||
| The Coca-Cola Co. | 19,109 | 1,215,523 | ||||||
| Constellation Brands, Inc. Class A | 5,702 | 1,321,439 | ||||||
| PepsiCo, Inc. | 5,528 | 998,688 | ||||||
| 3,535,650 | ||||||||
| Biotechnology — 1.9% | ||||||||
| Gilead Sciences, Inc. | 9,702 | 832,917 | ||||||
| Seagen, Inc. (a) | 3,782 | 486,025 | ||||||
| 1,318,942 | ||||||||
| Commercial Services — 0.6% | ||||||||
| Equifax, Inc. | 2,020 | 392,607 | ||||||
| Cosmetics & Personal Care — 0.5% | ||||||||
| Coty, Inc. Class A (a) | 43,438 | 371,829 | ||||||
| Food — 0.5% | ||||||||
| Sysco Corp. | 4,958 | 379,039 | ||||||
| Health Care – Products — 0.9% | ||||||||
| Zimmer Biomet Holdings, Inc. | 5,114 | 652,035 | ||||||
| Health Care – Services — 5.5% | ||||||||
| HCA Healthcare, Inc. | 5,996 | 1,438,800 | ||||||
| Tenet Healthcare Corp. (a) | 13,630 | 665,008 | ||||||
| UnitedHealth Group, Inc. | 3,251 | 1,723,615 | ||||||
| 3,827,423 | ||||||||
| Pharmaceuticals — 5.1% | ||||||||
| AstraZeneca PLC Sponsored ADR | 20,197 | 1,369,357 | ||||||
| Bristol-Myers Squibb Co. | 9,011 | 648,341 | ||||||
| CVS Health Corp. | 10,412 | 970,294 | ||||||
| Eli Lilly & Co. | 1,507 | 551,321 | ||||||
| 3,539,313 | ||||||||
| 14,759,187 | ||||||||
| Energy — 5.2% | ||||||||
| Oil & Gas — 4.3% | ||||||||
| APA Corp. | 16,931 | 790,339 | ||||||
| Exxon Mobil Corp. | 20,165 | 2,224,200 | ||||||
| 3,014,539 | ||||||||
| Pipelines — 0.9% | ||||||||
| Cheniere Energy, Inc. | 1,988 | 298,120 | ||||||
| MassMutual Main Street Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Magellan Midstream Partners LP (c) | 6,847 | $ | 343,788 | |||||
| 641,908 | ||||||||
| 3,656,447 | ||||||||
| Financial — 19.9% | ||||||||
| Banks — 4.5% | ||||||||
| First Citizens BancShares, Inc. Class A | 782 | 593,037 | ||||||
| JP Morgan Chase & Co. | 18,898 | 2,534,222 | ||||||
| 3,127,259 | ||||||||
| Diversified Financial Services — 8.8% | ||||||||
| American Express Co. | 8,021 | 1,185,103 | ||||||
| The Charles Schwab Corp. | 14,113 | 1,175,049 | ||||||
| Intercontinental Exchange, Inc. | 7,756 | 795,688 | ||||||
| Mastercard, Inc. Class A | 4,184 | 1,454,902 | ||||||
| Rocket Cos., Inc. Class A | 40,884 | 286,188 | ||||||
| Visa, Inc. Class A | 5,946 | 1,235,341 | ||||||
| 6,132,271 | ||||||||
| Insurance — 3.8% | ||||||||
| The Allstate Corp. | 9,232 | 1,251,859 | ||||||
| Equitable Holdings, Inc. | 50,113 | 1,438,243 | ||||||
| 2,690,102 | ||||||||
| Real Estate Investment Trusts (REITS) — 2.8% | ||||||||
| Prologis, Inc. | 17,676 | 1,992,616 | ||||||
| 13,942,248 | ||||||||
| Industrial — 12.9% | ||||||||
| Aerospace & Defense — 1.8% | ||||||||
| Lockheed Martin Corp. | 1,170 | 569,193 | ||||||
| Raytheon Technologies Corp. | 6,982 | 704,624 | ||||||
| 1,273,817 | ||||||||
| Building Materials — 1.5% | ||||||||
| Vulcan Materials Co. | 5,820 | 1,019,140 | ||||||
| Electronics — 1.6% | ||||||||
| Honeywell International, Inc. | 5,165 | 1,106,859 | ||||||
| Environmental Controls — 0.7% | ||||||||
| Waste Connections, Inc. | 3,776 | 500,547 | ||||||
| Machinery – Diversified — 3.5% | ||||||||
| Deere & Co. | 2,881 | 1,235,258 | ||||||
| Otis Worldwide Corp. | 15,805 | 1,237,689 | ||||||
| 2,472,947 | ||||||||
| Transportation — 3.8% | ||||||||
| Union Pacific Corp. | 3,673 | 760,568 | ||||||
| MassMutual Main Street Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| United Parcel Service, Inc. Class B | 10,755 | $ | 1,869,649 | |||||
| 2,630,217 | ||||||||
| 9,003,527 | ||||||||
| Technology — 22.4% | ||||||||
| Computers — 5.9% | ||||||||
| Amdocs Ltd. | 5,323 | 483,861 | ||||||
| Apple, Inc. | 26,815 | 3,484,073 | ||||||
| Crowdstrike Holdings, Inc. Class A (a) | 1,379 | 145,195 | ||||||
| 4,113,129 | ||||||||
| Semiconductors — 4.0% | ||||||||
| Advanced Micro Devices, Inc. (a) | 12,137 | 786,113 | ||||||
| Applied Materials, Inc. | 8,807 | 857,626 | ||||||
| Monolithic Power Systems, Inc. | 467 | 165,136 | ||||||
| QUALCOMM, Inc. | 9,429 | 1,036,624 | ||||||
| 2,845,499 | ||||||||
| Software — 12.5% | ||||||||
| Electronic Arts, Inc. | 2,801 | 342,226 | ||||||
| Fiserv, Inc. (a) | 9,999 | 1,010,599 | ||||||
| Manhattan Associates, Inc. (a) | 1,967 | 238,794 | ||||||
| Microsoft Corp. | 16,828 | 4,035,691 | ||||||
| ServiceNow, Inc. (a) | 1,128 | 437,968 | ||||||
| Synopsys, Inc. (a) | 2,004 | 639,857 | ||||||
| Tyler Technologies, Inc. (a) | 1,460 | 470,719 | ||||||
| VMware, Inc. Class A (a) | 12,785 | 1,569,487 | ||||||
| 8,745,341 | ||||||||
| 15,703,969 | ||||||||
| Utilities — 2.9% | ||||||||
| Electric — 2.9% | ||||||||
| FirstEnergy Corp. | 30,019 | 1,258,997 | ||||||
| The Southern Co. | 11,266 | 804,505 | ||||||
| 2,063,502 | ||||||||
| TOTAL COMMON STOCK (Cost $65,848,170) | 70,247,079 | |||||||
| TOTAL EQUITIES (Cost $65,848,170) | 70,247,079 | |||||||
| MassMutual Main Street Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| MUTUAL FUNDS — 1.1% | ||||||||
| Diversified Financial Services — 1.1% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio (d) | 753,662 | $ | 753,662 | |||||
| TOTAL MUTUAL FUNDS (Cost $753,662) | 753,662 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $66,601,832) | 71,000,741 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENTS — 0.6% | ||||||||
| Repurchase Agreement — 0.6% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (e) | $ | 459,214 | 459,214 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $459,214) | 459,214 | |||||||
| TOTAL INVESTMENTS — 102.0% (Cost $67,061,046) (f) | 71,459,955 | |||||||
| Other Assets/(Liabilities) — (2.0)% | (1,400,672) | |||||||
| NET ASSETS — 100.0% | $ | 70,059,283 | ||||||
Abbreviation Legend
| ADR | American Depositary Receipt |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $734,912 or 1.05% of net assets. (Note 2). |
| (c) | Security is a Master Limited Partnership. |
| (d) | Represents investment of security lending cash collateral. (Note 2). |
| (e) | Maturity value of $459,280. Collateralized by U.S. Government Agency obligations with a rate of 3.000%, maturity date of 6/30/24, and an aggregate market value, including accrued interest, of $468,495. |
| (f) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Disciplined Growth Fund — Portfolio of Investments |
December 31, 2022 (Unaudited)
| Number of Shares | Value | |||||||
| EQUITIES — 99.2% | ||||||||
| COMMON STOCK — 99.2% | ||||||||
| Basic Materials — 1.3% | ||||||||
| Chemicals — 1.3% | ||||||||
| Albemarle Corp. | 4,299 | $ | 932,281 | |||||
| CF Industries Holdings, Inc. | 6,595 | 561,894 | ||||||
| The Mosaic Co. | 10,656 | 467,479 | ||||||
| 1,961,654 | ||||||||
| Communications — 15.5% | ||||||||
| Internet — 12.7% | ||||||||
| Airbnb, Inc. Class A (a) | 5,455 | 466,403 | ||||||
| Alphabet, Inc. Class A (a) | 53,512 | 4,721,364 | ||||||
| Alphabet, Inc. Class C (a) | 31,985 | 2,838,029 | ||||||
| Amazon.com, Inc. (a) | 64,505 | 5,418,420 | ||||||
| CDW Corp. | 10,639 | 1,899,913 | ||||||
| eBay, Inc. | 24,571 | 1,018,959 | ||||||
| Meta Platforms, Inc. Class A (a) | 13,283 | 1,598,476 | ||||||
| Netflix, Inc. (a) | 1,913 | 564,105 | ||||||
| VeriSign, Inc. (a) | 1,712 | 351,713 | ||||||
| 18,877,382 | ||||||||
| Media — 1.7% | ||||||||
| Cable One, Inc. | 224 | 159,457 | ||||||
| Charter Communications, Inc. Class A (a) | 2,211 | 749,750 | ||||||
| FactSet Research Systems, Inc. | 3,963 | 1,589,995 | ||||||
| 2,499,202 | ||||||||
| Telecommunications — 1.1% | ||||||||
| Arista Networks, Inc. (a) | 12,852 | 1,559,590 | ||||||
| 22,936,174 | ||||||||
| Consumer, Cyclical — 10.2% | ||||||||
| Apparel — 0.3% | ||||||||
| Deckers Outdoor Corp. (a) | 995 | 397,164 | ||||||
| Auto Manufacturers — 1.9% | ||||||||
| Tesla, Inc. (a) | 23,257 | 2,864,797 | ||||||
| Auto Parts & Equipment — 0.2% | ||||||||
| Allison Transmission Holdings, Inc. | 6,968 | 289,869 | ||||||
| Distribution & Wholesale — 1.4% | ||||||||
| Core & Main, Inc. Class A (a) | 65,412 | 1,263,106 | ||||||
| MassMutual Disciplined Growth Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Watsco, Inc. | 3,019 | $ | 752,938 | |||||
| 2,016,044 | ||||||||
| Entertainment — 0.5% | ||||||||
| Caesars Entertainment, Inc. (a) | 11,977 | 498,243 | ||||||
| DraftKings, Inc. Class A (a) (b) | 28,063 | 319,638 | ||||||
| 817,881 | ||||||||
| Home Builders — 0.1% | ||||||||
| D.R. Horton, Inc. | 1,848 | 164,731 | ||||||
| Leisure Time — 0.5% | ||||||||
| Brunswick Corp. | 5,659 | 407,901 | ||||||
| YETI Holdings, Inc. (a) | 9,187 | 379,515 | ||||||
| 787,416 | ||||||||
| Lodging — 0.9% | ||||||||
| Marriott International, Inc. Class A | 8,829 | 1,314,550 | ||||||
| Retail — 4.4% | ||||||||
| AutoZone, Inc. (a) | 323 | 796,576 | ||||||
| Costco Wholesale Corp. | 4,326 | 1,974,819 | ||||||
| Lowe's Cos., Inc. | 2,826 | 563,052 | ||||||
| Lululemon Athletica, Inc. (a) | 4,030 | 1,291,131 | ||||||
| RH (a) (b) | 1,506 | 402,388 | ||||||
| Ulta Beauty, Inc. (a) | 1,338 | 627,616 | ||||||
| Williams-Sonoma, Inc. | 7,418 | 852,477 | ||||||
| 6,508,059 | ||||||||
| 15,160,511 | ||||||||
| Consumer, Non-cyclical — 19.1% | ||||||||
| Beverages — 2.2% | ||||||||
| The Coca-Cola Co. | 25,616 | 1,629,434 | ||||||
| PepsiCo, Inc. | 8,718 | 1,574,994 | ||||||
| 3,204,428 | ||||||||
| Biotechnology — 2.4% | ||||||||
| Exelixis, Inc. (a) | 65,908 | 1,057,164 | ||||||
| Maravai LifeSciences Holdings, Inc. Class A (a) | 31,614 | 452,397 | ||||||
| Moderna, Inc. (a) | 1,790 | 321,520 | ||||||
| Novavax, Inc. (a) (b) | 7,458 | 76,668 | ||||||
| Regeneron Pharmaceuticals, Inc. (a) | 872 | 629,139 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 3,786 | 1,093,321 | ||||||
| 3,630,209 | ||||||||
| Commercial Services — 4.0% | ||||||||
| Automatic Data Processing, Inc. | 1,242 | 296,664 | ||||||
| FleetCor Technologies, Inc. (a) | 4,629 | 850,255 | ||||||
| Gartner, Inc. (a) | 5,277 | 1,773,811 | ||||||
| MarketAxess Holdings, Inc. | 682 | 190,203 | ||||||
| Paylocity Holding Corp. (a) | 726 | 141,033 | ||||||
| Robert Half International, Inc. | 1,943 | 143,452 | ||||||
| United Rentals, Inc. (a) | 4,770 | 1,695,353 | ||||||
| MassMutual Disciplined Growth Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Verisk Analytics, Inc. | 3,291 | $ | 580,598 | |||||
| WEX, Inc. (a) | 1,179 | 192,943 | ||||||
| 5,864,312 | ||||||||
| Cosmetics & Personal Care — 1.3% | ||||||||
| Colgate-Palmolive Co. | 5,962 | 469,746 | ||||||
| The Procter & Gamble Co. | 9,434 | 1,429,817 | ||||||
| 1,899,563 | ||||||||
| Food — 0.2% | ||||||||
| The Hershey Co. | 1,549 | 358,702 | ||||||
| Health Care – Products — 1.2% | ||||||||
| Danaher Corp. | 2,583 | 685,580 | ||||||
| Thermo Fisher Scientific, Inc. | 2,095 | 1,153,695 | ||||||
| 1,839,275 | ||||||||
| Health Care – Services — 4.4% | ||||||||
| Elevance Health, Inc. | 2,002 | 1,026,966 | ||||||
| UnitedHealth Group, Inc. | 10,272 | 5,446,009 | ||||||
| 6,472,975 | ||||||||
| Household Products & Wares — 0.4% | ||||||||
| Church & Dwight Co., Inc. | 7,986 | 643,752 | ||||||
| Pharmaceuticals — 3.0% | ||||||||
| AbbVie, Inc. | 17,545 | 2,835,447 | ||||||
| AmerisourceBergen Corp. | 9,408 | 1,559,000 | ||||||
| 4,394,447 | ||||||||
| 28,307,663 | ||||||||
| Energy — 1.9% | ||||||||
| Energy – Alternate Sources — 0.3% | ||||||||
| Enphase Energy, Inc. (a) | 1,697 | 449,637 | ||||||
| Oil & Gas — 1.6% | ||||||||
| Antero Resources Corp. (a) | 6,622 | 205,216 | ||||||
| Coterra Energy, Inc. | 14,450 | 355,037 | ||||||
| PDC Energy, Inc. | 4,842 | 307,370 | ||||||
| Pioneer Natural Resources Co. | 2,831 | 646,572 | ||||||
| Texas Pacific Land Corp. | 389 | 911,905 | ||||||
| 2,426,100 | ||||||||
| 2,875,737 | ||||||||
| Financial — 8.9% | ||||||||
| Diversified Financial Services — 6.5% | ||||||||
| LPL Financial Holdings, Inc. | 7,564 | 1,635,110 | ||||||
| Mastercard, Inc. Class A | 8,332 | 2,897,286 | ||||||
| Tradeweb Markets, Inc. Class A | 6,387 | 414,708 | ||||||
| Visa, Inc. Class A | 22,582 | 4,691,636 | ||||||
| 9,638,740 | ||||||||
| MassMutual Disciplined Growth Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Insurance — 2.1% | ||||||||
| Arthur J Gallagher & Co. | 9,010 | $ | 1,698,746 | |||||
| Brown & Brown, Inc. | 25,293 | 1,440,942 | ||||||
| 3,139,688 | ||||||||
| Real Estate Investment Trusts (REITS) — 0.3% | ||||||||
| Simon Property Group, Inc. | 3,811 | 447,716 | ||||||
| 13,226,144 | ||||||||
| Industrial — 6.5% | ||||||||
| Aerospace & Defense — 1.0% | ||||||||
| Lockheed Martin Corp. | 3,050 | 1,483,794 | ||||||
| Electronics — 1.2% | ||||||||
| Arrow Electronics, Inc. (a) | 14,211 | 1,486,044 | ||||||
| National Instruments Corp. | 7,979 | 294,425 | ||||||
| 1,780,469 | ||||||||
| Machinery – Diversified — 0.9% | ||||||||
| Graco, Inc. | 7,321 | 492,411 | ||||||
| IDEX Corp. | 2,725 | 622,199 | ||||||
| Nordson Corp. | 854 | 203,013 | ||||||
| 1,317,623 | ||||||||
| Miscellaneous - Manufacturing — 1.1% | ||||||||
| Carlisle Cos., Inc. | 6,982 | 1,645,308 | ||||||
| Transportation — 2.3% | ||||||||
| C.H. Robinson Worldwide, Inc. | 11,096 | 1,015,950 | ||||||
| Expeditors International of Washington, Inc. | 6,222 | 646,590 | ||||||
| Landstar System, Inc. | 10,713 | 1,745,148 | ||||||
| 3,407,688 | ||||||||
| 9,634,882 | ||||||||
| Technology — 35.8% | ||||||||
| Computers — 14.0% | ||||||||
| Accenture PLC Class A | 11,270 | 3,007,287 | ||||||
| Apple, Inc. | 128,183 | 16,654,817 | ||||||
| EPAM Systems, Inc. (a) | 613 | 200,905 | ||||||
| Fortinet, Inc. (a) | 17,818 | 871,122 | ||||||
| 20,734,131 | ||||||||
| Semiconductors — 7.0% | ||||||||
| Advanced Micro Devices, Inc. (a) | 13,813 | 894,668 | ||||||
| Analog Devices, Inc. | 10,026 | 1,644,565 | ||||||
| Broadcom, Inc. | 6,617 | 3,699,763 | ||||||
| KLA Corp. | 2,499 | 942,198 | ||||||
| Microchip Technology, Inc. | 17,028 | 1,196,217 | ||||||
| Monolithic Power Systems, Inc. | 1,153 | 407,712 | ||||||
| NVIDIA Corp. | 5,932 | 866,903 | ||||||
| MassMutual Disciplined Growth Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| QUALCOMM, Inc. | 5,949 | $ | 654,033 | |||||
| 10,306,059 | ||||||||
| Software — 14.8% | ||||||||
| Adobe, Inc. (a) | 6,789 | 2,284,702 | ||||||
| AppLovin Corp. (a) (b) | 9,352 | 98,477 | ||||||
| Doximity, Inc. Class A (a) | 7,767 | 260,661 | ||||||
| Dynatrace, Inc. (a) | 5,405 | 207,011 | ||||||
| Fair Isaac Corp. (a) | 918 | 549,496 | ||||||
| Intuit, Inc. | 3,916 | 1,524,185 | ||||||
| Microsoft Corp. | 66,844 | 16,030,528 | ||||||
| Paychex, Inc. | 4,592 | 530,652 | ||||||
| Playtika Holding Corp. (a) | 17,440 | 148,414 | ||||||
| Synopsys, Inc. (a) | 489 | 156,133 | ||||||
| ZoomInfo Technologies, Inc. (a) | 7,798 | 234,798 | ||||||
| 22,025,057 | ||||||||
| 53,065,247 | ||||||||
| TOTAL COMMON STOCK (Cost $158,651,854) | 147,168,012 | |||||||
| TOTAL EQUITIES (Cost $158,651,854) | 147,168,012 | |||||||
| MUTUAL FUNDS — 0.2% | ||||||||
| Diversified Financial Services — 0.2% | ||||||||
| State Street Navigator Securities Lending Prime Portfolio (c) | 299,005 | 299,005 | ||||||
| TOTAL MUTUAL FUNDS (Cost $299,005) | 299,005 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $158,950,859) | 147,467,017 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENTS — 0.9% | ||||||||
| Repurchase Agreement — 0.9% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (d) | $ | 1,272,122 | 1,272,122 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,272,122) | 1,272,122 | |||||||
| TOTAL INVESTMENTS — 100.3% (Cost $160,222,981) (e) | 148,739,139 | |||||||
| Other Assets/(Liabilities) — (0.3)% | (387,136) | |||||||
| NET ASSETS — 100.0% | $ | 148,352,003 | ||||||
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $605,994 or 0.41% of net assets. The Fund received $321,189 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (c) | Represents investment of security lending cash collateral. (Note 2). |
| (d) | Maturity value of $1,272,303. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $1,297,570. |
| (e) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Small Cap Opportunities Fund — Portfolio of Investments |
December 31, 2022 (Unaudited)
| Number of Shares | Value | |||||||
| EQUITIES — 98.4% | ||||||||
| COMMON STOCK — 98.4% | ||||||||
| Basic Materials — 2.5% | ||||||||
| Chemicals — 0.7% | ||||||||
| NewMarket Corp. | 6,765 | $ | 2,104,659 | |||||
| Mining — 1.8% | ||||||||
| Compass Minerals International, Inc. | 68,636 | 2,814,076 | ||||||
| Kaiser Aluminum Corp. | 38,429 | 2,919,067 | ||||||
| 5,733,143 | ||||||||
| 7,837,802 | ||||||||
| Communications — 1.8% | ||||||||
| Internet — 1.8% | ||||||||
| Ziff Davis, Inc. (a) | 72,689 | 5,749,700 | ||||||
| Consumer, Cyclical — 11.4% | ||||||||
| Auto Parts & Equipment — 3.6% | ||||||||
| Allison Transmission Holdings, Inc. | 76,286 | 3,173,498 | ||||||
| Dorman Products, Inc. (a) | 47,983 | 3,880,385 | ||||||
| Visteon Corp. (a) | 31,792 | 4,159,347 | ||||||
| 11,213,230 | ||||||||
| Home Builders — 0.6% | ||||||||
| Skyline Champion Corp. (a) | 35,160 | 1,811,092 | ||||||
| Home Furnishing — 0.7% | ||||||||
| Tempur Sealy International, Inc. | 63,049 | 2,164,472 | ||||||
| Leisure Time — 0.6% | ||||||||
| Topgolf Callaway Brands Corp. (a) | 92,313 | 1,823,182 | ||||||
| Lodging — 0.9% | ||||||||
| Boyd Gaming Corp. | 50,574 | 2,757,800 | ||||||
| Retail — 5.0% | ||||||||
| AutoNation, Inc. (a) | 58,672 | 6,295,505 | ||||||
| BJ's Wholesale Club Holdings, Inc. (a) | 75,048 | 4,965,176 | ||||||
| Suburban Propane Partners LP (b) | 28,399 | 431,097 | ||||||
| Texas Roadhouse, Inc. | 45,505 | 4,138,680 | ||||||
| 15,830,458 | ||||||||
| 35,600,234 | ||||||||
| Consumer, Non-cyclical — 21.1% | ||||||||
| Beverages — 0.6% | ||||||||
| Coca-Cola Consolidated, Inc. | 3,966 | 2,032,020 | ||||||
| Biotechnology — 2.8% | ||||||||
| ADMA Biologics, Inc. (a) | 456,178 | 1,769,970 | ||||||
| MassMutual Small Cap Opportunities Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Avid Bioservices, Inc. (a) | 168,390 | $ | 2,318,730 | |||||
| Guardant Health, Inc. (a) | 26,964 | 733,421 | ||||||
| Intra-Cellular Therapies, Inc. (a) | 49,979 | 2,644,889 | ||||||
| TransMedics Group, Inc. (a) | 21,844 | 1,348,212 | ||||||
| 8,815,222 | ||||||||
| Commercial Services — 3.7% | ||||||||
| ASGN, Inc. (a) | 49,590 | 4,040,593 | ||||||
| Korn Ferry | 67,914 | 3,437,806 | ||||||
| Paya Holdings, Inc. (a) | 248,192 | 1,953,271 | ||||||
| Payoneer Global, Inc. (a) | 387,359 | 2,118,854 | ||||||
| 11,550,524 | ||||||||
| Food — 0.7% | ||||||||
| Lancaster Colony Corp. | 10,889 | 2,148,400 | ||||||
| Health Care – Products — 4.8% | ||||||||
| AtriCure, Inc. (a) | 73,017 | 3,240,494 | ||||||
| Azenta, Inc. | 54,710 | 3,185,216 | ||||||
| BioLife Solutions, Inc. (a) | 75,479 | 1,373,718 | ||||||
| Inspire Medical Systems, Inc. (a) | 28,306 | 7,129,715 | ||||||
| 14,929,143 | ||||||||
| Health Care – Services — 5.0% | ||||||||
| Acadia Healthcare Co., Inc. (a) | 88,211 | 7,261,529 | ||||||
| Addus HomeCare Corp. (a) | 46,773 | 4,653,446 | ||||||
| Tenet Healthcare Corp. (a) | 73,387 | 3,580,552 | ||||||
| 15,495,527 | ||||||||
| Pharmaceuticals — 3.5% | ||||||||
| BellRing Brands, Inc. (a) | 173,947 | 4,460,001 | ||||||
| Collegium Pharmaceutical, Inc. (a) | 96,877 | 2,247,547 | ||||||
| Option Care Health, Inc. (a) | 73,282 | 2,205,055 | ||||||
| Prometheus Biosciences, Inc. (a) | 16,952 | 1,864,720 | ||||||
| 10,777,323 | ||||||||
| 65,748,159 | ||||||||
| Energy — 5.5% | ||||||||
| Oil & Gas — 3.9% | ||||||||
| Chesapeake Energy Corp. (c) | 42,135 | 3,976,280 | ||||||
| CNX Resources Corp. (a) | 261,645 | 4,406,102 | ||||||
| Helmerich & Payne, Inc. | 75,734 | 3,754,134 | ||||||
| 12,136,516 | ||||||||
| Oil & Gas Services — 1.0% | ||||||||
| Nov, Inc. | 160,262 | 3,347,873 | ||||||
| Pipelines — 0.6% | ||||||||
| Equitrans Midstream Corp. | 268,644 | 1,799,915 | ||||||
| 17,284,304 | ||||||||
| MassMutual Small Cap Opportunities Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Financial — 20.0% | ||||||||
| Banks — 6.3% | ||||||||
| The Bank of NT Butterfield & Son Ltd. | 55,301 | $ | 1,648,523 | |||||
| BankUnited, Inc. | 117,021 | 3,975,203 | ||||||
| Cathay General Bancorp | 97,960 | 3,995,788 | ||||||
| Columbia Banking System, Inc. | 144,310 | 4,348,060 | ||||||
| Heritage Financial Corp. | 88,745 | 2,719,147 | ||||||
| Webster Financial Corp. | 65,116 | 3,082,592 | ||||||
| 19,769,313 | ||||||||
| Diversified Financial Services — 4.1% | ||||||||
| Federated Hermes, Inc. | 89,149 | 3,237,000 | ||||||
| Focus Financial Partners, Inc. Class A (a) | 111,836 | 4,168,128 | ||||||
| Stifel Financial Corp. | 90,948 | 5,308,635 | ||||||
| 12,713,763 | ||||||||
| Insurance — 1.5% | ||||||||
| Definity Financial Corp. (c) | 161,921 | 4,601,714 | ||||||
| Real Estate Investment Trusts (REITS) — 4.3% | ||||||||
| DiamondRock Hospitality Co. | 484,061 | 3,964,459 | ||||||
| Four Corners Property Trust, Inc. | 202,570 | 5,252,640 | ||||||
| National Storage Affiliates Trust | 112,440 | 4,061,333 | ||||||
| 13,278,432 | ||||||||
| Savings & Loans — 3.8% | ||||||||
| Berkshire Hills Bancorp, Inc. | 98,598 | 2,948,080 | ||||||
| OceanFirst Financial Corp. | 116,996 | 2,486,165 | ||||||
| Pacific Premier Bancorp, Inc. | 121,811 | 3,844,355 | ||||||
| WSFS Financial Corp. | 60,040 | 2,722,214 | ||||||
| 12,000,814 | ||||||||
| 62,364,036 | ||||||||
| Industrial — 20.8% | ||||||||
| Aerospace & Defense — 1.8% | ||||||||
| Curtiss-Wright Corp. | 33,437 | 5,583,645 | ||||||
| Building Materials — 1.5% | ||||||||
| Summit Materials, Inc. Class A (a) | 169,076 | 4,800,080 | ||||||
| Electrical Components & Equipment — 0.9% | ||||||||
| Belden, Inc. | 37,556 | 2,700,276 | ||||||
| Electronics — 2.8% | ||||||||
| Atkore, Inc. (a) | 41,892 | 4,751,391 | ||||||
| Itron, Inc. (a) | 48,685 | 2,465,895 | ||||||
| Vishay Intertechnology, Inc. | 71,357 | 1,539,170 | ||||||
| 8,756,456 | ||||||||
| Engineering & Construction — 1.3% | ||||||||
| TopBuild Corp. (a) | 25,733 | 4,026,957 | ||||||
| MassMutual Small Cap Opportunities Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Environmental Controls — 2.4% | ||||||||
| Casella Waste Systems, Inc. Class A (a) | 36,100 | $ | 2,863,091 | |||||
| Evoqua Water Technologies Corp. (a) | 114,862 | 4,548,535 | ||||||
| 7,411,626 | ||||||||
| Hand & Machine Tools — 1.1% | ||||||||
| Regal Rexnord Corp. | 27,654 | 3,317,927 | ||||||
| Machinery – Construction & Mining — 1.5% | ||||||||
| BWX Technologies, Inc. | 45,519 | 2,643,743 | ||||||
| Vertiv Holdings Co. | 148,592 | 2,029,767 | ||||||
| 4,673,510 | ||||||||
| Machinery – Diversified — 1.6% | ||||||||
| Esab Corp. | 38,616 | 1,811,863 | ||||||
| Zurn Elkay Water Solutions Corp. | 155,400 | 3,286,710 | ||||||
| 5,098,573 | ||||||||
| Metal Fabricate & Hardware — 1.5% | ||||||||
| Valmont Industries, Inc. | 14,186 | 4,690,885 | ||||||
| Miscellaneous - Manufacturing — 1.6% | ||||||||
| EnPro Industries, Inc. | 44,740 | 4,862,791 | ||||||
| Packaging & Containers — 1.2% | ||||||||
| Silgan Holdings, Inc. | 73,838 | 3,827,762 | ||||||
| Transportation — 1.6% | ||||||||
| CryoPort, Inc. (a) (c) | 101,935 | 1,768,572 | ||||||
| Hub Group, Inc. Class A (a) | 39,491 | 3,139,140 | ||||||
| 4,907,712 | ||||||||
| 64,658,200 | ||||||||
| Technology — 12.6% | ||||||||
| Computers — 3.5% | ||||||||
| CACI International, Inc. Class A (a) | 17,965 | 5,400,099 | ||||||
| KBR, Inc. | 103,420 | 5,460,576 | ||||||
| 10,860,675 | ||||||||
| Semiconductors — 3.3% | ||||||||
| Allegro MicroSystems, Inc. (a) | 101,318 | 3,041,566 | ||||||
| Ambarella, Inc. (a) | 29,021 | 2,386,397 | ||||||
| MACOM Technology Solutions Holdings, Inc. (a) | 40,355 | 2,541,558 | ||||||
| MKS Instruments, Inc. | 29,404 | 2,491,401 | ||||||
| 10,460,922 | ||||||||
| MassMutual Small Cap Opportunities Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Software — 5.8% | ||||||||
| Consensus Cloud Solutions, Inc. (a) | 37,142 | $ | 1,996,754 | |||||
| Coupa Software, Inc. (a) | 23,512 | 1,861,445 | ||||||
| Envestnet, Inc. (a) | 41,635 | 2,568,880 | ||||||
| Gitlab, Inc. Class A (a) (c) | 22,119 | 1,005,087 | ||||||
| HashiCorp, Inc. Class A (a) (c) | 53,619 | 1,465,943 | ||||||
| Paycor HCM, Inc. (a) | 173,270 | 4,239,917 | ||||||
| Progress Software Corp. | 44,227 | 2,231,252 | ||||||
| Sprout Social, Inc. Class A (a) | 45,517 | 2,569,890 | ||||||
| 17,939,168 | ||||||||
| 39,260,765 | ||||||||
| Utilities — 2.7% | ||||||||
| Gas — 2.7% | ||||||||
| National Fuel Gas Co. | 74,924 | 4,742,689 | ||||||
| Northwest Natural Holding Co. | 74,223 | 3,532,273 | ||||||
| 8,274,962 | ||||||||
| TOTAL COMMON STOCK (Cost $270,758,605) | 306,778,162 | |||||||
| TOTAL EQUITIES (Cost $270,758,605) | 306,778,162 | |||||||
| MUTUAL FUNDS — 0.8% | ||||||||
| Diversified Financial Services — 0.8% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio (d) | 2,414,621 | 2,414,621 | ||||||
| TOTAL MUTUAL FUNDS (Cost $2,414,621) | 2,414,621 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $273,173,226) | 309,192,783 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENTS — 1.4% | ||||||||
| Repurchase Agreement — 1.4% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (e) | $ | 4,393,937 | 4,393,937 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $4,393,937) | 4,393,937 | |||||||
| MassMutual Small Cap Opportunities Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| TOTAL INVESTMENTS — 100.6% (Cost $277,567,163) (f) | $ | 313,586,720 | ||||||
| Other Assets/(Liabilities) — (0.6)% | (2,021,659) | |||||||
| NET ASSETS — 100.0% | $ | 311,565,061 | ||||||
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | Security is a Master Limited Partnership. |
| (c) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $7,737,454 or 2.48% of net assets. The Fund received $5,498,418 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (d) | Represents investment of security lending cash collateral. (Note 2). |
| (e) | Maturity value of $4,394,562. Collateralized by U.S. Government Agency obligations with a rate of 3.000%, maturity date of 6/30/24, and an aggregate market value, including accrued interest, of $4,481,903. |
| (f) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Global Fund — Portfolio of Investments |
December 31, 2022 (Unaudited)
| Number of Shares | Value | |||||||
| EQUITIES — 99.2% | ||||||||
| COMMON STOCK — 99.2% | ||||||||
| Canada — 0.2% | ||||||||
| Canadian Pacific Railway Ltd. (a) | 4,101 | $ | 305,894 | |||||
| Cayman Islands — 6.6% | ||||||||
| JD.com, Inc. ADR | 176,338 | 9,897,852 | ||||||
| Meituan Class B (b) (c) | 83,200 | 1,839,667 | ||||||
| StoneCo Ltd. Class A (b) | 49,575 | 467,988 | ||||||
| Tencent Holdings Ltd. | 30,700 | 1,304,818 | ||||||
| 13,510,325 | ||||||||
| Denmark — 4.0% | ||||||||
| Novo Nordisk A/S Class B | 60,415 | 8,180,188 | ||||||
| France — 9.4% | ||||||||
| Dassault Systemes SE | 23,454 | 845,917 | ||||||
| EssilorLuxottica SA | 6,860 | 1,249,179 | ||||||
| Kering SA | 9,350 | 4,785,166 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 16,635 | 12,084,411 | ||||||
| Pernod Ricard SA | 1,653 | 324,913 | ||||||
| 19,289,586 | ||||||||
| Germany — 2.1% | ||||||||
| Allianz SE Registered | 2,956 | 635,617 | ||||||
| SAP SE | 34,402 | 3,550,266 | ||||||
| 4,185,883 | ||||||||
| India — 5.6% | ||||||||
| DLF Ltd. | 1,608,257 | 7,281,941 | ||||||
| ICICI Bank Ltd. Sponsored ADR | 189,611 | 4,150,585 | ||||||
| 11,432,526 | ||||||||
| Israel — 0.2% | ||||||||
| Nice Ltd. Sponsored ADR (a) (b) | 2,225 | 427,868 | ||||||
| Italy — 0.7% | ||||||||
| Brunello Cucinelli SpA | 20,336 | 1,508,974 | ||||||
| Japan — 6.4% | ||||||||
| Keyence Corp. | 16,000 | 6,264,075 | ||||||
| Murata Manufacturing Co. Ltd. | 72,930 | 3,658,847 | ||||||
| Nidec Corp. | 3,600 | 187,477 | ||||||
| Omron Corp. | 9,300 | 453,593 | ||||||
| TDK Corp. | 79,700 | 2,587,937 | ||||||
| 13,151,929 | ||||||||
| Netherlands — 6.0% | ||||||||
| Airbus SE | 84,419 | 10,037,610 | ||||||
| MassMutual Global Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| ASML Holding NV | 4,274 | $ | 2,313,529 | |||||
| 12,351,139 | ||||||||
| Spain — 0.7% | ||||||||
| Amadeus IT Group SA (b) | 29,340 | 1,513,065 | ||||||
| Sweden — 4.2% | ||||||||
| Assa Abloy AB Class B | 168,381 | 3,622,872 | ||||||
| Atlas Copco AB | 420,737 | 4,981,256 | ||||||
| 8,604,128 | ||||||||
| Switzerland — 0.8% | ||||||||
| Lonza Group AG Registered | 3,419 | 1,682,756 | ||||||
| United States — 52.3% | ||||||||
| Adobe, Inc. (b) | 19,130 | 6,437,819 | ||||||
| Agilent Technologies, Inc. | 28,624 | 4,283,582 | ||||||
| Alphabet, Inc. Class A (b) | 230,992 | 20,380,424 | ||||||
| Amazon.com, Inc. (b) | 19,301 | 1,621,284 | ||||||
| Analog Devices, Inc. | 67,048 | 10,997,883 | ||||||
| Avantor, Inc. (b) | 54,418 | 1,147,676 | ||||||
| Boston Scientific Corp. (b) | 14,609 | 675,958 | ||||||
| Charles River Laboratories International, Inc. (b) | 3,998 | 871,164 | ||||||
| Charter Communications, Inc. Class A (b) | 2,480 | 840,968 | ||||||
| Danaher Corp. | 4,646 | 1,233,141 | ||||||
| Datadog, Inc. Class A (b) | 5,655 | 415,643 | ||||||
| Dun & Bradstreet Holdings, Inc. | 26,384 | 323,468 | ||||||
| Ecolab, Inc. | 4,467 | 650,217 | ||||||
| Equifax, Inc. | 21,065 | 4,094,193 | ||||||
| Fidelity National Information Services, Inc. | 11,098 | 752,999 | ||||||
| IDEXX Laboratories, Inc. (b) | 1,678 | 684,557 | ||||||
| Illumina, Inc. (b) | 7,837 | 1,584,641 | ||||||
| Intuit, Inc. | 25,403 | 9,887,356 | ||||||
| Intuitive Surgical, Inc. (b) | 6,915 | 1,834,895 | ||||||
| IQVIA Holdings, Inc. (b) | 10,586 | 2,168,966 | ||||||
| Lam Research Corp. | 540 | 226,962 | ||||||
| Marriott International, Inc. Class A | 8,244 | 1,227,449 | ||||||
| Marvell Technology, Inc. | 63,573 | 2,354,744 | ||||||
| Meta Platforms, Inc. Class A (b) | 53,929 | 6,489,816 | ||||||
| Microsoft Corp. | 12,866 | 3,085,524 | ||||||
| NVIDIA Corp. | 6,710 | 980,599 | ||||||
| Phathom Pharmaceuticals, Inc. (a) (b) | 29,550 | 331,551 | ||||||
| Qualtrics International Inc (b) | 51,271 | 532,193 | ||||||
| S&P Global, Inc. | 31,329 | 10,493,335 | ||||||
| Splunk, Inc. (b) | 9,900 | 852,291 | ||||||
| United Parcel Service, Inc. Class B | 28,213 | 4,904,548 | ||||||
| Visa, Inc. Class A | 20,885 | 4,339,068 | ||||||
| The Walt Disney Co. (b) | 3,401 | 295,479 | ||||||
| 107,000,393 | ||||||||
| TOTAL COMMON STOCK (Cost $140,368,959) | 203,144,654 | |||||||
| TOTAL EQUITIES (Cost $140,368,959) | 203,144,654 | |||||||
| MassMutual Global Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| MUTUAL FUNDS — 0.3% | ||||||||
| United States — 0.3% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio (d) | 636,145 | $ | 636,145 | |||||
| TOTAL MUTUAL FUNDS (Cost $636,145) | 636,145 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $141,005,104) | 203,780,799 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENTS — 0.9% | ||||||||
| Repurchase Agreement — 0.9% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (e) | $ | 1,825,419 | 1,825,419 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,825,419) | 1,825,419 | |||||||
| TOTAL INVESTMENTS — 100.4% (Cost $142,830,523) (f) | 205,606,218 | |||||||
| Other Assets/(Liabilities) — (0.4)% | (864,621) | |||||||
| NET ASSETS — 100.0% | $ | 204,741,597 | ||||||
Abbreviation Legend
| ADR | American Depositary Receipt |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $928,029 or 0.45% of net assets. The Fund received $317,545 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (b) | Non-income producing security. |
| (c) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2022, the aggregate market value of these securities amounted to $1,839,667 or 0.90% of net assets. |
| (d) | Represents investment of security lending cash collateral. (Note 2). |
| (e) | Maturity value of $1,825,679. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $1,861,935. |
| (f) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual International Equity Fund — Portfolio of Investments |
December 31, 2022 (Unaudited)
| Number of Shares | Value | |||||||
| EQUITIES — 96.3% | ||||||||
| COMMON STOCK — 96.3% | ||||||||
| Australia — 0.9% | ||||||||
| BHP Group Ltd. Sponsored ADR (a) | 2,000 | $ | 124,100 | |||||
| BHP Group Ltd. | 3,900 | 120,749 | ||||||
| Macquarie Group Ltd. | 2,700 | 306,518 | ||||||
| Santos Ltd. | 71,700 | 351,579 | ||||||
| Westpac Banking Corp. | 7,900 | 124,251 | ||||||
| Woodside Energy Group Ltd. (a) | 6,126 | 148,219 | ||||||
| 1,175,416 | ||||||||
| Belgium — 0.9% | ||||||||
| Anheuser-Busch InBev SA | 9,700 | 583,146 | ||||||
| Groupe Bruxelles Lambert SA | 2,000 | 160,206 | ||||||
| KBC Group NV | 5,300 | 340,298 | ||||||
| 1,083,650 | ||||||||
| Canada — 6.0% | ||||||||
| The Bank of Nova Scotia (a) | 29,229 | 1,432,092 | ||||||
| Canadian National Railway Co. | 26,060 | 3,095,635 | ||||||
| Intact Financial Corp. (a) | 20,832 | 2,998,793 | ||||||
| TFI International, Inc. | 1,800 | 180,279 | ||||||
| 7,706,799 | ||||||||
| Cayman Islands — 0.6% | ||||||||
| CK Asset Holdings Ltd. | 57,000 | 350,938 | ||||||
| CK Hutchison Holdings Ltd. | 77,900 | 467,659 | ||||||
| 818,597 | ||||||||
| Finland — 2.0% | ||||||||
| Kone OYJ Class B | 40,558 | 2,100,758 | ||||||
| Nokia OYJ | 85,600 | 397,732 | ||||||
| 2,498,490 | ||||||||
| France — 12.9% | ||||||||
| Amundi SA (b) | 3,292 | 187,053 | ||||||
| AXA SA | 73,680 | 2,053,515 | ||||||
| Capgemini SE | 17,631 | 2,956,963 | ||||||
| Cie de Saint-Gobain | 3,400 | 166,919 | ||||||
| Dassault Aviation SA | 900 | 152,702 | ||||||
| Engie SA | 26,805 | 383,956 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 1,622 | 1,178,294 | ||||||
| Rexel SA | 6,900 | 136,737 | ||||||
| Sanofi | 5,000 | 483,803 | ||||||
| Schneider Electric SE | 19,537 | 2,747,673 | ||||||
| Societe Generale SA | 8,800 | 220,793 | ||||||
| Sodexo SA | 1,600 | 153,061 | ||||||
| TotalEnergies SE (a) | 37,000 | 2,309,361 | ||||||
| MassMutual International Equity Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Ubisoft Entertainment SA (c) | 3,200 | $ | 90,832 | |||||
| Veolia Environnement SA | 19,392 | 498,190 | ||||||
| Vinci SA | 28,480 | 2,844,440 | ||||||
| 16,564,292 | ||||||||
| Germany — 5.4% | ||||||||
| Allianz SE Registered | 1,960 | 421,451 | ||||||
| BASF SE | 7,000 | 347,509 | ||||||
| Bayer AG Registered | 2,100 | 108,428 | ||||||
| Deutsche Boerse AG | 1,636 | 282,277 | ||||||
| Deutsche Post AG Registered | 10,400 | 391,475 | ||||||
| HeidelbergCement AG | 6,800 | 387,827 | ||||||
| Infineon Technologies AG | 10,500 | 319,806 | ||||||
| Merck KGaA | 16,536 | 3,202,365 | ||||||
| SAP SE | 5,300 | 546,957 | ||||||
| Siemens AG Registered | 3,460 | 480,222 | ||||||
| Siemens Energy AG (c) | 12,834 | 241,473 | ||||||
| Talanx AG (c) | 3,100 | 147,067 | ||||||
| 6,876,857 | ||||||||
| Hong Kong — 2.9% | ||||||||
| AIA Group Ltd. | 340,044 | 3,746,266 | ||||||
| Ireland — 3.6% | ||||||||
| AIB Group PLC | 87,100 | 335,742 | ||||||
| DCC PLC | 4,900 | 241,895 | ||||||
| Linde PLC (c) | 9,979 | 3,262,844 | ||||||
| Linde PLC | 1,070 | 349,013 | ||||||
| Ryanair Holdings PLC Sponsored ADR (c) | 300 | 22,428 | ||||||
| Smurfit Kappa Group PLC | 10,600 | 392,734 | ||||||
| 4,604,656 | ||||||||
| Israel — 0.2% | ||||||||
| Check Point Software Technologies Ltd. (c) | 2,390 | 301,522 | ||||||
| Italy — 0.1% | ||||||||
| Prysmian SpA | 3,300 | 122,163 | ||||||
| Japan — 14.5% | ||||||||
| Astellas Pharma, Inc. | 176,420 | 2,676,484 | ||||||
| Chugai Pharmaceutical Co. Ltd. | 72,571 | 1,844,038 | ||||||
| Denka Co. Ltd. | 7,800 | 178,113 | ||||||
| FANUC Corp. | 1,500 | 223,863 | ||||||
| Fujitsu Ltd. | 2,000 | 264,856 | ||||||
| Hitachi Ltd. | 7,600 | 382,469 | ||||||
| Kao Corp. (a) | 57,556 | 2,304,000 | ||||||
| KDDI Corp. | 102,424 | 3,095,675 | ||||||
| Kirin Holdings Co. Ltd. (a) | 103,145 | 1,580,209 | ||||||
| Kyocera Corp. | 6,200 | 309,407 | ||||||
| Nintendo Co. Ltd. | 4,000 | 167,502 | ||||||
| Olympus Corp. | 8,500 | 150,244 | ||||||
| ORIX Corp. | 23,500 | 378,933 | ||||||
| Rakuten Group, Inc. (a) (c) | 42,500 | 192,897 | ||||||
| SBI Holdings, Inc. | 14,700 | 281,837 | ||||||
| Sega Sammy Holdings, Inc. | 7,900 | 118,936 | ||||||
| Seven & i Holdings Co. Ltd. | 11,900 | 509,063 | ||||||
| Shiseido Co. Ltd. (a) | 44,242 | 2,180,274 | ||||||
| MassMutual International Equity Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Sony Group Corp. | 7,400 | $ | 564,294 | |||||
| Square Enix Holdings Co. Ltd. | 3,000 | 139,287 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 10,300 | 415,031 | ||||||
| Toshiba Corp. | 6,900 | 241,864 | ||||||
| Toyota Industries Corp. | 7,100 | 387,098 | ||||||
| 18,586,374 | ||||||||
| Luxembourg — 0.2% | ||||||||
| ArcelorMittal SA | 10,100 | 264,074 | ||||||
| Netherlands — 3.9% | ||||||||
| AerCap Holdings NV (c) | 6,981 | 407,132 | ||||||
| ASML Holding NV | 590 | 319,369 | ||||||
| CNH Industrial NV | 19,900 | 319,597 | ||||||
| EXOR NV (c) | 1,300 | 94,896 | ||||||
| Heineken Holding NV | 4,700 | 361,897 | ||||||
| Heineken NV | 33,728 | 3,168,797 | ||||||
| Koninklijke Philips NV | 5,500 | 82,551 | ||||||
| NXP Semiconductor NV | 1,300 | 205,439 | ||||||
| 4,959,678 | ||||||||
| Norway — 0.4% | ||||||||
| Aker BP ASA | 7,413 | 231,071 | ||||||
| DNB Bank ASA | 16,400 | 324,690 | ||||||
| Mowi ASA | 400 | 6,829 | ||||||
| 562,590 | ||||||||
| Republic of Korea — 0.3% | ||||||||
| Samsung Electronics Co. Ltd. | 9,100 | 401,293 | ||||||
| Singapore — 0.3% | ||||||||
| DBS Group Holdings, Ltd. | 16,200 | 410,126 | ||||||
| Spain — 3.9% | ||||||||
| Iberdrola SA | 196,403 | 2,297,424 | ||||||
| Industria de Diseno Textil SA | 101,069 | 2,691,280 | ||||||
| 4,988,704 | ||||||||
| Sweden — 2.7% | ||||||||
| Assa Abloy AB Class B | 118,673 | 2,553,359 | ||||||
| Essity AB Class B | 13,200 | 346,473 | ||||||
| Husqvarna AB Class B | 9,700 | 68,345 | ||||||
| Investor AB Class B | 6,470 | 117,348 | ||||||
| Skandinaviska Enskilda Banken AB Class A | 5,600 | 64,446 | ||||||
| Volvo AB Class B | 13,800 | 249,872 | ||||||
| 3,399,843 | ||||||||
| Switzerland — 9.3% | ||||||||
| ABB Ltd. Registered | 12,900 | 392,905 | ||||||
| Alcon, Inc. | 1,400 | 96,158 | ||||||
| Cie Financiere Richemont SA Registered | 2,800 | 362,336 | ||||||
| Julius Baer Group Ltd. | 800 | 46,501 | ||||||
| Nestle SA Registered | 30,320 | 3,501,520 | ||||||
| Novartis AG Registered | 38,447 | 3,482,580 | ||||||
| Roche Holding AG | 11,382 | 3,576,928 | ||||||
| MassMutual International Equity Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| UBS Group AG Registered | 22,200 | $ | 413,799 | |||||
| 11,872,727 | ||||||||
| United Kingdom — 25.3% | ||||||||
| Ashtead Group PLC | 6,000 | 342,760 | ||||||
| AstraZeneca PLC | 22,549 | 3,060,246 | ||||||
| Aviva PLC | 22,984 | 122,508 | ||||||
| BAE Systems PLC | 322,859 | 3,336,809 | ||||||
| Barratt Developments PLC | 21,100 | 101,320 | ||||||
| BP PLC | 75,300 | 437,887 | ||||||
| Bunzl PLC | 7,300 | 243,654 | ||||||
| Burberry Group PLC | 7,300 | 178,376 | ||||||
| Compass Group PLC | 50,294 | 1,162,141 | ||||||
| Diageo PLC | 59,615 | 2,632,556 | ||||||
| Entain PLC | 8,600 | 137,890 | ||||||
| Experian PLC | 75,448 | 2,568,520 | ||||||
| Glencore PLC | 40,900 | 273,489 | ||||||
| GSK PLC | 18,320 | 318,581 | ||||||
| Imperial Brands PLC | 2,600 | 64,960 | ||||||
| Inchcape PLC | 16,056 | 158,479 | ||||||
| Informa PLC | 33,000 | 247,412 | ||||||
| Kingfisher PLC | 93,700 | 268,162 | ||||||
| Legal & General Group PLC | 65,100 | 196,611 | ||||||
| Liberty Global PLC Class C (c) | 13,900 | 270,077 | ||||||
| Lloyds Banking Group PLC | 728,100 | 399,824 | ||||||
| Melrose Industries PLC | 108,821 | 176,912 | ||||||
| National Grid PLC | 73,239 | 879,701 | ||||||
| Persimmon PLC | 10,200 | 150,564 | ||||||
| Prudential PLC | 134,509 | 1,820,261 | ||||||
| Reckitt Benckiser Group PLC | 49,606 | 3,451,042 | ||||||
| Shell PLC | 94,169 | 2,676,068 | ||||||
| Smith & Nephew PLC | 219,325 | 2,930,131 | ||||||
| Tesco PLC | 133,000 | 360,598 | ||||||
| Unilever PLC | 10,300 | 519,624 | ||||||
| Unilever PLC | 56,280 | 2,824,209 | ||||||
| 32,311,372 | ||||||||
| TOTAL COMMON STOCK (Cost $124,391,594) | 123,255,489 | |||||||
| TOTAL EQUITIES (Cost $124,391,594) | 123,255,489 | |||||||
| MUTUAL FUNDS — 0.3% | ||||||||
| United States — 0.3% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio (d) | 318,263 | 318,263 | ||||||
| TOTAL MUTUAL FUNDS (Cost $318,263) | 318,263 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $124,709,857) | 123,573,752 | |||||||
| MassMutual International Equity Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| SHORT-TERM INVESTMENTS — 3.3% | ||||||||
| Repurchase Agreement — 3.3% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (e) | $ | 4,274,366 | $ | 4,274,366 | ||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $4,274,366) | 4,274,366 | |||||||
| TOTAL INVESTMENTS — 99.9% (Cost $128,984,223) (f) | 127,848,118 | |||||||
| Other Assets/(Liabilities) — 0.1% | 125,269 | |||||||
| NET ASSETS — 100.0% | $ | 127,973,387 | ||||||
Abbreviation Legend
| ADR | American Depositary Receipt |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $6,684,669 or 5.22% of net assets. The Fund received $6,722,966 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 December 31, 2022, the aggregate market value of these securities amounted to $187,053 or 0.15% of net assets. |
| (c) | Non-income producing security. |
| (d) | Represents investment of security lending cash collateral. (Note 2). |
| (e) | Maturity value of $4,274,974. Collateralized by U.S. Government Agency obligations with rates ranging from 0.000% - 2.875%, maturity dates ranging from 6/29/23 - 5/15/28, and an aggregate market value, including accrued interest, of $4,359,889. |
| (f) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Strategic Emerging Markets Fund — Portfolio of Investments |
December 31, 2022 (Unaudited)
| Number of Shares | Value | |||||||
| EQUITIES — 96.1% | ||||||||
| COMMON STOCK — 94.8% | ||||||||
| Belgium — 0.6% | ||||||||
| Anheuser-Busch InBev SA | 11,550 | $ | 694,365 | |||||
| Bermuda — 1.0% | ||||||||
| Credicorp Ltd. | 7,298 | 990,047 | ||||||
| Hongkong Land Holdings Ltd. | 26,900 | 123,367 | ||||||
| 1,113,414 | ||||||||
| Brazil — 5.1% | ||||||||
| Ambev SA | 738,763 | 2,031,390 | ||||||
| Lojas Renner SA | 153,133 | 576,840 | ||||||
| Vale SA Sponsored ADR | 182,401 | 3,095,345 | ||||||
| WEG SA | 49,337 | 359,338 | ||||||
| 6,062,913 | ||||||||
| Cayman Islands — 21.2% | ||||||||
| BeiGene Ltd. ADR (a) | 10,411 | 2,289,795 | ||||||
| Brii Biosciences Ltd. (a) | 197,000 | 186,045 | ||||||
| H World Group Ltd. | 9,800 | 42,178 | ||||||
| H World Group Ltd. ADR | 129,587 | 5,497,081 | ||||||
| Meituan Class B (a) (b) | 82,700 | 1,828,611 | ||||||
| NetEase, Inc. ADR | 44,542 | 3,235,085 | ||||||
| New Horizon Health Ltd. (a) (b) | 63,000 | 140,958 | ||||||
| NU Holdings Ltd/Cayman Islands Class A (a) (c) | 240,190 | 977,573 | ||||||
| Silergy Corp. | 42,000 | 595,572 | ||||||
| Tencent Holdings Ltd. | 52,590 | 2,235,191 | ||||||
| Wuxi Biologics Cayman, Inc. (a) (b) | 239,500 | 1,838,657 | ||||||
| Zai Lab Ltd. ADR (a) | 33,740 | 1,035,818 | ||||||
| ZTO Express Cayman, Inc. | 12,170 | 330,448 | ||||||
| ZTO Express Cayman, Inc. ADR | 180,849 | 4,859,413 | ||||||
| 25,092,425 | ||||||||
| Chile — 0.1% | ||||||||
| Banco Santander Chile | 3,193,147 | 127,801 | ||||||
| China — 0.0% | ||||||||
| MicroTech Medical Hangzhou Co. Ltd. Class H (a) (b) | 33,600 | 41,991 | ||||||
| Cyprus — 0.0% | ||||||||
| TCS Group Holding, PLC (a) (d) (e) | 8,777 | — | ||||||
| France — 5.3% | ||||||||
| Kering SA | 443 | 226,720 | ||||||
| L'Oreal SA | 244 | 87,533 | ||||||
| Pernod Ricard SA | 26,333 | 5,176,003 | ||||||
| TotalEnergies SE | 13,011 | 812,084 | ||||||
| 6,302,340 | ||||||||
| MassMutual Strategic Emerging Markets Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Hong Kong — 2.2% | ||||||||
| AIA Group Ltd. | 212,600 | $ | 2,342,215 | |||||
| Hang Lung Properties Ltd. | 22,000 | 42,715 | ||||||
| Hong Kong Exchanges & Clearing Ltd. | 3,800 | 164,217 | ||||||
| 2,549,147 | ||||||||
| India — 21.0% | ||||||||
| Housing Development Finance Corp. Ltd. | 303,314 | 9,673,891 | ||||||
| Infosys Ltd. | 119,891 | 2,172,536 | ||||||
| Kotak Mahindra Bank Ltd. | 267,164 | 5,874,159 | ||||||
| Oberoi Realty Ltd. | 73,557 | 769,234 | ||||||
| Tata Consultancy Services Ltd. | 145,693 | 5,733,027 | ||||||
| Zee Entertainment Enterprises Ltd. | 220,333 | 640,602 | ||||||
| 24,863,449 | ||||||||
| Indonesia — 0.7% | ||||||||
| Bank Central Asia Tbk PT | 1,485,200 | 814,261 | ||||||
| Italy — 1.7% | ||||||||
| PRADA SpA | 366,300 | 2,055,032 | ||||||
| Japan — 0.1% | ||||||||
| Daiichi Sankyo Co. Ltd. | 3,900 | 124,985 | ||||||
| Mexico — 7.4% | ||||||||
| America Movil SAB de CV Class L Sponsored ADR (c) | 84,450 | 1,536,990 | ||||||
| Fomento Economico Mexicano SAB de CV | 9,183 | 71,795 | ||||||
| Grupo Mexico SAB de CV Series B | 1,399,409 | 4,933,641 | ||||||
| Wal-Mart de Mexico SAB de CV | 635,968 | 2,247,991 | ||||||
| 8,790,417 | ||||||||
| Netherlands — 0.0% | ||||||||
| Yandex N.V. (a) (d) (e) | 79,528 | — | ||||||
| Philippines — 1.8% | ||||||||
| SM Investments Corp. | 129,380 | 2,098,791 | ||||||
| Republic of Korea — 7.3% | ||||||||
| LG Chem Ltd. | 7,063 | 3,378,731 | ||||||
| LG H&H Co. Ltd. | 717 | 412,564 | ||||||
| Samsung Biologics Co. Ltd. (a) (b) | 3,622 | 2,336,233 | ||||||
| Samsung Electronics Co. Ltd. | 56,868 | 2,507,770 | ||||||
| 8,635,298 | ||||||||
| Russia — 0.0% | ||||||||
| Novatek PJSC (a) (d) (e) | 28,473 | — | ||||||
| Novatek PJSC (a) (d) (e) | 16 | — | ||||||
| Polyus PJSC GDR (a) (d) (e) | 454 | — | ||||||
| Polyus PJSC GDR (a) (d) (e) | 3,547 | — | ||||||
| Sberbank of Russia PJSC (a) (d) (e) | 18,062 | — | ||||||
| — | ||||||||
| South Africa — 1.1% | ||||||||
| FirstRand Ltd. | 347,589 | 1,269,556 | ||||||
| MassMutual Strategic Emerging Markets Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Switzerland — 2.8% | ||||||||
| Cie Financiere Richemont SA Registered | 25,853 | $ | 3,345,524 | |||||
| Taiwan — 8.3% | ||||||||
| MediaTek, Inc. | 92,000 | 1,868,711 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 541,000 | 7,884,885 | ||||||
| 9,753,596 | ||||||||
| United Kingdom — 0.9% | ||||||||
| Antofagasta PLC | 18,413 | 341,840 | ||||||
| AstraZeneca PLC Sponsored ADR | 2,047 | 138,787 | ||||||
| Glencore PLC | 91,149 | 609,493 | ||||||
| 1,090,120 | ||||||||
| United States — 6.2% | ||||||||
| Coupang, Inc. (a) | 2,231 | 32,818 | ||||||
| Yum China Holdings, Inc. | 132,532 | 7,242,874 | ||||||
| 7,275,692 | ||||||||
| TOTAL COMMON STOCK (Cost $122,285,110) | 112,101,117 | |||||||
| PREFERRED STOCK — 1.3% | ||||||||
| Brazil — 1.3% | ||||||||
| Banco Bradesco SA 4.052% | 537,314 | 1,558,122 | ||||||
| TOTAL PREFERRED STOCK (Cost $1,941,382) | 1,558,122 | |||||||
| TOTAL EQUITIES (Cost $124,226,492) | 113,659,239 | |||||||
| MUTUAL FUNDS — 0.0% | ||||||||
| United States — 0.0% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio (f) | 10,294 | 10,294 | ||||||
| TOTAL MUTUAL FUNDS (Cost $10,294) | 10,294 | |||||||
| WARRANTS — 0.0% | ||||||||
| Switzerland — 0.0% | ||||||||
| Cie Financiere Richemont SA, Expires 11/22/23, Strike 67.00 (a) | 53,937 | 44,916 | ||||||
| TOTAL WARRANTS (Cost $0) | 44,916 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $124,236,786) | 113,714,449 | |||||||
| MassMutual Strategic Emerging Markets Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| SHORT-TERM INVESTMENTS — 3.3% | ||||||||
| Repurchase Agreement — 3.3% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (g) | $ | 3,905,595 | $ | 3,905,595 | ||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $3,905,595) | 3,905,595 | |||||||
| TOTAL INVESTMENTS — 99.4% (Cost $128,142,381) (h) | 117,620,044 | |||||||
| Other Assets/(Liabilities) — 0.6% | 689,082 | |||||||
| NET ASSETS — 100.0% | $ | 118,309,126 | ||||||
Abbreviation Legend
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2022, the aggregate market value of these securities amounted to $6,186,450 or 5.23% of net assets. |
| (c) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $336,585 or 0.28% of net assets. The Fund received $334,677 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (d) | Investment is valued using significant unobservable inputs. |
| (e) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2022, these securities amounted to a value of $0 or 0.00% of net assets. |
| (f) | Represents investment of security lending cash collateral. (Note 2). |
| (g) | Maturity value of $3,906,151. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $3,983,775. |
| (h) | See Note 3 for aggregate cost for federal tax purposes. |
| Notes to Portfolio of Investments (Unaudited) |
1. The Funds
MassMutual Premier Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated August 1, 1994, as amended and restated as of November 21, 2011, as it may be further amended from time to time. The Trust consists of 14 series, including the following 13 series listed below (each individually referred to as a "Fund" or collectively as the "Funds"):
MassMutual Short-Duration Bond Fund (“Short-Duration Bond Fund”)
MassMutual Inflation-Protected and Income Fund (“Inflation-Protected and Income Fund”)
MassMutual Core Bond Fund (“Core Bond Fund”)
MassMutual Diversified Bond Fund (“Diversified Bond Fund”)
MassMutual High Yield Fund (“High Yield Fund”)
MassMutual Balanced Fund (“Balanced Fund”)
MassMutual Disciplined Value Fund (“Disciplined Value Fund”)
MassMutual Main Street Fund (“Main Street Fund”)
MassMutual Disciplined Growth Fund (“Disciplined Growth Fund”)
MassMutual Small Cap Opportunities Fund (“Small Cap Opportunities Fund”)
MassMutual Global Fund (“Global Fund”)
MassMutual International Equity Fund (“International Equity Fund”)
MassMutual Strategic Emerging Markets Fund (“Strategic Emerging Markets Fund”)
2. Significant Accounting Policies
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
Investment Valuation
The net asset value of each Fund’s shares is determined once daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), on each day the NYSE is open for trading (a “business day”). The NYSE normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE’s scheduled close. A Fund will not treat an intraday disruption in NYSE trading or other event that causes an unscheduled closing of the NYSE as a close of business of the NYSE for these purposes; instead, MML Investment Advisers, LLC (“MML Advisers”) will determine the fair value of a Fund’s securities in accordance with MML Advisers’ fair valuation policy and procedures. On holidays and other days when the NYSE is closed, each Fund’s net asset value generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund’s assets may still be affected on such days to the extent that a Fund holds foreign securities that trade on days that foreign securities markets are open.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
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.
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.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
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 one or a combination of, but not limited to, the following inputs:
Market approach: (i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii) market multiples of comparable issuers.
Income approach: (i) future cash flows discounted to present value and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts, and/or default rates.
Cost approach: (i) audited or unaudited financial statements, investor communications, and financial or operational metrics issued by the Private Company; (ii) changes in the valuation of relevant indexes or publicly traded companies comparable to the Private Company; (iii) relevant news and other public sources; and (iv) known secondary market transactions in the Private Company's interests and merger or acquisition activity in companies comparable to the Private Company.
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.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Fund. Typically, the most recently available information for a Private Company is as of a date that is earlier than the date a Fund is calculating its net asset value. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.
Level 1 – quoted prices (unadjusted) in active markets for identical investments that the Funds can access at the measurement date
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs, to the extent observable inputs are not available (including the Funds' own assumptions in determining the fair value of investments)
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. In addition, in periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Levels.
In certain cases, the inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest Level input that is significant to the overall fair value measurement.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
The Disciplined Value Fund, Main Street Fund, Disciplined Growth Fund, and Small Cap Opportunities Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of December 31, 2022. For each Fund noted in the preceding sentence, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.
The following is the aggregate value by input level, as of December 31, 2022, for the remaining Funds' investments:
Short-Duration Bond Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Corporate Debt | $ | — | $ | 160,418,475 | $ | — | $ | 160,418,475 | ||||||||
| Non-U.S. Government Agency Obligations | — | 149,393,291 | — | 149,393,291 | ||||||||||||
| U.S. Government Agency Obligations and Instrumentalities | — | 94,355 | — | 94,355 | ||||||||||||
| Mutual Funds | 5,878,503 | — | — | 5,878,503 | ||||||||||||
| Short-Term Investments | — | 15,031,835 | — | 15,031,835 | ||||||||||||
| Total Investments | $ | 5,878,503 | $ | 324,937,956 | $ | — | $ | 330,816,459 | ||||||||
| Asset Derivatives | ||||||||||||||||
| Futures Contracts | $ | 58,711 | $ | — | $ | — | $ | 58,711 | ||||||||
| Liability Derivatives | ||||||||||||||||
| Futures Contracts | $ | (73,350 | ) | $ | — | $ | — | $ | (73,350 | ) | ||||||
| Swap Agreements | — | (4,017,519 | ) | — | (4,017,519 | ) | ||||||||||
| Total | $ | (73,350 | ) | $ | (4,017,519 | ) | $ | — | $ | (4,090,869 | ) | |||||
| 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 | $ | — | $ | 150,133,078 | $ | — | $ | 150,133,078 | ||||||||
| U.S. Government Agency Obligations and Instrumentalities | — | 33,609,402 | — | 33,609,402 | ||||||||||||
| U.S. Treasury Obligations | — | 73,389,051 | — | 73,389,051 | ||||||||||||
| Mutual Funds | 1,107,700 | — | — | 1,107,700 | ||||||||||||
| Short-Term Investments | — | 34,154,553 | — | 34,154,553 | ||||||||||||
| Total Investments | $ | 1,107,700 | $ | 291,286,084 | $ | — | $ | 292,393,784 | ||||||||
| Asset Derivatives | ||||||||||||||||
| Futures Contracts | $ | 99,460 | $ | — | $ | — | $ | 99,460 | ||||||||
| Swap Agreements | — | 1,043,893 | — | 1,043,893 | ||||||||||||
| Total | $ | 99,460 | $ | 1,043,893 | $ | — | $ | 1,143,353 | ||||||||
| Liability Derivatives | ||||||||||||||||
| Futures Contracts | $ | (94,021 | ) | $ | — | $ | — | $ | (94,021 | ) | ||||||
| Swap Agreements | — | (3,990,573 | ) | — | (3,990,573 | ) | ||||||||||
| Total | $ | (94,021 | ) | $ | (3,990,573 | ) | $ | — | $ | (4,084,594 | ) | |||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Core Bond Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Corporate Debt | $ | — | $ | 278,642,787 | $ | — | $ | 278,642,787 | ||||||||
| Non-U.S. Government Agency Obligations | — | 198,461,407 | — | 198,461,407 | ||||||||||||
| Sovereign Debt Obligations | — | 2,440,643 | — | 2,440,643 | ||||||||||||
| U.S. Government Agency Obligations and Instrumentalities | — | 186,374,280 | — | 186,374,280 | ||||||||||||
| U.S. Treasury Obligations | — | 52,086,048 | — | 52,086,048 | ||||||||||||
| Mutual Funds | 3,094,650 | — | — | 3,094,650 | ||||||||||||
| Short-Term Investments | — | 81,786,192 | — | 81,786,192 | ||||||||||||
| Total Investments | $ | 3,094,650 | $ | 799,791,357 | $ | — | $ | 802,886,007 | ||||||||
| Asset Derivatives | ||||||||||||||||
| Futures Contracts | $ | 148,693 | $ | — | $ | — | $ | 148,693 | ||||||||
| Liability Derivatives | ||||||||||||||||
| Futures Contracts | $ | (5,750 | ) | $ | — | $ | — | $ | (5,750 | ) | ||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Diversified Bond Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Preferred Stock | $ | 1,121,983 | $ | — | $ | — | $ | 1,121,983 | ||||||||
| Corporate Debt | — | 70,946,121 | — | 70,946,121 | ||||||||||||
| Non-U.S. Government Agency Obligations | — | 45,466,787 | — | 45,466,787 | ||||||||||||
| Sovereign Debt Obligations | — | 172,489 | — | 172,489 | ||||||||||||
| U.S. Government Agency Obligations and Instrumentalities | — | 23,970,718 | — | 23,970,718 | ||||||||||||
| U.S. Treasury Obligations | — | 8,621,113 | — | 8,621,113 | ||||||||||||
| Warrants | — | — | 4,290 | 4,290 | ||||||||||||
| Mutual Funds | 1,289,700 | — | — | 1,289,700 | ||||||||||||
| Short-Term Investments | — | 13,373,229 | — | 13,373,229 | ||||||||||||
| Total Investments | $ | 2,411,683 | $ | 162,550,457 | $ | 4,290 | $ | 164,966,430 | ||||||||
| Asset Derivatives | ||||||||||||||||
| Forward Contracts | $ | — | $ | 219,054 | $ | — | $ | 219,054 | ||||||||
| Futures Contracts | 69,176 | — | — | 69,176 | ||||||||||||
| Total | $ | 69,176 | $ | 219,054 | $ | — | $ | 288,230 | ||||||||
| Liability Derivatives | ||||||||||||||||
| Forward Contracts | $ | — | $ | (142,896 | ) | $ | — | $ | (142,896 | ) | ||||||
| Futures Contracts | (17,264 | ) | — | — | (17,264 | ) | ||||||||||
| Total | $ | (17,264 | ) | $ | (142,896 | ) | $ | — | $ | (160,160 | ) | |||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
High Yield Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Bank Loans | $ | — | $ | 7,542,137 | $ | — | $ | 7,542,137 | ||||||||
| Corporate Debt | — | 356,002,867 | — | 356,002,867 | ||||||||||||
| Mutual Funds | 10,691,475 | — | — | 10,691,475 | ||||||||||||
| Short-Term Investments | — | 13,318,830 | — | 13,318,830 | ||||||||||||
| Total Investments | $ | 10,691,475 | $ | 376,863,834 | $ | — | $ | 387,555,309 | ||||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Balanced Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 76,887,545 | $ | — | $ | — | $ | 76,887,545 | ||||||||
| Corporate Debt | — | 13,167,904 | — | 13,167,904 | ||||||||||||
| Non-U.S. Government Agency Obligations | — | 4,512,662 | — | 4,512,662 | ||||||||||||
| U.S. Government Agency Obligations and Instrumentalities | — | 11,542,009 | — | 11,542,009 | ||||||||||||
| U.S. Treasury Obligations | — | 16,373,235 | — | 16,373,235 | ||||||||||||
| Short-Term Investments | — | 806,666 | — | 806,666 | ||||||||||||
| Total Investments | $ | 76,887,545 | $ | 46,402,476 | $ | — | $ | 123,290,021 | ||||||||
| Asset Derivatives | ||||||||||||||||
| Futures Contracts | $ | 19,191 | $ | — | $ | — | $ | 19,191 | ||||||||
| Liability Derivatives | ||||||||||||||||
| Futures Contracts | $ | (1,418 | ) | $ | — | $ | — | $ | (1,418 | ) | ||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Global Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock* | ||||||||||||||||
| Canada | $ | 305,894 | $ | — | $ | — | $ | 305,894 | ||||||||
| Cayman Islands | 10,365,840 | 3,144,485 | — | 13,510,325 | ||||||||||||
| Denmark | — | 8,180,188 | — | 8,180,188 | ||||||||||||
| France | — | 19,289,586 | — | 19,289,586 | ||||||||||||
| Germany | — | 4,185,883 | — | 4,185,883 | ||||||||||||
| India | 4,150,585 | 7,281,941 | — | 11,432,526 | ||||||||||||
| Israel | 427,868 | — | — | 427,868 | ||||||||||||
| Italy | — | 1,508,974 | — | 1,508,974 | ||||||||||||
| Japan | — | 13,151,929 | — | 13,151,929 | ||||||||||||
| Netherlands | — | 12,351,139 | — | 12,351,139 | ||||||||||||
| Spain | — | 1,513,065 | — | 1,513,065 | ||||||||||||
| Sweden | — | 8,604,128 | — | 8,604,128 | ||||||||||||
| Switzerland | — | 1,682,756 | — | 1,682,756 | ||||||||||||
| United States | 107,000,393 | — | — | 107,000,393 | ||||||||||||
| Mutual Funds | 636,145 | — | — | 636,145 | ||||||||||||
| Short-Term Investments | — | 1,825,419 | — | 1,825,419 | ||||||||||||
| Total Investments | $ | 122,886,725 | $ | 82,719,493 | $ | — | $ | 205,606,218 | ||||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
International Equity Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock* | ||||||||||||||||
| Australia | $ | 124,100 | $ | 1,051,316 | $ | — | $ | 1,175,416 | ||||||||
| Belgium | — | 1,083,650 | — | 1,083,650 | ||||||||||||
| Canada | 7,706,799 | — | — | 7,706,799 | ||||||||||||
| Cayman Islands | — | 818,597 | — | 818,597 | ||||||||||||
| Finland | — | 2,498,490 | — | 2,498,490 | ||||||||||||
| France | — | 16,564,292 | — | 16,564,292 | ||||||||||||
| Germany | — | 6,876,857 | — | 6,876,857 | ||||||||||||
| Hong Kong | — | 3,746,266 | — | 3,746,266 | ||||||||||||
| Ireland | 371,441 | 4,233,215 | — | 4,604,656 | ||||||||||||
| Israel | 301,522 | — | — | 301,522 | ||||||||||||
| Italy | — | 122,163 | — | 122,163 | ||||||||||||
| Japan | — | 18,586,374 | — | 18,586,374 | ||||||||||||
| Luxembourg | — | 264,074 | — | 264,074 | ||||||||||||
| Netherlands | 612,571 | 4,347,107 | — | 4,959,678 | ||||||||||||
| Norway | — | 562,590 | — | 562,590 | ||||||||||||
| Republic of Korea | — | 401,293 | — | 401,293 | ||||||||||||
| Singapore | — | 410,126 | — | 410,126 | ||||||||||||
| Spain | — | 4,988,704 | — | 4,988,704 | ||||||||||||
| Sweden | — | 3,399,843 | — | 3,399,843 | ||||||||||||
| Switzerland | — | 11,872,727 | — | 11,872,727 | ||||||||||||
| United Kingdom | 270,077 | 32,041,295 | — | 32,311,372 | ||||||||||||
| Mutual Funds | 318,263 | — | — | 318,263 | ||||||||||||
| Short-Term Investments | — | 4,274,366 | — | 4,274,366 | ||||||||||||
| Total Investments | $ | 9,704,773 | $ | 118,143,345 | $ | — | $ | 127,848,118 | ||||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Strategic Emerging Markets Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock* | ||||||||||||||||
| Belgium | $ | — | $ | 694,365 | $ | — | $ | 694,365 | ||||||||
| Bermuda | 990,047 | 123,367 | — | 1,113,414 | ||||||||||||
| Brazil | 3,095,345 | 2,967,568 | — | 6,062,913 | ||||||||||||
| Cayman Islands | 17,894,765 | 7,197,660 | — | 25,092,425 | ||||||||||||
| Chile | 127,801 | — | — | 127,801 | ||||||||||||
| China | — | 41,991 | — | 41,991 | ||||||||||||
| Cyprus | — | — | — | + | — | |||||||||||
| France | — | 6,302,340 | — | 6,302,340 | ||||||||||||
| Hong Kong | — | 2,549,147 | — | 2,549,147 | ||||||||||||
| India | — | 24,863,449 | — | 24,863,449 | ||||||||||||
| Indonesia | — | 814,261 | — | 814,261 | ||||||||||||
| Italy | — | 2,055,032 | — | 2,055,032 | ||||||||||||
| Japan | — | 124,985 | — | 124,985 | ||||||||||||
| Mexico | 8,790,417 | — | — | 8,790,417 | ||||||||||||
| Netherlands | — | — | — | + | — | |||||||||||
| Philippines | — | 2,098,791 | — | 2,098,791 | ||||||||||||
| Republic of Korea | — | 8,635,298 | — | 8,635,298 | ||||||||||||
| Russia | — | — | — | + | — | |||||||||||
| South Africa | — | 1,269,556 | — | 1,269,556 | ||||||||||||
| Switzerland | — | 3,345,524 | — | 3,345,524 | ||||||||||||
| Taiwan | — | 9,753,596 | — | 9,753,596 | ||||||||||||
| United Kingdom | 138,787 | 951,333 | — | 1,090,120 | ||||||||||||
| United States | 7,275,692 | — | — | 7,275,692 | ||||||||||||
| Preferred Stock* | ||||||||||||||||
| Brazil | — | 1,558,122 | — | 1,558,122 | ||||||||||||
| Mutual Funds | 10,294 | — | — | 10,294 | ||||||||||||
| Warrants | 44,916 | — | — | 44,916 | ||||||||||||
| Short-Term Investments | — | 3,905,595 | — | 3,905,595 | ||||||||||||
| Total Investments | $ | 38,368,064 | $ | 79,251,980 | $ | — | $ | 117,620,044 | ||||||||
* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their respective foreign markets, as applicable.
+ Represents a security at $0 value as of December 31, 2022.
Derivative Instruments
Derivatives are financial instruments whose values are based on the values of one or more underlying indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price.
Please refer to the Funds' most recent Annual/Semiannual reports and Prospectus(es) and Statement(s) of Additional Information which can be found on the Securities and Exchange Commission's EDGAR database on its website at http://www.sec.gov for more information regarding the derivatives and other investments held by the Fund(s).
Securities Lending
Each Fund may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds’ securities lending activities are governed by a Securities Lending Agency Agreement (“Lending Agreement”) between each Fund and the lending agent (“Agent”). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a “Borrower”).
Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At December 31, 2022, the Funds' collateral was equal to or greater than 100% of the market value of securities on loan and all of the Funds’ cash collateral was invested in the State Street Navigator Securities Lending Government Money Market Portfolio.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower (“Borrowing Agreement”), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement.
Accounting for Investment Transactions
Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country's tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.
Foreign Currency Translation
The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.
Foreign Securities
The Global Fund invests a significant amount of its assets in foreign securities and each of the International Equity Fund and Strategic Emerging Markets Fund invests substantially all of its assets in foreign securities. The other Funds may also invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, public health, and diplomatic risks. In addition, fluctuations in currency exchange rates may favorably or unfavorably affect the values of foreign securities and the price of a Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, less stringent investor protection and disclosure standards, less reliable settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Federal Income Tax
It is each Fund's intent to continue to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to a regulated investment company. Under such provisions, the Funds would not be subject to federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for federal income tax.
Dividends and Distributions to Shareholders
Dividends from net investment income and distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. As a result, net investment income and net realized capital gains on investment transactions for a reporting period may differ significantly from distributions during such period.
3. Federal Income Tax Information
At December 31, 2022, the aggregate cost of investments and the unrealized appreciation/(depreciation) in the value of all investments owned by the Fund(s), as computed on a federal income tax basis, were as follows:
| Federal Income Tax Cost | Tax Basis Unrealized Appreciation | Tax Basis Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |||||||||||||
| Short-Duration Bond Fund | $ | 387,346,292 | $ | 349,210 | $ | (56,879,043 | ) | $ | (56,529,833 | ) | ||||||
| Inflation-Protected and Income Fund | 309,765,856 | 474,277 | (17,846,349 | ) | (17,372,072 | ) | ||||||||||
| Core Bond Fund | 907,912,159 | 1,463,129 | (106,489,281 | ) | (105,026,152 | ) | ||||||||||
| Diversified Bond Fund | 190,013,889 | 633,846 | (25,681,305 | ) | (25,047,459 | ) | ||||||||||
| High Yield Fund | 442,917,365 | 1,253,854 | (56,615,910 | ) | (55,362,056 | ) | ||||||||||
| Balanced Fund | 127,612,728 | 5,083,411 | (9,406,118 | ) | (4,322,707 | ) | ||||||||||
| Disciplined Value Fund | 71,043,034 | 7,932,856 | (4,980,430 | ) | 2,952,426 | |||||||||||
| Main Street Fund | 67,061,046 | 9,597,111 | (5,198,202 | ) | 4,398,909 | |||||||||||
| Disciplined Growth Fund | 160,222,981 | 7,964,305 | (19,448,147 | ) | (11,483,842 | ) | ||||||||||
| Small Cap Opportunities Fund | 277,567,163 | 48,637,665 | (12,618,108 | ) | 36,019,557 | |||||||||||
| Global Fund | 142,830,523 | 73,115,039 | (10,339,344 | ) | 62,775,695 | |||||||||||
| International Equity Fund | 128,984,223 | 9,379,467 | (10,515,572 | ) | (1,136,105 | ) | ||||||||||
| Strategic Emerging Markets Fund | 128,142,381 | 6,179,194 | (16,701,531 | ) | (10,522,337 | ) | ||||||||||
4. New Accounting Pronouncements
In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
5. Coronavirus (COVID-19) Pandemic
The global pandemic outbreak of the novel coronavirus known as COVID-19 and efforts to contain its spread have produced, and will likely continue to produce, substantial market volatility, severe market dislocations and liquidity constraints in many markets, exchange trading suspensions and closures, higher default rates, and global business disruption, and they may result in future significant adverse effects, such as declines in global financial markets and a substantial economic downturn or recession throughout the world. Such factors may have a significant adverse effect on a Fund’s performance and have the potential to impair the ability of a Fund’s investment adviser, subadviser, or other service providers to serve the Fund and could lead to disruptions that negatively impact the Fund.
6. Russia-Ukraine War
In February 2022, Russia commenced a large-scale military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the regional and the global financial markets and economies. One or more of the Funds hold positions in securities or other instruments that are economically tied to Russia. Investments in Russia are subject to political, economic, legal, market, and currency risks, as well as the risks related to the economic sanctions on Russia, Russian individuals, and Russian corporate and banking entities imposed by the United States and/or other countries. Such sanctions — which affect companies in many sectors, including energy, financial services, and defense, among others — could adversely affect the global energy and financial markets and, thus, could affect the value of a Fund’s investments, even beyond any direct exposure the Fund may have to Russian issuers or the adjoining geographic regions. Such sanctions may also result in a decline in the value and liquidity of Russian securities and a weakening of the ruble, and will impair a Fund's ability to buy, sell, receive, or deliver Russian securities. In addition, certain transactions have been or may be prohibited and/or existing investments have or may become illiquid (e.g., because transacting in certain existing investments is prohibited), which could cause a Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions.