NPORT-EX 2 fp0086575-1_nportex.htm

 

MassMutual Short-Duration Bond Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Principal
Amount
   Value 
BONDS & NOTES — 89.7%          
           
CORPORATE DEBT — 45.9%          
Agriculture — 0.6%          
BAT Capital Corp.          
4.700% 4/02/27  $490,000   $485,006 
Imperial Brands Finance PLC          
3.125% 7/26/24 (a)   520,000    511,356 
         996,362 
Apparel — 0.1%          
Tapestry, Inc.          
7.000% 11/27/26   158,000    163,796 
Auto Manufacturers — 1.7%          
Ford Motor Credit Co. LLC          
2.300% 2/10/25   920,000    884,737 
General Motors Financial Co., Inc.          
5.800% 1/07/29   480,000    491,214 
Hyundai Capital America          
6.100% 9/21/28 (a)   550,000    571,525 
Nissan Motor Acceptance Co. LLC          
1.850% 9/16/26 (a)   1,095,000    984,529 
         2,932,005 
Auto Parts & Equipment — 0.3%          
LG Energy Solution Ltd.          
5.625% 9/25/26 (a)   500,000    505,101 
Banks — 11.6%          
ABN AMRO Bank NV          
4.750% 7/28/25 (a)   1,585,000    1,553,078 
ABQ Finance Ltd.          
2.000% 7/06/26 (a)   1,200,000    1,100,484 
Bank Mandiri Persero Tbk. PT          
5.500% 4/04/26 (a)   1,082,000    1,084,157 
Bank of America Corp. Secured Overnight Financing Rate + 0.960%          
1.734% VRN 7/22/27   975,000    893,247 
Barclays PLC          
5.200% 5/12/26   1,340,000    1,331,313 
BPCE SA          
4.625% 7/11/24 (a)   1,200,000    1,186,908 
Credit Agricole SA Secured Overnight Financing Rate + 1.860%          
6.316% VRN 10/03/29 (a)   596,000    624,227 
Danske Bank AS 1 yr. CMT + 0.730%          
1.549% VRN 9/10/27 (a)   1,200,000    1,082,487 
Deutsche Bank AG Secured Overnight Financing Rate + 1.219%          
2.311% VRN 11/16/27   715,000    653,790 
HSBC Holdings PLC Secured Overnight Financing Rate + 1.290%          
1.589% VRN 5/24/27   1,150,000    1,054,756 

 

 

 

 

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

 

   Principal
Amount
   Value 
Huntington Bancshares, Inc. Secured Overnight Financing Rate + 2.020%          
6.208% VRN 8/21/29  $560,000   $577,433 
ING Groep NV Secured Overnight Financing Rate + 1.560%          
6.083% VRN 9/11/27   560,000    571,482 
JP Morgan Chase & Co. 3 mo. USD Term SOFR + 1.522%          
4.203% VRN 7/23/29   600,000    583,033 
Lloyds Banking Group PLC 1 yr. CMT + 1.700%          
5.871% VRN 3/06/29   775,000    793,766 
Macquarie Group Ltd. Secured Overnight Financing Rate + 1.069%          
1.340% VRN 1/12/27 (a)   1,050,000    964,674 
Morgan Stanley Secured Overnight Financing Rate + 1.630%          
5.449% VRN 7/20/29   1,135,000    1,156,510 
Natwest Group PLC 1 yr. CMT + .900%          
1.642% VRN 6/14/27   890,000    812,650 
Societe Generale SA 1 yr. CMT + 1.300%          
2.797% VRN 1/19/28 (a)   1,200,000    1,105,130 
Synovus Bank          
5.625% 2/15/28   653,000    627,400 
Truist Financial Corp. Secured Overnight Financing Rate + 2.446%          
7.161% VRN 10/30/29   515,000    556,217 
UBS Group AG          
Secured Overnight Financing Rate Index + .980% 1.305% VRN 2/02/27 (a)   760,000    695,572 
1 yr. CMT + 1.080% 1.364% VRN 1/30/27 (a)   875,000    802,308 
Wells Fargo & Co. Secured Overnight Financing Rate + 1.740%          
5.574% VRN 7/25/29   570,000    582,009 
         20,392,631 
Beverages — 0.5%          
JDE Peet's NV          
1.375% 1/15/27 (a)   1,029,000    924,667 
Chemicals — 2.3%          
Celanese US Holdings LLC          
6.165% 7/15/27   425,000    435,776 
6.350% 11/15/28   560,000    587,281 
International Flavors & Fragrances, Inc.          
1.832% 10/15/27 (a)   555,000    486,337 
MEGlobal Canada ULC          
5.000% 5/18/25 (a)   1,050,000    1,036,770 
Yara International ASA          
4.750% 6/01/28 (a)   1,525,000    1,487,633 
         4,033,797 
Commercial Services — 0.8%          
Triton Container International Ltd.          
2.050% 4/15/26 (a)   1,500,000    1,371,801 
Diversified Financial Services — 3.7%          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust          
2.450% 10/29/26   1,000,000    925,921 
Antares Holdings LP          
2.750% 1/15/27 (a)   485,000    429,666 
3.950% 7/15/26 (a)   880,000    818,456 
Avolon Holdings Funding Ltd.          
2.875% 2/15/25 (a)   1,445,000    1,393,752 

 

 

 

 

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

 

   Principal
Amount
   Value 
BGC Group, Inc.          
4.375% 12/15/25  $1,340,000   $1,285,986 
Charles Schwab Corp.          
5.875% 8/24/26   490,000    502,566 
Secured Overnight Financing Rate + 1.878% 6.196% VRN 11/17/29   465,000    487,621 
REC Ltd.          
2.250% 9/01/26 (a)   800,000    738,216 
         6,582,184 
Electric — 1.7%          
Alliant Energy Finance LLC          
1.400% 3/15/26 (a)   1,630,000    1,478,395 
Ameren Corp.          
5.700% 12/01/26   239,000    244,398 
Pacific Gas & Electric Co.          
4.950% 6/08/25   760,000    755,015 
Sempra          
5.400% 8/01/26   465,000    471,088 
         2,948,896 
Entertainment — 0.4%          
Warnermedia Holdings, Inc.          
3.638% 3/15/25   730,000    714,159 
Food — 1.3%          
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.          
2.500% 1/15/27   1,425,000    1,311,370 
Smithfield Foods, Inc.          
4.250% 2/01/27 (a)   995,000    952,708 
         2,264,078 
Hand & Machine Tools — 0.6%          
Regal Rexnord Corp.          
6.050% 2/15/26 (a)   725,000    733,013 
6.050% 4/15/28 (a)   250,000    253,069 
         986,082 
Health Care – Services — 0.4%          
HCA, Inc.          
5.200% 6/01/28   680,000    686,978 
Home Builders — 0.3%          
Toll Brothers Finance Corp.          
4.875% 3/15/27   540,000    536,865 
Housewares — 0.4%          
Newell Brands, Inc.          
6.375% 9/15/27 (b)   780,000    774,416 
Insurance — 2.6%          
Athene Global Funding          
1.730% 10/02/26 (a)   1,635,000    1,476,824 
Lincoln National Corp., (Acquired 4/19/23, Cost $731,429),          
3.800% 3/01/28 (b) (c)   825,000    791,885 

 

 

 

 

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

 

   Principal
Amount
   Value 
Sammons Financial Group, Inc.          
4.450% 5/12/27 (a)  $2,365,000   $2,222,614 
         4,491,323 
Internet — 0.6%          
Prosus NV          
3.257% 1/19/27 (a)   1,250,000    1,154,780 
Investment Companies — 2.3%          
Ares Capital Corp.          
3.875% 1/15/26   910,000    874,194 
Blackstone Private Credit Fund          
2.625% 12/15/26   1,325,000    1,200,275 
Blue Owl Credit Income Corp.          
4.700% 2/08/27   1,015,000    958,741 
Golub Capital BDC, Inc.          
2.500% 8/24/26   1,115,000    1,010,532 
         4,043,742 
Lodging — 0.5%          
Las Vegas Sands Corp.          
3.200% 8/08/24   930,000    911,946 
Machinery – Construction & Mining — 0.5%          
Weir Group PLC          
2.200% 5/13/26 (a)   1,036,000    963,146 
Media — 0.6%          
CCO Holdings LLC/CCO Holdings Capital Corp.          
5.125% 5/01/27 (a)   575,000    555,548 
Paramount Global          
3.700% 6/01/28   550,000    508,247 
         1,063,795 
Mining — 0.4%          
Alcoa Nederland Holding BV          
6.125% 5/15/28 (a)   770,000    774,433 
Oil & Gas — 1.8%          
EQT Corp.          
6.125% STEP 2/01/25   592,000    594,634 
Ovintiv, Inc.          
5.375% 1/01/26   400,000    400,008 
5.650% 5/15/28   650,000    663,221 
Parkland Corp.          
5.875% 7/15/27 (a)   455,000    453,163 
Patterson-UTI Energy, Inc.          
3.950% 2/01/28   1,220,000    1,136,340 
         3,247,366 
Pharmaceuticals — 2.1%          
Bayer US Finance II LLC          
4.375% 12/15/28 (a)   525,000    498,876 
CVS Health Corp.          
5.000% 1/30/29   570,000    580,459 

 

 

 

 

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

 

   Principal
Amount
   Value 
Hikma Finance USA LLC          
3.250% 7/09/25 (a)  $1,150,000   $1,100,090 
Viatris, Inc.          
2.300% 6/22/27   1,605,000    1,455,622 
         3,635,047 
Pipelines — 2.0%          
Columbia Pipelines Holding Co. LLC          
6.055% 8/15/26 (a)   511,000    523,075 
Energy Transfer LP          
4.950% 6/15/28   1,375,000    1,369,620 
Harvest Midstream I LP          
7.500% 9/01/28 (a)   391,000    388,685 
ONEOK, Inc.          
5.550% 11/01/26   270,000    274,751 
Plains All American Pipeline LP/PAA Finance Corp.          
4.500% 12/15/26   960,000    947,607 
         3,503,738 
Real Estate — 0.6%          
MAF Sukuk Ltd.          
4.500% 11/03/25 (a)   1,025,000    1,006,431 
Real Estate Investment Trusts (REITS) — 2.7%          
CubeSmart LP          
2.250% 12/15/28   650,000    573,955 
Global Net Lease, Inc./Global Net Lease Operating Partnership LP          
3.750% 12/15/27 (a)   1,125,000    940,063 
GLP Capital LP/GLP Financing II, Inc.          
5.375% 4/15/26   570,000    566,476 
Omega Healthcare Investors, Inc.          
4.750% 1/15/28   989,000    950,710 
VICI Properties LP/VICI Note Co., Inc.          
3.750% 2/15/27 (a)   600,000    566,372 
Vornado Realty LP          
2.150% 6/01/26   1,200,000    1,082,026 
         4,679,602 
Retail — 0.6%          
Advance Auto Parts, Inc.          
5.900% 3/09/26   343,000    341,841 
Nordstrom, Inc.          
4.000% 3/15/27   740,000    689,340 
         1,031,181 
Savings & Loans — 0.2%          
Nationwide Building Society          
4.000% 9/14/26 (a)   297,000    285,018 
Telecommunications — 1.0%          
Sprint Capital Corp.          
6.875% 11/15/28   650,000    704,295 
Tower Bersama Infrastructure Tbk. PT          
4.250% 1/21/25 (a)   1,100,000    1,076,618 
         1,780,913 

 

 

 

 

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

 

   Principal
Amount
   Value 
Venture Capital — 0.7%          
Hercules Capital, Inc.          
2.625% 9/16/26  $1,338,000   $1,207,600 
           
TOTAL CORPORATE DEBT
(Cost $83,317,747)
        80,593,879 
           
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 43.7%          
Automobile Asset-Backed Securities — 0.2%          
AmeriCredit Automobile Receivables Trust, Series 2020-3, Class D          
1.490% 9/18/26   339,000    319,467 
Commercial Mortgage-Backed Securities — 5.3%          
BAMLL Commercial Mortgage Securities Trust          
Series 2019-BPR, Class CMP, 3.895% VRN 11/05/32 (a) (d)   2,280,000    1,998,919 
Series 2019-BPR, Class DMP, 3.895% VRN 11/05/32 (a) (d)   3,050,000    2,605,191 
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class C,          
3.958% VRN 4/15/46 (d)   1,015,000    679,843 
One New York Plaza Trust          
Series 2020-1NYP, Class C, 1 mo. USD Term SOFR + 2.314% 7.677% FRN 1/15/36 (a)   4,106,000    3,425,734 
Series 2020-1NYP, Class D, 1 mo. USD Term SOFR + 2.864% 8.227% FRN 1/15/36 (a)   760,000    580,824 
         9,290,511 
Other Asset-Backed Securities — 20.9%          
321 Henderson Receivables I LLC, Series 2006-3A, Class A1, 1 mo. USD Term SOFR + 0.314%          
5.676% FRN 9/15/41 (a)   32,863    32,381 
522 Funding CLO Ltd., Series 2018-3A, Class BR, 3 mo. USD Term SOFR + 1.812%          
7.227% FRN 10/20/31 (a)   2,352,000    2,338,507 
AIMCO CLO 10 Ltd., Series 2019-10A, Class AR, 3 mo. USD Term SOFR + 1.322%          
6.734% FRN 7/22/32 (a)   2,000,000    1,997,534 
Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W10, Class M1, 1 mo. USD Term SOFR + 1.014%          
4.230% FRN 10/25/34   66,632    58,643 
Ballyrock CLO Ltd., Series 2020-2A, Class A2R, 3 mo. USD Term SOFR + 1.812%          
7.227% FRN 10/20/31 (a)   3,700,000    3,682,895 
BHG Securitization Trust, Series 2021-B, Class C          
2.240% 10/17/34 (a)   3,736,000    3,207,809 
BRE Grand Islander Timeshare Issuer LLC          
Series 2017-1A, Class A, 2.940% 5/25/29 (a)   104,051    101,749 
Series 2017-1A, Class B, 3.240% 5/25/29 (a)   29,729    29,240 
Series 2019-A, Class B, 3.780% 9/26/33 (a)   665,833    634,579 
CARS-DB4 LP, Series 2020-1A, Class B1          
4.170% 2/15/50 (a)   3,289,000    3,122,341 
Castlelake Aircraft Structured Trust, Series 2019-1A, Class B          
5.095% 4/15/39 (a)   707,996    458,441 
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD Term SOFR + 1.242%          
6.657% FRN 4/20/31 (a)   885,266    885,091 
CF Hippolyta Issuer LLC, Series 2020-1, Class B1          
2.280% 7/15/60 (a)   577,448    518,396 

 

 

 

 

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

 

   Principal
Amount
   Value 
Elara HGV Timeshare Issuer LLC          
Series 2017-A, Class B, 2.960% 3/25/30 (a)  $318,867   $312,656 
Series 2019-A, Class C, 3.450% 1/25/34 (a)   1,390,844    1,310,027 
Goodgreen Trust          
Series 2019-2A, Class A, 2.760% 4/15/55 (a)   1,939,538    1,660,281 
Series 2016-1A, Class A, 3.230% 10/15/52 (a)   727,844    656,733 
Series 2019-1A, Class A, 3.860% 10/15/54 (a)   1,565,320    1,414,622 
Hero Funding Trust          
Series 2017-3A, Class A1, 3.190% 9/20/48 (a)   528,428    459,278 
Series 2017-2A, Class A1, 3.280% 9/20/48 (a)   104,591    92,005 
Series 2016-4A, Class A1, 3.570% 9/20/47 (a)   257,159    234,703 
Series 2015-1A, Class A, 3.840% 9/21/40 (a)   170,206    158,350 
Series 2017-2A, Class A2, 4.070% 9/20/48 (a)   84,980    76,747 
Series 2018-1A, Class A2, 4.670% 9/20/48 (a)   681,722    641,060 
Hilton Grand Vacations Trust, Series 2019-AA, Class C          
2.840% 7/25/33 (a)   610,700    575,161 
Horizon Aircraft Finance III Ltd., Series 2019-2, Class B          
4.458% 11/15/39 (a)   1,757,143    823,962 
Mosaic Solar Loans LLC, Series 2017-1A, Class A          
4.450% 6/20/42 (a)   94,344    88,793 
Mosaic Solar Loans Trust, Series 2018-2GS, Class A          
4.200% 2/22/44 (a)   566,802    522,820 
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ARR, 3 mo. USD Term SOFR + 1.422%          
6.816% FRN 7/15/34 (a)   500,000    499,003 
Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class BR, 3 mo. USD Term SOFR + 1.762%          
7.158% FRN 4/19/30 (a)   500,000    499,971 
Newark BSL CLO 2 Ltd., Series 2017-1A, Class A2R, 3 mo. USD Term SOFR + 1.662%          
7.040% FRN 7/25/30 (a)   1,375,000    1,352,340 
Orange Lake Timeshare Trust          
Series 2016-A, Class B, 2.910% 3/08/29 (a)   116,438    112,421 
Series 2018-A, Class C, 3.740% 11/08/30 (a)   122,565    119,556 
Oxford Finance Funding LLC, Series 2020-1A, Class B          
4.037% 2/15/28 (a)   365,990    356,451 
PVOne LLC, Series 2023-1, Class A          
7.670% 9/17/35 (a)   1,000,002    1,004,056 
Rad CLO 1 Ltd., Series 2018-1A, Class BR, 3 mo. USD Term SOFR + 1.662%          
7.056% FRN 7/15/31 (a)   2,650,000    2,615,357 
Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class C          
3.510% 7/20/37 (a)   157,868    150,936 
Trafigura Securitisation Finance PLC, Series 2021-1A, Class B          
1.780% 1/15/25 (a)   4,048,000    3,792,510 
         36,597,405 
Student Loans Asset-Backed Securities — 6.0%          
Chase Education Loan Trust, Series 2007-A, Class B, 90 day USD SOFR Average + .482%          
5.835% FRN 3/28/68   344,836    319,183 
College Avenue Student Loans LLC, Series 2017-A, Class A1, 1 mo. USD Term SOFR + 1.764%          
7.120% FRN 11/26/46 (a)   351,845    354,602 
Commonbond Student Loan Trust          
Series 2017-AGS, Class B, 3.470% 5/25/41 (a)   236,872    204,622 
Series 2018-AGS, Class C, 3.820% 2/25/44 (a)   98,680    82,903 
Series 2018-BGS, Class C, 4.120% 9/25/45 (a)   80,965    64,535 

 

 

 

 

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

 

   Principal
Amount
   Value 
Series 2018-CGS, Class C, 4.350% 2/25/46 (a)  $37,950   $33,820 
Series 2017-AGS, Class C, 5.280% 5/25/41 (a)   149,221    137,612 
ELFI Graduate Loan Program LLC, Series 2018-A, Class B          
4.000% 8/25/42 (a)   214,648    196,094 
Goal Capital Funding Trust, Series 2010-1, Class A, 3 mo. USD LIBOR + 0.700%          
6.341% FRN 8/25/48 (a)   30,975    30,672 
Goal Structured Solutions Trust, Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500%          
6.970% FRN 9/25/43 (a)   100,000    87,788 
Laurel Road Prime Student Loan Trust          
Series 2019-A, Class BFX, 3.000% 10/25/48 (a)   1,210,820    1,139,056 
Series 2017-B, Class CFX, 3.610% 8/25/42 (a)   688,402    658,514 
Nelnet Student Loan Trust, Series 2018-5A, Class B, 1 mo. USD Term SOFR + 1.564%          
6.920% FRN 2/25/67 (a)   1,000,000    938,667 
SLM Student Loan Trust          
Series 2005-4, Class B, 90 day USD SOFR Average + 0.442% 5.776% FRN 7/25/55   453,933    424,791 
Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.806% FRN 10/25/40   388,896    360,909 
Series 2005-5, Class B, ABS, 90 day USD SOFR Average + 0.512% 5.846% FRN 10/25/40   488,621    431,832 
Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% 5.906% FRN 1/25/55   333,278    306,801 
Series 2004-1 Class B, 90 day USD SOFR Average + 0.762% 6.096% FRN 7/25/39   295,558    276,647 
Series 2003-4, Class B, 90 day USD SOFR Average + 0.912% 6.263% FRN 6/15/38   194,527    181,565 
Series 2003-11, Class B, 90 day USD SOFR Average + 0.912% 6.263% FRN 12/15/38   700,574    674,543 
SMB Private Education Loan Trust          
Series 2016-C, Class A2B, 1 mo. USD Term SOFR + 1.214% 6.576% FRN 9/15/34 (a)   29,651    29,581 
Series 2023-D, Class A1B, 30 day USD SOFR Average + 1.650% 6.988% FRN 9/15/53 (a)   983,451    992,720 
SoFi Alternative Trust, Series 2019-C, Class PT,          
5.669% VRN 1/25/45 (a) (d)   1,617,246    1,564,693 
SoFi Professional Loan Program LLC, Series 2019-A, Class BFX, ABS, 144A          
4.110% 6/15/48 (a)   870,000    782,303 
Wachovia Student Loan Trust, Series 2005-1, Class B, ABS, 90 day USD SOFR Average + 0.562%          
5.896% FRN 10/25/40   306,114    265,592 
         10,540,045 
Whole Loan Collateral Collateralized Mortgage Obligations — 11.3%          
Angel Oak Mortgage Trust, Series 2021-3, Class M1,          
2.479% VRN 5/25/66 (a) (d)   6,583,000    4,341,244 
Banc of America Mortgage Trust, Series 2004-G, Class 2A7,          
5.275% VRN 8/25/34 (d)   6,524    6,270 
Credit Suisse Mortgage Trust, Series 2021-NQM4, Class M1,          
2.472% VRN 5/25/66 (a) (d)   7,095,350    4,498,910 
Merrill Lynch Mortgage Investors Trust, Series 2004-A1, Class IIA2,          
4.918% VRN 2/25/34 (d)   35,597    33,112 
New Residential Mortgage Loan Trust, Series 2020-NQM1, Class M1,          
3.207% VRN 1/26/60 (a) (d)   2,252,000    1,965,274 
OBX Trust, Series 2021-NQM1, Class M1,          
2.219% VRN 2/25/66 (a) (d)   2,501,000    1,595,610 

 

 

 

 

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

 

   Principal
Amount
   Value 
TRK Trust, Series 2021-INV1, Class M1,          
2.585% VRN 7/25/56 (a) (d)  $1,222,000   $830,648 
Verus Securitization Trust          
Series 2021-1, Class M1, 1.968% VRN 1/25/66 (a) (d)   2,247,000    1,521,529 
Series 2019-INV3, Class M1, 3.279% VRN 11/25/59 (a) (d)   2,129,000    1,894,951 
Series 2020-4, Class M1, 3.291% VRN 5/25/65 (a) (d)   3,602,000    3,151,405 
         19,838,953 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $89,993,608)
        76,586,381 
           
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (e) — 0.1%          
Pass-Through Securities — 0.1%          
Federal Home Loan Mortgage Corp.
Pool #1Q0239 1 yr. CMT + 2.159% 4.762% 3/01/37
   47,653    48,103 
Federal National Mortgage Association
Pool #775539 Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 yr. + 1.641% 5.391% 5/01/34
   12,860    13,065 
Government National Mortgage Association
Pool #507545 7.500% 8/15/29
   16,543    17,156 
         78,324 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $78,044)
        78,324 
           
TOTAL BONDS & NOTES
(Cost $173,389,399)
        157,258,584 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $173,389,399)
        157,258,584 
           
SHORT-TERM INVESTMENTS — 8.3%          
Commercial Paper — 6.2%          
American Honda Finance Corp.          
5.728% 2/05/24   4,000,000    3,976,226 
Fortive Corp.          
5.738% 1/10/24 (a)   1,000,000    998,178 
VW Credit, Inc.          
5.865% 1/26/24 (a)   6,000,000    5,973,936 
         10,948,340 
           
   Number of
Shares
    
Investment of Cash Collateral from Securities Loaned — 0.9%          
State Street Navigator Securities Lending Government Money Market Portfolio (f)   1,608,900    1,608,900 
           
   Principal
Amount
    
Repurchase Agreement — 1.2%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (g)  $2,155,252   2,155,252 

 

 

 

 

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

 

       Value 
TOTAL SHORT-TERM INVESTMENTS
(Cost $14,713,624)
       $14,712,492 
           
TOTAL INVESTMENTS — 98.0%
(Cost $188,103,023) (h)
        171,971,076 
           
Other Assets/(Liabilities) — 2.0%        3,474,259 
           
NET ASSETS — 100.0%       $175,445,335 

 

Abbreviation Legend

CLO Collateralized Loan Obligation
CMT Constant Maturity Treasury Index
FRN Floating Rate Note
LIBOR London InterBank Offered Rate
SOFR Secured Overnight Financing Rate
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, 2023, the aggregate market value of these securities amounted to $118,081,052 or 67.30% of net assets.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $1,575,764 or 0.90% of net assets. (Note 2).
(c) Restricted security. Certain securities are restricted to resale. At December 31, 2023, these securities amounted to a value of $791,885 or 0.45% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.
(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, 2023.
(e) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(f) Represents investment of security lending cash collateral. (Note 2).
(g) Maturity value of $2,155,635. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $2,198,409.
(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 Note 2 Year  3/28/24   404   $82,342,407  $846,874 
Short               
U.S. Treasury Long Bond  3/19/24   6   $(689,324)  $(60,301) 
U.S. Treasury Ultra 10 Year  3/19/24   94    (10,553,394)   (540,075) 
U.S. Treasury Ultra Bond  3/19/24   1    (121,012)   (12,582) 
U.S. Treasury Note 5 Year  3/28/24   278    (29,486,682)    (752,334) 
                $(1,365,292) 

 

Centrally Cleared Credit Default Swaps - Buy Protection
Reference
Obligation/Index
  Rate Paid by Fund  Payment Frequency   Termination Date   Notional
Amount
  Value   Upfront
Premium
Paid/
(Received)
   Unrealized Appreciation (Depreciation) 
CDX.NA.IG Series 41†  1.000%   Quarterly    12/20/28   USD   22,000,000   $(427,526)   $(315,457)   $(112,069) 

 

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 3.965%    Annually    6/23/25   USD   10,000,000   $(62,582)   $   $(62,582)
12-Month USD SOFR  Annually   Fixed 3.815%    Annually    6/30/25   USD   8,350,000    (69,102)        (69,102)
12-Month USD SOFR  Annually   Fixed 3.749%    Annually    7/14/25   USD   8,374,000    (75,760)        (75,760)
12-Month USD SOFR  Annually   Fixed 3.618%    Annually    8/07/25   USD   9,049,000    (96,912)        (96,912)
Fixed 3.293%  Annually   12-Month USD SOFR    Annually    6/23/33   USD   2,000,000    25,668        25,668
Fixed 3.223%  Annually   12-Month USD SOFR    Annually    6/30/33   USD   2,100,000    38,807        38,807
Fixed 3.086%  Annually   12-Month USD SOFR    Annually    7/14/33   USD   2,092,000    61,941        61,941
Fixed 3.107%  Annually   12-Month USD SOFR    Annually    8/07/33   USD   2,005,000    56,408        56,408 
                             $(121,532)   $   $(121,532)

 

Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index.

 

Currency Legend

USD U.S. Dollar

 

 

 

 

MassMutual Inflation-Protected and Income Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Principal
Amount
   Value 
BONDS & NOTES — 75.0%          
           
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 46.9%          
Automobile Asset-Backed Securities — 9.7%          
BOF URSA VI Funding Trust I, Series 2023-CAR2, Class A2          
5.542% 10/27/31 (a)  $2,396,991   $2,386,465 
Carvana Auto Receivables Trust, Series 2020-N3, Class B          
0.660% 6/12/28   1,228,887    1,143,771 
Drive Auto Receivables Trust          
Series 2021-1, Class C, 1.020% 6/15/27   490,993    487,762 
Series 2021-3, Class C, 1.470% 1/15/27   3,445,000    3,375,572 
Exeter Automobile Receivables Trust          
Series 2020-2A, Class D, 4.730% 4/15/26 (a)   1,282,266    1,276,323 
Series 2023-5A, Class A2, 6.200% 4/15/26   900,000    900,841 
Hertz Vehicle Financing LLC, Series 2021-1A, Class D          
3.980% 12/26/25 (a)   4,600,000    4,408,363 
OneMain Direct Auto Receivables Trust, Series 2022-1A, Class C          
5.310% 6/14/29 (a)   1,100,000    1,054,196 
Santander Drive Auto Receivables Trust, Series 2021-2, Class D          
1.350% 7/15/27   5,000,000    4,812,941 
Westlake Automobile Receivables Trust          
Series 2020-3A, Class D, 1.650% 2/17/26 (a)   2,779,000    2,726,536 
Series 2023-4A, Class A2, 6.230% 1/15/27 (a)   1,800,000    1,809,993 
         24,382,763 
Commercial Mortgage-Backed Securities — 8.2%          
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD Term SOFR + 1.797%          
7.159% FRN 7/15/35 (a)   1,150,000    1,128,947 
BX Commercial Mortgage Trust, Series 2019-XL, Class F, 1 mo. USD Term SOFR + 2.114%          
7.476% FRN 10/15/36 (a)   2,082,500    2,066,881 
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD Term SOFR + 1.797%          
7.409% FRN 12/15/37 (a)   250,836    248,013 
COMM Mortgage Trust, Series 2015-LC19, Class D          
2.867% 2/10/48 (a)   2,457,000    1,952,021 
Credit Suisse Mortgage Capital Certificates          
Series 2019-ICE4, Class D, 1 mo. USD Term SOFR + 1.647% 7.009% FRN 5/15/36 (a)   5,985,110    5,966,405 
Series 2019-ICE4, Class E, 1 mo. USD Term SOFR + 2.197% 7.559% FRN 5/15/36 (a)   3,596,053    3,571,330 
KNDL Mortgage Trust, Series 2019-KNSQ, Class D, 144A, 1 mo. USD Term SOFR + 1.546%          
6.908% FRN 5/15/36 (a)   2,500,000    2,470,312 
Ready Capital Mortgage Financing LLC, Series 2023-FL12, Class A, 1 mo. USD Term SOFR + 2.335%          
7.691% FRN 5/25/38 (a)   2,987,121    2,987,104 
         20,391,013 

 

 

 

 

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

 

   Principal
Amount
   Value 
Home Equity Asset-Backed Securities — 0.5%          
Home Equity Asset Trust, Series 2005-9, Class M1, 1 mo. USD Term SOFR + 0.729%          
6.085% FRN 4/25/36  $1,215,855   $1,184,473 
Other Asset-Backed Securities — 14.9%          
321 Henderson Receivables I LLC, Series 2006-3A, Class A1, 1 mo. USD Term SOFR + 0.314%          
5.676% FRN 9/15/41 (a)   35,328    34,810 
Affirm Asset Securitization Trust          
Series 2021-Z1, Class A, 1.070% 8/15/25 (a)   1,584,326    1,564,955 
Series 2021-Z2, Class A, 1.170% 11/16/26 (a)   360,544    353,839 
Series 2022-X1, Class A, 1.750% 2/15/27 (a)   368,798    362,907 
Series 2023-X1, Class A, 7.110% 11/15/28 (a)   870,000    872,476 
BHG Securitization Trust          
Series 2021-B, Class A, 0.900% 10/17/34 (a)   605,759    587,899 
Series 2022-C, Class A, 5.320% 10/17/35 (a)   2,204,575    2,189,010 
Series 2023-A, Class A, 5.550% 4/17/36 (a)   2,902,160    2,886,603 
Cascade Funding Mortgage Trust, Series 2021-EBO1, Class A,          
0.985% VRN 11/25/50 (a) (b)   1,195,624    1,111,178 
Elara HGV Timeshare Issuer LLC, Series 2017-A, Class C          
3.310% 3/25/30 (a)   178,349    174,728 
FCI Funding LLC          
Series 2021-1A, Class A, 1.130% 4/15/33 (a)   567,796    559,850 
Series 2021-1A, Class B, 1.530% 4/15/33 (a)   339,310    334,162 
First Franklin Mortgage Loan Trust, Series 2006-FF15, Class A5, 1 mo. USD Term SOFR + 0.274%          
5.630% FRN 11/25/36   286,094    280,630 
FNA VI LLC, Series 21-1A, Class A          
1.350% 1/10/32 (a)   2,449,439    2,235,086 
Gracie Point International Funding          
Series 2022-1A, Class C, 30 day USD SOFR Average + 3.500% 0.000% FRN 4/01/24 (a)   2,300,000    2,299,992 
Series 2022-3A, Class B, 30 day USD SOFR Average + 4.000% 9.331% FRN 11/01/24 (a)   2,500,000    2,506,061 
Series 2022-1A, Class E, 30 day USD SOFR Average + 5.750% 11.081% FRN 4/01/24 (a)   1,287,000    1,286,993 
Hilton Grand Vacations Trust, Series 2022-2A, Class C          
5.570% 1/25/37 (a)   1,080,296    1,052,478 
JP Morgan Mortgage Acquisition Trust, Series 2007-CH3, Class A5, 1 mo. USD Term SOFR + 0.374%          
5.730% FRN 3/25/37   230,211    224,311 
KREF Ltd., Series 2021-FL2, Class D, 1 mo. USD Term SOFR + 2.314%          
7.676% FRN 2/15/39 (a)   900,000    802,802 
Marlette Funding Trust, Series 2023-2A, Class A          
6.040% 6/15/33 (a)   1,163,654    1,160,915 
MVW Owner Trust, Series 2018-1A, Class A          
3.450% 1/21/36 (a)   350,642    345,267 
NP SPE II LLC, Series 2019-1A, Class A1          
2.574% 9/20/49 (a)   121,924    115,887 
Oportun Funding LLC, Series 2022-1, Class A          
3.250% 6/15/29 (a)   209,297    208,443 
Orange Lake Timeshare Trust          
Series 2016-A, Class A, 2.610% 3/08/29 (a)   122,499    119,037 
Series 2016-A, Class B, 2.910% 3/08/29 (a)   162,321    156,721 
Pagaya AI Debt Trust, Series 2022-1, Class A          
2.030% 10/15/29 (a)   3,203,201    3,157,751 

 

 

 

 

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

 

   Principal
Amount
   Value 
PFS Financing Corp., Series 2021-B, Class B          
1.090% 8/15/26 (a)  $1,878,000   $1,819,120 
PVOne LLC, Series 2023-1, Class A          
7.670% 9/17/35 (a)   1,172,730    1,177,484 
Reach Financial LLC, Series 2023-1A, Class A          
7.050% 2/18/31 (a)   3,503,347    3,512,870 
Sierra Timeshare Receivables Funding LLC          
Series 2019-3A, Class C, 3.000% 8/20/36 (a)   427,794    412,901 
Series 2019-2A, Class C, 3.120% 5/20/36 (a)   382,718    372,905 
Series 2019-1A, Class C, 3.770% 1/20/36 (a)   122,543    120,929 
Series 2019-3A, Class D, 4.180% 8/20/36 (a)   385,876    371,223 
Series 2019-1A, Class D, 4.750% 1/20/36 (a)   282,871    278,243 
Structured Asset Investment Loan Trust, Series 2005-2, Class M2, 1 mo. USD Term SOFR + 0.849%          
6.205% FRN 3/25/35   86,170    85,912 
Structured Asset Securities Corp. Mortgage Loan Trust          
Series 2006-BC6, Class A4, 1 mo. USD Term SOFR + 0.284% 5.640% FRN 1/25/37   139,548    137,056 
Series 2006-WF1, Class M4, 1 mo. USD Term SOFR + 0.759% 6.115% FRN 2/25/36   124,154    123,786 
Trafigura Securitisation Finance PLC, Series 2021-1A, Class B          
1.780% 1/15/25 (a)   1,800,000    1,686,393 
Upstart Securitization Trust, Series 2021-4, Class A          
0.840% 9/20/31 (a)   191,513    190,679 
         37,274,292 
Student Loans Asset-Backed Securities — 4.9%          
College Loan Corp. Trust, Series 2005-2, Class B, 90 day USD SOFR Average + 0.752%          
6.054% FRN 1/15/37   166,262    144,767 
Commonbond Student Loan Trust          
Series 2021-AGS, Class B, 1.400% 3/25/52 (a)   139,416    107,419 
Series 2018-CGS, Class C, 4.350% 2/25/46 (a)   9,831    8,761 
Series 2019-AGS, Class A2, 1 mo. USD Term SOFR + 1.014% 6.370% FRN 1/25/47 (a)   185,701    181,539 
ELFI Graduate Loan Program LLC, Series 2018-A, Class A1, 1 mo. USD Term SOFR + 0.864%          
6.220% FRN 8/25/42 (a)   310,983    305,483 
Goal Capital Funding Trust, Series 2010-1, Class A, 3 mo. USD LIBOR + 0.700%          
6.341% FRN 8/25/48 (a)   56,198    55,648 
JP Morgan Student Loan Trust, Series 2007-A, Class B, 90 day USD SOFR Average + 0.612%          
5.951% FRN 6/28/39 (a)   172,735    154,229 
Laurel Road Prime Student Loan Trust          
Series 2019-A, Class A1FX, 2.340% 10/25/48 (a)   68,494    67,096 
Series 2018-B, Class A2FX, 3.540% 5/26/43 (a)   101,522    100,961 
Series 2017-C, Class A1, 1 mo. USD Term SOFR + 0.664% 6.020% FRN 11/25/42 (a)   29,287    29,237 
Navient Private Education Refi Loan Trust          
Series 2021-A, Class A, 0.840% 5/15/69 (a)   4,360,665    3,821,819 
Series 2020-HA, Class A, 1.310% 1/15/69 (a)   967,276    884,886 
Navient Student Loan Trust, Series 2016-7A, Class A, 30 day USD SOFR Average + 1.264%          
6.602% FRN 3/25/66 (a)   1,127,542    1,131,409 
Nelnet Student Loan Trust          
Series 2005-2, Class B, 90 day USD SOFR Average + 0.432% 5.784% FRN 3/23/37   523,365    466,237 

 

 

 

 

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

 

   Principal
Amount
   Value 
Series 2006-2, Class B, 90 day USD SOFR Average + 0.462% 5.796% FRN 1/25/38  $269,434   $226,774 
Series 2006-3, Class B, 90 day USD SOFR Average + 0.512% 5.864% FRN 6/25/41   135,322    117,689 
Series 2004-3, Class B, 90 day USD SOFR Average + 0.612% 5.946% FRN 10/25/40   545,845    483,671 
Series 2014-2A, Class B, 30 day USD SOFR Average + 1.614% 6.952% FRN 6/25/41 (a)   295,000    278,097 
SLC Student Loan Trust          
Series 2006-2, Class B, 90 day USD SOFR Average + 0.492% 5.843% FRN 12/15/39   184,323    162,511 
Series 2005-2, Class B, 90 day USD SOFR Average + 0.542% 5.893% FRN 3/15/40   617,191    563,448 
SLM Student Loan Trust          
Series 2006-4, Class B, 90 day USD SOFR Average + 0.462% 5.796% FRN 1/25/70   128,147    120,020 
Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.806% FRN 10/25/40   200,789    186,339 
Series 2006-2, Class B, 90 day USD SOFR Average + 0.482% 5.816% FRN 1/25/41   226,261    208,915 
Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% 5.906% FRN 1/25/55   199,967    184,080 
Series 2004-3, Class B, 90 day USD SOFR Average + 0.732% 6.066% FRN 10/25/64   127,385    119,049 
Series 2003-11, Class B, 90 day USD SOFR Average + 0.912% 6.263% FRN 12/15/38   142,008    136,732 
SMB Private Education Loan Trust          
Series 2019-A, Class A2B, 1 mo. USD Term SOFR + 0.984% 6.346% FRN 7/15/36 (a)   690,530    684,457 
Series 2014-A, Class A3, 1 mo. USD Term SOFR + 1.614% 6.976% FRN 4/15/32 (a)   305,733    305,834 
SoFi Alternative Trust, Series 2019-C, Class PT,          
5.669% VRN 1/25/45 (a) (b)   408,912    395,624 
SoFi Professional Loan Program LLC, Series 2018-D, Class A2FX          
3.600% 2/25/48 (a)   559,565    541,624 
         12,174,355 
Whole Loan Collateral Collateralized Mortgage Obligations — 8.7%          
Angel Oak Mortgage Trust, Series 2022-2, Class A1,          
3.353% VRN 1/25/67 (a) (b)   2,029,251    1,850,146 
BRAVO Residential Funding Trust, Series 2021-NQM2, Class A3,          
1.435% VRN 3/25/60 (a) (b)   556,047    510,291 
CIM Trust, Series 2019-INV3, Class A11, 30 day USD SOFR Average + 1.064%          
5.500% FRN 8/25/49 (a)   667,658    630,174 
COLT Mortgage Loan Trust, Series 2022-1, Class A1,          
2.284% VRN 12/27/66 (a) (b)   7,742,887    6,880,350 
Deephaven Residential Mortgage Trust, Series 2021-1, Class A3,          
1.128% VRN 5/25/65 (a) (b)   346,189    312,962 
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, 1 mo. USD Term SOFR + 0.864%          
6.220% FRN 5/25/55 (a)   4,621,933    4,623,840 
OBX Trust          
Series 2021-NQM2, Class A2, 1.357% VRN 5/25/61 (a) (b)   586,615    460,207 
Series 2020-EXP1, Class 2A2, 1 mo. USD Term SOFR + 1.064% 6.420% FRN 2/25/60 (a)   313,463    294,502 
PSMC Trust, Series 2020-2, Class A2,          
3.000% VRN 5/25/50 (a) (b)   775,486    685,449 

 

 

 

 

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

 

   Principal
Amount
   Value 
STAR Trust, Series 2021-1, Class A3,          
1.528% VRN 5/25/65 (a) (b)  $3,064,877   $2,682,319 
Starwood Mortgage Residential Trust          
Series 2020-1, Class M1, 2.878% VRN 2/25/50 (a) (b)   1,000,000    802,439 
Series 2019-INV1, Class A3, 2.916% VRN 9/27/49 (a) (b)   1,106,381    1,056,339 
Verus Securitization Trust          
Series 2021-3, Class A3, 1.437% VRN 6/25/66 (a) (b)   848,551    708,347 
Series 2019-INV2, Class A3, 4.219% VRN 7/25/59 (a) (b)   264,922    256,893 
         21,754,258 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $120,643,253)
        117,161,154 
           
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (c) — 12.3%          
Whole Loans — 12.3%          
Federal Home Loan Mortgage Corp. STACR REMICS Trust          
Series 2021-DNA6, Class M1, 30 day USD SOFR Average + 0.800% 6.137% FRN 10/25/41 (a)   3,626,870    3,619,429 
Series 2021-HQA3, Class M1, 30 day USD SOFR Average + 0.850% 6.187% FRN 9/25/41 (a)   6,895,991    6,831,257 
Series 2021-DNA7, Class M1, 30 day USD SOFR Average + 0.850% 6.187% FRN 11/25/41 (a)   1,512,078    1,503,515 
Series 2022-DNA1, Class M1A, 30 day USD SOFR Average + 1.000% 6.337% FRN 1/25/42 (a)   534,161    532,409 
Series 2022-DNA2, Class M1A, 30 day USD SOFR Average + 1.300% 6.637% FRN 2/25/42 (a)   2,253,724    2,254,715 
Series 2020-DNA1, Class M2, 30 day USD SOFR Average + 1.814% 7.152% FRN 1/25/50 (a)   712,314    717,544 
Series 2022-DNA3, Class M1A, 30 day USD SOFR Average + 2.000% 7.337% FRN 4/25/42 (a)   2,608,157    2,633,113 
Series 2018-DNA3, Class M2A, 30 day USD SOFR Average + 2.214% 7.552% FRN 9/25/48 (a)   432,482    435,429 
Series 2020-DNA5, Class M2, 30 day USD SOFR Average + 2.800% 8.137% FRN 10/25/50 (a)   394,329    400,067 
Series 2022-DNA5, Class M1A, 30 day USD SOFR Average + 2.950% 8.287% FRN 6/25/42 (a)   2,590,026    2,651,807 
Federal National Mortgage Association Connecticut Avenue Securities          
Series 2022-R05, Class 2M1, 30 day USD SOFR Average + 1.900% 7.237% FRN 4/25/42 (a)   682,511    686,653 
Series 2023-R05, Class 1M1, 30 day USD SOFR Average + 1.900% 7.237% FRN 6/25/43 (a)   1,242,975    1,251,695 
Series 2023-R03, Class 2M1, 30 day USD SOFR Average + 2.500% 7.837% FRN 4/25/43 (a)   2,672,458    2,712,445 
Series 2022-R07, Class 1M1, 30 day USD SOFR Average + 2.950% 8.287% FRN 6/25/42 (a)   4,295,034    4,423,890 
         30,653,968 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $30,600,042)
        30,653,968 
           
U.S. TREASURY OBLIGATIONS — 15.8%          
U.S. Treasury Bonds & Notes — 15.8%          
U.S. Treasury Inflation-Indexed Bonds          
0.125% 2/15/51   768,151    474,963 
0.125% 2/15/52   994,725    609,078 

 

 

 

 

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

 

   Principal
Amount
   Value 
0.250% 2/15/50  $718,044   $467,592 
0.625% 2/15/43   669,115    522,325 
0.750% 2/15/42   953,141    772,074 
0.750% 2/15/45   1,228,185    959,528 
0.875% 2/15/47   764,748    602,172 
1.000% 2/15/46   649,255    530,704 
1.000% 2/15/48   249,538    201,173 
1.000% 2/15/49   495,194    398,246 
1.375% 2/15/44   924,112    825,442 
1.500% 2/15/53   724,542    656,078 
2.125% 2/15/40   213,525    219,198 
2.125% 2/15/41   365,292    374,955 
2.375% 1/15/27   533,988    538,702 
2.500% 1/15/29   931,483    962,820 
3.375% 4/15/32   346,676    387,788 
3.875% 4/15/29   1,778,001    1,959,717 
U.S. Treasury Inflation-Indexed Notes          
0.125% 4/15/27   1,416,623    1,331,062 
0.125% 1/15/30   1,554,618    1,408,889 
0.125% 7/15/30   1,620,027    1,463,373 
0.125% 1/15/31   1,772,895    1,582,253 
0.125% 7/15/31   2,066,310    1,836,720 
0.125% 1/15/32   1,997,874    1,754,417 
0.250% 7/15/29   1,443,384    1,333,794 
0.375% 1/15/27   1,018,960    968,257 
0.375% 7/15/27   1,635,101    1,553,587 
0.500% 1/15/28   1,871,010    1,770,318 
0.625% 7/15/32   2,117,900    1,934,536 
0.750% 7/15/28 (d)   1,495,378    1,430,964 
1.125% 1/15/33   2,065,800    1,954,036 
1.250% 4/15/28   2,051,520    1,997,935 
1.375% 7/15/33   2,026,120    1,964,157 
1.625% 10/15/27   2,856,260    2,834,397 
2.375% 10/15/28   1,004,510    1,034,602 
         39,615,852 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $42,070,163)
        39,615,852 
           
TOTAL BONDS & NOTES
(Cost $193,313,458)
        187,430,974 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $193,313,458)
        187,430,974 
           
SHORT-TERM INVESTMENTS — 24.3%          
Commercial Paper — 22.9%          
3M Co.          
6.138% 3/20/24 (a)   5,000,000    4,935,850 
American Electric Power Co., Inc.          
5.995% 5/22/24 (a)   2,000,000    1,954,967 
AT&T, Inc.          
6.119% 3/19/24 (a)   3,000,000    2,962,213 
Avangrid, Inc.          
5.590% 1/12/24 (a)   5,000,000    4,989,045 
Bayer Corp.          
6.361% 8/15/24 (a)   2,000,000    1,922,384 

 

 

 

 

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

 

   Principal
Amount
   Value 
6.388% 7/24/24 (a)  $3,000,000   $2,894,685 
CRH America Finance, Inc.          
6.078% 6/14/24 (a)   5,000,000    4,870,332 
DENTSPLY SIRONA, Inc.          
5.751% 1/09/24 (a)   2,000,000    1,996,664 
DTE Energy Co.          
5.652% 1/23/24 (a)   4,000,000    3,984,548 
ERAC USA Finance LLC          
5.838% 2/22/24 (a)   5,000,000    4,955,635 
Fortive Corp.          
5.795% 2/07/24 (a)   5,000,000    4,968,815 
Humana, Inc.          
5.706% 1/09/24 (a)   5,000,000    4,991,412 
Hyundai Capital America          
5.812% 3/01/24 (a)   2,000,000    1,980,249 
Kinder Morgan, Inc.          
5.853% 1/16/24 (a)   2,000,000    1,994,178 
L3harris Technologies, Inc.          
6.407% 8/27/24 (a)   3,000,000    2,884,402 
VW Credit, Inc.          
6.028% 5/02/24 (a)   5,000,000    4,902,436 
         57,187,815 
Repurchase Agreement — 1.4%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (e)  3,536,832   3,536,832 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $60,739,345)
        60,724,647 
           
TOTAL INVESTMENTS — 99.3%
(Cost $254,052,803) (f)
        248,155,621 
           
Other Assets/(Liabilities) — 0.7%        1,750,118 
           
NET ASSETS — 100.0%       $249,905,739 

 

Abbreviation Legend

FRN Floating Rate Note
LIBOR London InterBank Offered Rate
REMICS Real Estate Mortgage Investment Conduits
SOFR Secured Overnight Financing Rate
VRN Variable Rate Note

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2023, the aggregate market value of these securities amounted to $189,125,650 or 75.68% 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, 2023.
(c) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(d) All or a portion of this security is pledged/held as collateral for open derivatives.
(e) Maturity value of $3,537,460. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $3,607,586.
(f) 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  3/19/24   4   $(490,987)  $(8,763) 
U.S. Treasury Ultra Bond  3/19/24   2    (256,681)   (10,507) 
U.S. Treasury Note 2 Year  3/28/24   275    (56,087,505)   (538,862) 
U.S. Treasury Note 5 Year  3/28/24   6    (651,075)    (1,566) 
                $(559,698) 

 

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 3.725%    Annually    7/14/25   USD   19,200,000   $(180,466)   $   $(180,466)
12-Month USD SOFR  Annually   Fixed 4.994%    Annually    10/06/25   USD   9,000,000    119,177        119,177
12-Month USD SOFR  Annually   Fixed 5.093%    Annually    10/20/25   USD   20,000,000    313,183        313,183
12-Month USD SOFR  Annually   Fixed 4.525%    Annually    10/30/25   USD   38,900,000    244,094        244,094
12-Month USD SOFR  Annually   Fixed 4.706%    Annually    11/07/25   USD   15,000,000    146,778        146,778
Fixed 2.260%  Maturity   U.S. Consumer Price Index    Maturity    12/04/25   USD   9,000,000    (41,066)        (41,066)
Fixed 2.219%  Maturity   U.S. Consumer Price Index    Maturity    12/18/25   USD   4,500,000    (15,693)        (15,693)
Fixed 2.490%  Maturity   U.S. Consumer Price Index    Maturity    7/31/26   USD   6,000,000    (28,578)        (28,578)
Fixed 2.482%  Maturity   U.S. Consumer Price Index    Maturity    9/07/26   USD   3,000,000    (18,141)        (18,141)
Fixed 3.067%  Annually   12-Month USD SOFR    Annually    7/14/33   USD   4,300,000    133,906        133,906
Fixed 3.541%  Annually   12-Month USD SOFR    Annually    10/30/33   USD   8,800,000    (64,235)        (64,235) 
                             $608,959   $   $608,959

 

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
+ 23.0 BP
  Maturity   Bloomberg US Treasury Inflation Notes TR Index  Maturity  Barclays PLC  5/31/24  61,094,468   $1,644,658  $   $1,644,658
Fed Funds
+ 15.0 BP
  Maturity   Bloomberg US Treasury Inflation Notes TR Index  Maturity  BNP Paribas SA  2/28/24  66,460,295    1,846,413       1,846,413
Fed Funds
+ 12.0 BP
  Maturity   Bloomberg US Treasury Inflation Notes TR Index  Maturity  Goldman Sachs International  2/28/24  13,205,774    366,885       366,885
Fed Funds
+ 22.0 BP
  Maturity   Bloomberg US Treasury Inflation Notes TR Index  Maturity  Goldman Sachs International  4/30/24  45,782,736    2,506,201       2,506,201
                         $6,364,157   $   $6,364,157 

 

 

Currency Legend

USD U.S. Dollar

 

 

 

MassMutual Core Bond Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Principal
Amount
   Value 
BONDS & NOTES — 99.3%          
           
CORPORATE DEBT — 37.4%          
Aerospace & Defense — 0.1%          
Boeing Co.          
5.930% 5/01/60  $710,000   $735,198 
Agriculture — 0.7%          
BAT Capital Corp.          
3.462% 9/06/29   1,125,000    1,036,323 
Imperial Brands Finance PLC          
3.875% 7/26/29 (a)   1,627,000    1,517,887 
Reynolds American, Inc.          
5.850% 8/15/45   1,025,000    959,458 
Viterra Finance BV          
3.200% 4/21/31 (a)   1,540,000    1,327,124 
         4,840,792 
Airlines — 0.2%          
Spirit Airlines Pass-Through Trust, Series 2015-1A, Class A,          
4.100% 10/01/29   971,578    891,641 
United Airlines Pass-Through Trust, Series 2018-1, Class B,          
4.600% 9/01/27   292,888    278,132 
         1,169,773 
Apparel — 0.1%          
Tapestry, Inc.          
7.000% 11/27/26   531,000    550,478 
Auto Manufacturers — 0.2%          
General Motors Co.          
5.150% 4/01/38   785,000    743,114 
General Motors Financial Co., Inc.          
3.100% 1/12/32   815,000    693,864 
         1,436,978 
Banks — 8.7%          
ABN AMRO Bank NV          
4.750% 7/28/25 (a)   2,100,000    2,057,706 
AIB Group PLC Secured Overnight Financing Rate + 2.330%          
6.608% VRN 9/13/29 (a)   1,653,000    1,741,356 
Bank of America Corp.          
5 yr. CMT + 1.200% 2.482% VRN 9/21/36   1,930,000    1,528,692 
3 mo. USD Term SOFR + 1.302% 3.419% VRN 12/20/28   1,625,000    1,530,635 
5 yr. CMT + 2.000% 3.846% VRN 3/08/37   2,225,000    1,953,563 
Secured Overnight Financing Rate + 1.840% 5.872% VRN 9/15/34   1,275,000    1,334,632 
7.750% 5/14/38   1,055,000    1,283,105 
Bank of Montreal 5 yr. CMT + 2.979%          
4.800% VRN (b)   1,550,000    1,493,200 

 

 

 

 

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Bank of Nova Scotia 3 mo. USD Term SOFR + 2.910%          
8.335% VRN (b)  $3,550,000   $3,209,607 
Barclays PLC          
5 yr. CMT + 5.867% 6.125% VRN (b)   775,000    741,256 
5 yr. CMT + 5.431% 8.000% VRN (b)   1,368,000    1,342,572 
BNP Paribas SA 5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.149%          
6.625% VRN (a) (b)   1,860,000    1,846,078 
BPCE SA Secured Overnight Financing Rate + 1.730%          
3.116% VRN 10/19/32 (a)   2,080,000    1,695,971 
Credit Agricole SA Secured Overnight Financing Rate + 1.860%          
6.316% VRN 10/03/29 (a)   1,097,000    1,148,954 
Discover Bank 5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 1.730%          
5.974% VRN 8/09/28   3,128,000    3,012,858 
Goldman Sachs Group, Inc. Secured Overnight Financing Rate + 1.410%          
3.102% VRN 2/24/33   1,550,000    1,330,543 
HSBC Holdings PLC          
Secured Overnight Financing Rate + 1.285% 2.206% VRN 8/17/29   1,355,000    1,182,814 
Secured Overnight Financing Rate + 1.970% 6.161% VRN 3/09/29   1,845,000    1,905,124 
Huntington Bancshares, Inc.          
5 yr. CMT + 1.170% 2.487% VRN 8/15/36   257,000    194,226 
2.625% 8/06/24   1,075,000    1,054,902 
ING Groep NV 5 yr. USD ICE Swap + 4.204%          
6.750% VRN (a) (b)   1,325,000    1,316,719 
JP Morgan Chase & Co.          
3 mo. USD Term SOFR + 2.515% 2.956% VRN 5/13/31   1,350,000    1,186,344 
5.600% 7/15/41   1,225,000    1,302,065 
Lloyds Banking Group PLC          
5 yr. USD Swap + 4.760% 7.500% VRN (b)   2,325,000    2,301,523 
1 yr. CMT + 3.750% 7.953% VRN 11/15/33   1,075,000    1,228,827 
Macquarie Bank Ltd. 5 yr. CMT + 1.700%          
3.052% VRN 3/03/36 (a)   3,525,000    2,836,737 
Morgan Stanley          
Secured Overnight Financing Rate + 1.360% 2.484% VRN 9/16/36   1,410,000    1,117,548 
Secured Overnight Financing Rate + 2.620% 5.297% VRN 4/20/37   2,660,000    2,588,439 
National Australia Bank Ltd. 5 yr. CMT + 1.700%          
3.347% VRN 1/12/37 (a)   3,060,000    2,539,365 
NatWest Group PLC 5 yr. CMT + 2.100%          
3.754% VRN 11/01/29   725,000    707,211 
Societe Generale SA 5 yr. USD ICE Swap + 5.873%          
8.000% VRN (a) (b)   1,975,000    1,973,532 
SVB Financial Group          
4.250% (b)   301,000    2,559 
Swedbank AB 5 yr. CMT + 4.134%          
5.625% VRN (a) (b)   1,200,000    1,177,500 
Synovus Bank          
5.625% 2/15/28   1,531,000    1,470,980 
Toronto-Dominion Bank 5 yr. CMT + 4.075%          
8.125% VRN 10/31/82   1,642,000    1,708,976 
UBS Group AG          
Secured Overnight Financing Rate Index + 0.980% 1.305% VRN 2/02/27 (a)   2,000,000    1,830,453 
1 yr. CMT + 1.800% 6.246% VRN 9/22/29 (a)   819,000    854,340 
Secured Overnight Financing Rate + 3.340% 6.373% VRN 7/15/26 (a)   888,000    897,865 
US Bancorp Secured Overnight Financing Rate + 2.260%          
5.836% VRN 6/12/34   1,096,000    1,130,551 

 

 

 

 

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Wells Fargo & Co. Secured Overnight Financing Rate + 1.790%          
6.303% VRN 10/23/29  $1,625,000   $1,712,623 
         61,471,951 
Beverages — 0.3%          
Bacardi Ltd./Bacardi-Martini BV          
5.900% 6/15/43 (a)   437,000    441,788 
Molson Coors Beverage Co.          
4.200% 7/15/46   1,479,000    1,260,271 
5.000% 5/01/42   350,000    336,975 
         2,039,034 
Biotechnology — 0.2%          
Amgen, Inc.          
5.600% 3/02/43   972,000    1,004,378 
5.750% 3/02/63   725,000    760,629 
         1,765,007 
Chemicals — 0.5%          
Celanese US Holdings LLC          
6.165% 7/15/27   975,000    999,722 
International Flavors & Fragrances, Inc.          
1.832% 10/15/27 (a)   1,300,000    1,139,168 
LYB International Finance III LLC          
4.200% 5/01/50   1,475,000    1,174,324 
         3,313,214 
Diversified Financial Services — 3.3%          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust          
3.300% 1/30/32   2,060,000    1,792,879 
Antares Holdings LP          
2.750% 1/15/27 (a)   985,000    872,621 
3.950% 7/15/26 (a)   2,725,000    2,534,422 
8.500% 5/18/25 (a)   1,185,000    1,203,592 
ARES Finance Co. III LLC 5 yr. CMT + 3.237%          
4.125% VRN 6/30/51 (a)   1,875,000    1,588,985 
ARES Finance Co. LLC          
4.000% 10/08/24 (a)   2,380,000    2,329,211 
Avolon Holdings Funding Ltd.          
2.528% 11/18/27 (a)   2,970,000    2,630,946 
3.250% 2/15/27 (a)   1,945,000    1,798,815 
4.250% 4/15/26 (a)   1,746,000    1,686,311 
Blue Owl Finance LLC          
3.125% 6/10/31 (a)   1,930,000    1,590,789 
4.125% 10/07/51 (a)   1,219,000    810,122 
Charles Schwab Corp.          
5 yr. CMT + 3.168% 4.000% VRN (b)   2,075,000    1,829,069 
Secured Overnight Financing Rate + 2.500% 5.853% VRN 5/19/34   989,000    1,020,897 
Global Aircraft Leasing Co. Ltd.          
6.500% 9/15/24 (a)   1,919,474    1,804,306 
         23,492,965 
Electric — 1.9%          
Algonquin Power & Utilities Corp. 5 yr. CMT + 3.249%          
4.750% VRN 1/18/82   825,000    697,125 

 

 

 

 

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Cleveland Electric Illuminating Co.          
5.950% 12/15/36  $589,000   $602,775 
CMS Energy Corp.          
4.700% 3/31/43   655,000    585,983 
4.875% 3/01/44   700,000    665,059 
Dominion Energy South Carolina, Inc.          
6.250% 10/15/53   246,000    283,605 
Dominion Energy, Inc.          
5.950% 6/15/35   675,000    710,870 
Duke Energy Florida LLC          
6.200% 11/15/53   692,000    791,367 
Entergy Texas, Inc.          
5.800% 9/01/53   1,217,000    1,306,978 
NextEra Energy Capital Holdings, Inc. 5 yr. CMT + 2.547%          
3.800% VRN 3/15/82   1,275,000    1,079,954 
Pacific Gas & Electric Co.          
2.500% 2/01/31   1,035,000    853,762 
3.750% 7/01/28   1,650,000    1,545,535 
Public Service Enterprise Group, Inc.          
5.875% 10/15/28   1,680,000    1,760,339 
Sempra          
5 yr. CMT + 2.868% 4.125% VRN 4/01/52   1,050,000    901,077 
6.000% 10/15/39   171,000    180,102 
Vistra Operations Co. LLC          
5.125% 5/13/25 (a)   1,550,000    1,534,926 
         13,499,457 
Entertainment — 0.1%          
Warnermedia Holdings, Inc.          
4.279% 3/15/32   1,080,000    988,420 
Food — 0.6%          
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.          
3.625% 1/15/32   2,500,000    2,143,181 
Smithfield Foods, Inc.          
2.625% 9/13/31 (a)   1,555,000    1,202,710 
3.000% 10/15/30 (a)   1,208,000    991,674 
         4,337,565 
Gas — 0.4%          
CenterPoint Energy Resources Corp.          
6.625% 11/01/37   1,500,000    1,636,739 
NiSource, Inc.          
4.800% 2/15/44   1,350,000    1,233,197 
         2,869,936 
Hand & Machine Tools — 0.3%          
Regal Rexnord Corp.          
6.050% 4/15/28 (a)   1,880,000    1,903,080 
Health Care – Services — 0.2%          
HCA, Inc.          
5.900% 6/01/53   1,515,000    1,552,956 
Insurance — 5.8%          
Allianz SE 5 yr. CMT + 2.973%          
3.500% VRN (a) (b)   4,400,000    3,901,308 

 

 

 

 

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Allstate Corp., (Acquired 11/30/18, Cost $3,292,364), 3 mo. USD Term SOFR + 3.200%          
8.579% VRN 8/15/53 (c)  $3,220,000   $3,199,275 
Ascot Group Ltd.          
4.250% 12/15/30 (a)   2,215,000    1,783,800 
Athene Global Funding          
2.673% 6/07/31 (a)   3,080,000    2,526,509 
AXIS Specialty Finance LLC 5 yr. CMT + 3.186%          
4.900% VRN 1/15/40   1,670,000    1,387,980 
Brighthouse Financial, Inc.          
4.700% 6/22/47   1,425,000    1,132,593 
Corebridge Financial, Inc. 5 yr. CMT + 3.846%          
6.875% VRN 12/15/52   3,169,000    3,158,245 
Enstar Finance LLC          
HYB, 5 yr. CMT + 4.006% 5.500% VRN 1/15/42   900,000    762,246 
5 yr. CMT + 5.468% 5.750% VRN 9/01/40   2,700,000    2,527,310 
Enstar Group Ltd.          
3.100% 9/01/31   307,000    250,353 
Equitable Holdings, Inc. 5 yr. CMT + 4.736%          
4.950% VRN (b)   925,000    880,201 
Global Atlantic Fin Co.          
3.125% 6/15/31 (a)   4,161,000    3,408,871 
5 yr. CMT + 3.796% 4.700% VRN 10/15/51 (a)   3,580,000    3,068,398 
Hanwha Life Insurance Co. Ltd. 5 yr. CMT + 1.850%          
3.379% VRN 2/04/32 (a)   2,585,000    2,383,094 
Hill City Funding Trust          
4.046% 8/15/41 (a)   4,055,000    2,992,174 
Liberty Mutual Group, Inc. 5 yr. CMT + 3.315%          
4.125% VRN 12/15/51 (a)   1,415,000    1,185,629 
MetLife Capital Trust IV          
7.875% 12/15/67 (a)   925,000    993,522 
Sammons Financial Group, Inc.          
3.350% 4/16/31 (a)   4,980,000    3,996,310 
4.450% 5/12/27 (a)   80,000    75,184 
4.750% 4/08/32 (a)   90,000    78,922 
USF&G Capital I          
8.500% 12/15/45 (a)   1,015,000    1,170,166 
         40,862,090 
Investment Companies — 1.5%          
ARES Capital Corp.          
2.150% 7/15/26   2,275,000    2,073,829 
7.000% 1/15/27   468,000    481,383 
BlackRock TCP Capital Corp.          
3.900% 8/23/24   1,137,000    1,118,867 
Blackstone Private Credit Fund          
1.750% 9/15/24   370,000    358,861 
2.625% 12/15/26   3,660,000    3,315,476 
Blue Owl Credit Income Corp.          
4.700% 2/08/27   2,025,000    1,912,760 
Golub Capital BDC, Inc.          
2.500% 8/24/26   1,165,000    1,055,847 
         10,317,023 
Media — 0.9%          
CCO Holdings LLC/CCO Holdings Capital Corp.          
5.125% 5/01/27 (a)   2,025,000    1,956,493 

 

 

 

 

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Charter Communications Operating LLC/Charter Communications Operating Capital          
6.484% 10/23/45  $1,905,000   $1,871,879 
Discovery Communications LLC          
4.000% 9/15/55   1,186,000    843,888 
Paramount Global          
5.850% 9/01/43   875,000    787,546 
Time Warner Cable LLC          
6.750% 6/15/39   655,000    649,646 
         6,109,452 
Oil & Gas — 2.0%          
BP Capital Markets PLC 5 yr. CMT + 4.398%          
4.875% VRN (b)   1,540,000    1,462,688 
EQT Corp.          
3.900% 10/01/27   720,000    688,785 
7.000% STEP 2/01/30   1,965,000    2,108,917 
Helmerich & Payne, Inc.          
2.900% 9/29/31   1,725,000    1,450,317 
Ovintiv, Inc.          
6.500% 8/15/34   1,110,000    1,180,005 
6.500% 2/01/38   530,000    546,654 
7.100% 7/15/53   1,064,000    1,169,577 
Patterson-UTI Energy, Inc.          
3.950% 2/01/28 (d)   2,415,000    2,249,394 
5.150% 11/15/29   1,350,000    1,287,760 
Petroleos Mexicanos          
5.350% 2/12/28   925,000    802,413 
6.375% 1/23/45   640,000    417,011 
6.500% 3/13/27   295,000    274,979 
6.625% 6/15/38   202,000    142,470 
         13,780,970 
Oil & Gas Services — 0.2%          
Nov, Inc.          
3.950% 12/01/42   1,778,000    1,367,672 
Pharmaceuticals — 1.3%          
AbbVie, Inc.          
4.700% 5/14/45   815,000    775,538 
Cigna Group          
4.800% 7/15/46   1,105,000    1,028,251 
CVS Health Corp.          
5.050% 3/25/48   370,000    346,064 
5.875% 6/01/53   875,000    920,337 
6.125% 9/15/39   895,000    950,491 
CVS Pass-Through Trust          
5.926% 1/10/34 (a)   1,480,265    1,499,534 
Utah Acquisition Sub, Inc.          
3.950% 6/15/26   1,550,000    1,497,910 
5.250% 6/15/46   2,300,000    1,915,244 
         8,933,369 
Pipelines — 1.4%          
Energy Transfer LP 3 mo. USD LIBOR + 4.028%          
9.669% VRN (b)   2,635,000    2,530,429 

 

 

 

 

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
EnLink Midstream Partners LP          
5.450% 6/01/47  $1,150,000   $1,003,375 
Enterprise Products Operating LLC 3 mo. USD Term SOFR + 3.295%          
5.250% VRN 8/16/77   2,550,000    2,437,822 
Plains All American Pipeline LP 3 mo. USD Term SOFR + 4.372%          
9.751% VRN (b)   2,590,000    2,502,588 
Plains All American Pipeline LP/PAA Finance Corp.          
4.700% 6/15/44   1,525,000    1,276,133 
         9,750,347 
Private Equity — 0.5%          
Apollo Management Holdings LP 5 yr. CMT + 3.266%          
4.950% VRN 1/14/50 (a)   1,970,000    1,855,760 
KKR Group Finance Co. VIII LLC          
3.500% 8/25/50 (a)   920,000    654,325 
KKR Group Finance Co. X LLC          
3.250% 12/15/51 (a)   1,382,000    953,564 
         3,463,649 
Real Estate Investment Trusts (REITS) — 3.2%          
Broadstone Net Lease LLC          
2.600% 9/15/31   2,321,000    1,798,374 
Global Net Lease, Inc./Global Net Lease Operating Partnership LP          
3.750% 12/15/27 (a)   2,675,000    2,235,262 
GLP Capital LP/GLP Financing II, Inc.          
5.750% 6/01/28   1,150,000    1,160,327 
Kimco Realty OP LLC          
4.125% 12/01/46   855,000    656,227 
4.450% 9/01/47   1,055,000    870,838 
Omega Healthcare Investors, Inc.          
3.375% 2/01/31   1,800,000    1,529,317 
4.500% 4/01/27   608,000    583,280 
Piedmont Operating Partnership LP          
2.750% 4/01/32   1,155,000    802,572 
Rexford Industrial Realty LP          
2.125% 12/01/30   1,175,000    960,521 
Service Properties Trust          
4.950% 10/01/29   1,445,000    1,195,861 
Spirit Realty LP          
2.700% 2/15/32   715,000    598,945 
3.200% 1/15/27   425,000    402,085 
3.400% 1/15/30   490,000    446,114 
4.000% 7/15/29   1,030,000    977,221 
STORE Capital Corp.          
4.500% 3/15/28   1,050,000    964,928 
4.625% 3/15/29   2,950,000    2,720,559 
VICI Properties LP/VICI Note Co., Inc.          
3.750% 2/15/27 (a)   950,000    896,756 
WEA Finance LLC          
2.875% 1/15/27 (a)   2,150,000    1,912,587 
WEA Finance LLC/Westfield UK & Europe Finance PLC          
3.750% 9/17/24 (a)   1,575,000    1,546,385 
         22,258,159 

 

 

 

 

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Retail — 0.1%          
Advance Auto Parts, Inc.          
5.950% 3/09/28  $1,014,000   $1,008,731 
Software — 0.4%          
Electronic Arts, Inc.          
2.950% 2/15/51   1,150,000    813,151 
Microsoft Corp.          
2.921% 3/17/52   1,560,000    1,151,336 
Oracle Corp.          
6.900% 11/09/52   691,000    811,007 
         2,775,494 
Telecommunications — 1.6%          
AT&T, Inc.          
3.550% 9/15/55   4,675,000    3,361,219 
British Telecommunications PLC          
9.625% STEP 12/15/30   2,495,000    3,087,309 
Sprint Capital Corp.          
8.750% 3/15/32   2,325,000    2,869,662 
T-Mobile USA, Inc.          
6.000% 6/15/54   1,007,000    1,104,336 
Vodafone Group PLC          
4.250% 9/17/50   1,175,000    974,626 
         11,397,152 
Venture Capital — 0.7%          
Hercules Capital, Inc.          
2.625% 9/16/26   3,662,000    3,305,105 
3.375% 1/20/27   1,415,000    1,287,528 
         4,592,633 
           
TOTAL CORPORATE DEBT
(Cost $281,661,691)
        262,583,545 
           
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 23.1%          
Commercial Mortgage-Backed Securities — 7.2%          
Bank, Series 2020-BN30, Class MCDF,          
2.918% VRN 12/15/53 (e)   3,165,000    1,797,193 
Benchmark Mortgage Trust          
Series 2021-B23, Class 360A, 2.760% VRN 2/15/54 (a) (e)   3,150,000    2,324,789 
Series 2021-B23, Class 360B, 2.760% VRN 2/15/54 (a) (e)   4,800,000    3,260,345 
Series 2021-B25, Class 300C, 2.994% VRN 4/15/54 (a) (e)   3,100,000    2,207,565 
BGME Trust          
Series 2021-VR, Class C, 2.995% VRN 1/10/43 (a) (e)   16,248,000    12,905,050 
Series 2021-VR, Class D, 2.995% VRN 1/10/43 (a) (e)   3,790,000    2,864,669 
BMO Mortgage Trust, Series 2023-C4, Class A5,          
5.117% VRN 2/15/56 (e)   1,300,000    1,304,562 
BX Trust, Series 2023-LIFE, Class C          
5.884% 2/15/28 (a)   1,500,000    1,436,608 
Citigroup Commercial Mortgage Trust, Series 2019-GC41, Class C          
3.502% 8/10/56   1,259,000    992,710 
COLEM Mortgage Trust, Series 2022-HLNE, Class D,          
2.461% VRN 4/12/42 (a) (e)   1,900,000    1,509,474 
COMM Mortgage Trust          
Series 2015-CR23, Class B, 4.183% VRN 5/10/48 (e)   1,200,000    1,114,415 

 

 

 

 

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Series 2015-CR23, Class C, 4.287% VRN 5/10/48 (e)  $1,050,000   $938,362 
DROP Mortgage Trust          
Series 2021-FILE, Class C, 1 mo. USD Term SOFR + 2.364% 7.727% FRN 10/15/43 (a)   3,365,000    2,743,781 
Series 2021-FILE, Class D, 1 mo. USD Term SOFR + 2.864% 8.227% FRN 10/15/43 (a)   1,162,000    874,114 
GS Mortgage Securities Trust, Series 2019-GC39, Class C,          
4.005% VRN 5/10/52 (e)   1,357,000    978,158 
KIND Trust, Series 2021-KIND, Class C, 1 mo. USD Term SOFR + 1.864%          
7.227% FRN 8/15/38 (a)   3,077,756    2,909,878 
Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864%          
7.227% FRN 3/15/38 (a)   2,505,591    2,392,808 
MFT Mortgage Trust          
Series 2020-ABC, Class A, 3.358% 2/10/42 (a)   1,185,000    847,253 
Series 2020-ABC, Class B, 3.477% VRN 2/10/42 (a) (e)   1,278,000    836,857 
VASA Trust, Series 2021-VASA, Class D, 1 mo. USD Term SOFR + 2.214%          
7.577% FRN 7/15/39 (a)   4,879,000    3,236,810 
Wells Fargo Commercial Mortgage Trust          
Series 2018-C45, Class B, 4.556% 6/16/51   390,000    352,681 
Series 2021-FCMT, Class B, 1 mo. USD Term SOFR + 1.964% 7.327% FRN 5/15/31 (a)   3,000,000    2,886,535 
         50,714,617 
Other Asset-Backed Securities — 11.3%          
AASET Trust, Series 2021-2A, Class B          
3.538% 1/15/47 (a)   964,699    778,068 
Anchorage Capital CLO 9 Ltd., Series 2016-9A, Class CR2, 3 mo. USD Term SOFR + 2.512%          
7.906% FRN 7/15/32 (a)   830,000    821,368 
Apidos CLO XLIV Ltd., Series 2023-44A, Class B, 3 mo. USD Term SOFR + 2.550%          
7.930% FRN 4/26/35 (a)   1,750,000    1,754,832 
Apidos CLO XXV Ltd., Series 2016-25A, Class A2R, 3 mo. USD Term SOFR + 1.962%          
7.377% FRN 10/20/31 (a)   2,610,000    2,609,872 
Bain Capital Credit CLO Ltd., Series 2022-1A, Class A1, 3 mo. USD Term SOFR + 1.320%          
6.715% FRN 4/18/35 (a)   1,000,000    995,417 
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A          
2.940% 5/25/29 (a)   141,212    138,088 
Business Jet Securities LLC, Series 2021-1A, Class C          
5.067% 4/15/36 (a)   612,554    577,777 
CARS-DB4 LP          
Series 2020-1A, Class A3, 3.250% 2/15/50 (a)   553,473    501,818 
Series 2020-1A, Class A6, 3.810% 2/15/50 (a)   486,735    409,705 
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD Term SOFR + 1.242%          
6.657% FRN 4/20/31 (a)   983,629    983,434 
Eaton Vance CLO Ltd.          
Series 2018-1A, Class B, 3 mo. USD Term SOFR + 2.012% 7.406% FRN 10/15/30 (a)   1,700,000    1,697,574 
Series 2020-1A, Class CR, 3 mo. USD Term SOFR + 2.312% 7.706% FRN 10/15/34 (a)   400,000    396,207 
Elmwood CLO III Ltd., Series 2019-3A, Class BR, 3 mo. USD Term SOFR + 1.912%          
7.327% FRN 10/20/34 (a)   1,300,000    1,299,921 
Flexential Issuer          

 

 

 

 

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Series 2021-1A, Class B, 3.720% 11/27/51 (a)  $4,000,000   $3,473,983 
Series 2021-1A, Class C, 6.930% 11/27/51 (a)   4,000,000    3,293,560 
Goodgreen Trust          
Series 2019-2A, Class A, 2.760% 4/15/55 (a)   2,054,411    1,758,615 
Series 2016-1A, Class A, 3.230% 10/15/52 (a)   804,879    726,242 
Series 2017-1A, Class A, 3.740% 10/15/52 (a)   387,061    354,896 
Series 2019-1A, Class A, 3.860% 10/15/54 (a)   786,599    710,871 
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (e)   1,013,375    894,705 
Hero Funding Trust          
Series 2016-3A, Class A1, 3.080% 9/20/42 (a)   330,715    297,758 
Series 2017-3A, Class A1, 3.190% 9/20/48 (a)   369,176    320,865 
Series 2017-2A, Class A1, 3.280% 9/20/48 (a)   111,128    97,755 
Series 2016-4A, Class A1, 3.570% 9/20/47 (a)   347,513    317,166 
Series 2017-2A, Class A2, 4.070% 9/20/48 (a)   89,338    80,683 
Series 2018-1A, Class A2, 4.670% 9/20/48 (a)   648,279    609,611 
HPS Loan Management Ltd., Series 2023-18A, Class B, 3 mo. USD Term SOFR + 2.950%          
8.281% FRN 7/20/36 (a)   1,000,000    1,009,486 
KREF Ltd.          
Series 2021-FL2, Class B, 1 mo. USD Term SOFR + 1.764% 7.126% FRN 2/15/39 (a)   3,500,000    3,302,755 
Series 2021-FL2, Class C, 1 mo. USD Term SOFR + 2.114% 7.476% FRN 2/15/39 (a)   5,800,000    5,368,078 
Series 2021-FL2, Class D, 1 mo. USD Term SOFR + 2.314% 7.676% FRN 2/15/39 (a)   3,200,000    2,854,408 
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1          
4.300% 1/15/42 (a)   1,553,876    1,320,845 
MACH 1 Cayman Ltd., Series 2019-1, Class A          
3.474% 10/15/39 (a)   1,074,753    928,390 
Madison Park Funding XXIX Ltd., Series 2018-29A, Class C, 3 mo. USD Term SOFR + 2.462%          
7.857% FRN 10/18/30 (a)   680,000    680,008 
Madison Park Funding XXVIII Ltd., Series 2018-28A, Class B, 3 mo. USD Term SOFR + 1.862%          
7.256% FRN 7/15/30 (a)   2,090,000    2,087,277 
Mariner Finance Issuance Trust          
Series 2021-AA, Class B, 2.330% 3/20/36 (a)   1,771,000    1,561,614 
Series 2021-AA, Class C, 2.960% 3/20/36 (a)   835,000    715,226 
Mosaic Solar Loan Trust, Series 2018-1A, Class A          
4.010% 6/22/43 (a)   135,700    124,533 
Mosaic Solar Loans LLC          
Series 2017-2A, Class A, 3.820% 6/22/43 (a)   298,685    276,237 
Series 2017-1A, Class A, 4.450% 6/20/42 (a)   128,165    120,624 
Neuberger Berman Loan Advisers CLO 45 Ltd., Series 2015-45A, Class B, 3 mo. USD Term SOFR + 1.912%          
7.306% FRN 10/14/35 (a)   1,350,000    1,346,587 
Parallel Ltd., Series 2021-2A, Class A2, 3 mo. USD Term SOFR + 2.112%          
7.527% FRN 10/20/34 (a)   550,000    538,154 
Rad CLO 12 Ltd., Series 2021-12A, Class A, 3 mo. USD Term SOFR + 1.432%          
6.822% FRN 10/30/34 (a)   2,000,000    1,999,866 
Regatta XIV Funding Ltd., Series 2018-3A, Class B, 3 mo. USD Term SOFR + 2.112%          
7.490% FRN 10/25/31 (a)   1,030,000    1,030,033 
RR 19 Ltd., Series 2021-19A, Class A1, 3 mo. USD Term SOFR + 1.402%          
6.796% FRN 10/15/35 (a)   1,000,000    999,290 
RR 7 Ltd., Series 2019-7A, Class A2B, 3 mo. USD Term SOFR + 1.850%          
7.244% FRN 1/15/37 (a)   750,000    743,636 

 

 

 

 

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class D          
3.170% 11/20/37 (a)  $648,799   $597,019 
Silver Point CLO 2 Ltd., Series 2023-2A, Class A1, 3 mo. USD Term SOFR + 2.250%          
7.666% FRN 4/20/35 (a)   2,000,000    2,013,270 
Steele Creek CLO Ltd., Series 2018-2A, Class C, 3 mo. USD Term SOFR + 2.562%          
7.929% FRN 8/18/31 (a)   1,660,000    1,637,718 
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD Term SOFR + 1.314%          
6.670% FRN 11/25/35 (a)   365,112    359,631 
Structured Receivables Finance LLC, Series 2010-B, Class A          
3.730% 8/15/36 (a)   62,084    60,439 
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A          
4.870% 7/20/48 (a)   551,780    521,012 
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A          
4.190% 1/15/71 (a)   1,577,158    1,378,046 
Symphony CLO 39 Ltd., Series 2023-39A, Class B, 3 mo. USD Term SOFR + 2.300%          
7.712% FRN 4/25/34 (a)   1,500,000    1,499,712 
Symphony CLO Ltd., Series 2023-30A, Class B, 3 mo. USD Term SOFR + 2.650%          
8.066% FRN 4/20/35 (a)   1,875,000    1,879,018 
THL Credit Wind River CLO Ltd., Series 2018-3A, Class B, 3 mo. USD Term SOFR + 1.962%          
7.377% FRN 1/20/31 (a)   2,440,000    2,401,804 
Thrust Engine Leasing DAC          
Series 2021-1A, Class A, 4.163% 7/15/40 (a)   3,296,008    2,832,540 
Series 2021-1A, Class B, 6.121% 7/15/40 (a)   1,496,476    1,165,950 
Series 2021-1A, Class C, 7.386% 7/15/40 (a)   733,562    545,081 
TICP CLO XIV Ltd., Series 2019-14A, Class A2R, 3 mo. USD Term SOFR + 1.912%          
7.327% FRN 10/20/32 (a)   1,100,000    1,085,717 
TICP CLO XV Ltd., Series 2020-15A, Class A, 3 mo. USD Term SOFR + 1.542%          
6.957% FRN 4/20/33 (a)   4,200,000    4,199,882 
Vivint Solar Financing V LLC, Series 2018-1A, Class B          
7.370% 4/30/48 (a)   1,532,139    1,428,971 
Voya CLO Ltd.          
Series 2021-3A, Class B, 3 mo. USD Term SOFR + 1.862% 7.277% FRN 1/20/35 (a)   500,000    495,972 
Series 2015-3A, Class A3R, 3 mo. USD Term SOFR + 1.962% 7.377% FRN 10/20/31 (a)   1,500,000    1,491,018 
WAVE Trust, Series 2017-1A, Class C          
6.656% 11/15/42 (a)   2,204,323    273,600 
Willis Engine Structured Trust IV, Series 2018-A, Class A,          
4.750% STEP 9/15/43 (a)   899,341    773,730 
         79,547,968 
Student Loans Asset-Backed Securities — 2.4%          
College Avenue Student Loans LLC          
Series 2019-A, Class B, 3.810% 12/28/48 (a)   1,360,300    1,243,475 
Series 2019-A, Class C, 4.460% 12/28/48 (a)   909,302    830,433 
Education Loan Asset-Backed Trust I          
Series 2003-1, Class A2, 0.000% FRN 2/01/43 (a) (e)   1,300,000    1,201,846 
Series 2003-2, Class 2A1, 0.000% FRN 8/01/43 (a) (e)   1,950,000    1,813,348 
Series 2013-1, Class B1, 1 mo. USD LIBOR + 1.000% 6.470% FRN 11/25/33 (a)   567,403    549,425 

 

 

 

 

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Higher Education Funding I          
Series 2004-1, Class B2, 0.000% FRN 1/01/44 (a) (e)  $600,000   $516,162 
Series 2004-1, Class B1, 4.161% FRN 1/01/44 (a) (e)   600,000    516,181 
Navient Student Loan Trust, Series 2018-EA, Class B          
4.440% 12/15/59 (a)   730,000    670,968 
Nelnet Student Loan Trust          
Series 2019-5, Class B, 3.450% 10/25/67 (a)   2,850,000    2,197,498 
Series 2014-3A, Class B, 30 day USD SOFR Average + 1.614% 6.952% FRN 10/25/50 (a)   975,000    893,604 
Series 2015-2A, Class B, 30 day USD SOFR Average + 1.614% 6.952% FRN 5/26/54 (a)   1,130,000    1,110,097 
SLC Student Loan Trust, Series 2005-1, Class B, 90 day USD SOFR Average + 0.462%          
5.805% FRN 2/15/45   842,821    757,645 
SLM Student Loan Trust          
Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.806% FRN 10/25/40   1,409,044    1,307,641 
Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% 5.906% FRN 1/25/55   969,535    892,512 
SoFi Alternative Trust, Series 2019-C, Class PT,          
5.669% VRN 1/25/45 (a) (e)   1,899,403    1,837,681 
         16,338,516 
Whole Loan Collateral Collateralized Mortgage Obligations — 2.2%          
Banc of America Mortgage Trust, Series 2004-G, Class 2A7,          
5.275% VRN 8/25/34 (e)   22,620    21,741 
Credit Suisse Mortgage Trust, Series 2021-NQM3, Class M1,          
2.317% VRN 4/25/66 (a) (e)   1,670,000    1,026,483 
Flagstar Mortgage Trust, Series 2021-6INV, Class A18,          
2.500% VRN 8/25/51 (a) (e)   4,422,439    3,520,676 
New Residential Mortgage Loan Trust, Series 2021-INV1, Class A4,          
2.500% VRN 6/25/51 (a) (e)   2,664,854    2,124,805 
NMLT Trust, Series 2021-INV1, Class M1,          
2.711% VRN 5/25/56 (a) (e)   3,723,000    2,435,905 
STAR Trust, Series 2021-1, Class M1,          
2.363% VRN 5/25/65 (a) (e)   5,273,000    3,876,201 
Starwood Mortgage Residential Trust, Series 2021-3, Class M1,          
2.491% VRN 6/25/56 (a) (e)   1,840,000    1,237,643 
Verus Securitization Trust, Series 2021-R3, Class M1,          
2.411% VRN 4/25/64 (a) (e)   1,491,000    1,173,848 
Wells Fargo Mortgage-Backed Securities Trust, Series 2019-1, Class A1,          
3.932% VRN 11/25/48 (a) (e)   33,170    31,289 
         15,448,591 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $188,748,022)
        162,049,692 
           
SOVEREIGN DEBT OBLIGATION — 0.2%          
Mexico Government International Bond          
4.750% 3/08/44   1,778,000    1,526,462 
           
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $1,789,195)
        1,526,462 
           

 

 

 

 

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (f) — 27.4%          
Collateralized Mortgage Obligations — 0.0%          
Federal Home Loan Mortgage Corp. REMICS          
Series 2178, Class PB 7.000% 8/15/29  $48,676   $49,885 
Pass-Through Securities — 27.4%          
Federal Home Loan Mortgage Corp.          
Pool #RA4245 2.000% 12/01/50   4,253,422    3,514,514 
Pool #RA4255 2.000% 1/01/51   8,683,816    7,186,111 
Pool #RA5576 2.500% 7/01/51   7,127,156    6,139,025 
Pool #SD0905 3.000% 3/01/52   3,452,129    3,067,333 
Pool #RA2483 3.500% 6/01/50   4,824,343    4,466,396 
Pool #Z40047 4.000% 10/01/41   65,445    63,490 
Pool #SD1523 4.000% 8/01/52   4,912,081    4,692,616 
Pool #SD1603 4.000% 9/01/52   3,062,268    2,898,655 
Pool #SD4364 5.500% 10/01/53   5,173,422    5,223,876 
Federal National Mortgage Association          
Pool #CB0414 2.500% 5/01/51   6,192,639    5,299,239 
Pool #FM8596 2.500% 9/01/51   2,193,354    1,887,205 
Pool #FS3035 2.500% 4/01/52   7,908,023    6,817,808 
Pool #MA3029 3.000% 6/01/32   1,464,708    1,404,936 
Pool #MA3090 3.000% 8/01/32   499,039    478,207 
Pool #FS1075 3.000% 3/01/52   3,494,182    3,124,244 
Pool #CB3304 3.000% 4/01/52   5,331,522    4,767,061 
Pool #CB3305 3.000% 4/01/52   6,289,854    5,604,275 
Pool #AS1304 3.500% 12/01/28   364,912    357,310 
Pool #MA1356 3.500% 2/01/43   3,229,763    3,032,202 
Pool #CA6096 3.500% 6/01/50   6,545,471    6,029,142 
Pool #FM4017 3.500% 8/01/50   349,695    323,639 
Pool #CB3842 3.500% 6/01/52   10,076,720    9,303,089 
Pool #CA1909 4.500% 6/01/48   2,061,405    2,033,951 
Pool #CB3866 4.500% 6/01/52   5,511,362    5,377,679 
Pool #CB4129 4.500% 7/01/52   4,843,594    4,703,404 
Pool #AD6437 5.000% 6/01/40   184,800    188,381 
Pool #AD6996 5.000% 7/01/40   1,210,348    1,234,412 
Pool #AL8173 5.000% 2/01/44   413,538    421,802 
Pool #775539 Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 yr. + 1.641% 5.391% FRN 5/01/34   38,631    39,247 
Government National Mortgage Association          
Pool #781038 6.500% 5/15/29   15,141    15,498 
Pool #781468 6.500% 7/15/32   1,299    1,349 
Pool #781496 6.500% 9/15/32   5,798    5,993 
Pool #781124 7.000% 12/15/29   2,151    2,215 
Pool #781319 7.000% 7/15/31   43,266    44,926 
Pool #581417 7.000% 7/15/32   7,061    7,242 
Pool #565982 7.000% 7/15/32   10,305    10,824 
Pool #441009 8.000% 11/15/26   294    300 
Pool #522777 8.000% 12/15/29   2,673    2,759 
Pool #523043 8.000% 3/15/30   95    99 
Pool #529134 8.000% 3/15/30   1,059    1,112 
Pool #477036 8.000% 4/15/30   109    114 
Pool #503157 8.000% 4/15/30   9,029    9,473 
Pool #528714 8.000% 4/15/30   842    885 
Pool #544640 8.000% 11/15/30   7,386    7,788 
Pool #531298 8.500% 8/15/30   409    426 
Government National Mortgage Association II          
Pool #MA6038 3.000% 7/20/49   2,520,004    2,300,191 

 

 

 

 

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Pool #MA6283 3.000% 11/20/49  $4,576,410   $4,170,072 
Pool #MA6409 3.000% 1/20/50   4,762,958    4,356,057 
Pool #MA4321 3.500% 3/20/47   2,835,880    2,675,028 
Government National Mortgage Association II, TBA          
2.500% 1/20/54 (g)   3,900,000    3,416,278 
3.000% 1/20/54 (g)   4,100,000    3,714,470 
3.500% 1/20/54 (g)   5,280,000    4,917,994 
4.500% 1/20/54 (g)   2,000,000    1,952,537 
Uniform Mortgage-Backed Security, TBA          
2.500% 1/01/54 (g)   18,475,000    15,735,505 
3.000% 1/01/54 (g)   11,225,000    9,935,878 
3.500% 1/01/54 (g)   2,150,000    1,973,633 
4.000% 1/01/54 (g)   1,075,000    1,017,386 
4.500% 1/01/54 (g)   8,825,000    8,561,625 
5.000% 1/01/54 (g)   10,475,000    10,370,245 
5.500% 1/01/54 (g)   17,700,000    17,787,126 
         192,674,277 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $200,963,480)
        192,724,162 
           
U.S. TREASURY OBLIGATIONS — 11.2%          
U.S. Treasury Bonds & Notes — 11.2%          
U.S. Treasury Bonds          
2.250% 8/15/49 (h)   19,450,000    13,609,519 
U.S. Treasury Notes          
4.625% 10/15/26   64,000,000    64,957,978 
         78,567,497 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $77,082,986)
        78,567,497 
           
TOTAL BONDS & NOTES
(Cost $750,245,374)
        697,451,358 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $750,245,374)
        697,451,358 
           
SHORT-TERM INVESTMENTS — 11.3%          
Commercial Paper — 10.6%          
3M Co.          
6.031% 3/27/24 (a)   5,000,000    4,930,403 
6.138% 3/20/24 (a)   10,000,000    9,871,700 
AT&T, Inc.          
6.119% 3/19/24 (a)   7,000,000    6,911,831 
Avangrid, Inc.          
5.590% 1/12/24 (a)   5,000,000    4,989,045 
Bayer Corp.          
6.361% 8/15/24 (a)   9,000,000    8,650,726 
6.396% 7/26/24 (a)   7,200,000    6,944,766 
CRH America Finance, Inc.          
6.078% 6/14/24 (a)   10,000,000    9,740,664 
6.091% 6/17/24 (a)   5,000,000    4,868,119 
ERAC USA Finance LLC          
5.838% 2/22/24 (a)   4,000,000    3,964,508 

 

 

 

 

MassMutual Core Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount
   Value 
Spire, Inc.          
5.734% 1/12/24 (a)  $6,000,000   $5,987,210 
VW Credit, Inc.          
6.028% 5/02/24 (a)   8,000,000    7,843,898 
         74,702,870 
           
   Number of
Shares
    
Investment of Cash Collateral from Securities Loaned — 0.2%          
State Street Navigator Securities Lending Government Money Market Portfolio (i)   1,541,228    1,541,228 
           
   Principal
Amount
    
Repurchase Agreement — 0.5%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (j)  $3,360,222   3,360,222 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $79,623,741)
        79,604,320 
           
TOTAL INVESTMENTS — 110.6%
(Cost $829,869,115) (k)
        777,055,678 
           
Other Assets/(Liabilities) — (10.6)%        (74,327,925) 
           
NET ASSETS — 100.0%       $702,727,753 

 

Abbreviation Legend

CLO Collateralized Loan Obligation
CMT Constant Maturity Treasury Index
FRN Floating Rate Note
ICE Inter-Continental Exchange
LIBOR London InterBank Offered Rate
SOFR Secured Overnight Financing Rate
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, 2023, the aggregate market value of these securities amounted to $318,194,548 or 45.28% of net assets.
(b) Security is perpetual and has no stated maturity date.
(c) Restricted security. Certain securities are restricted to resale. At December 31, 2023, these securities amounted to a value of $3,199,275 or 0.46% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.
(d) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $1,510,925 or 0.22% of net assets. (Note 2).
(e) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2023.
(f) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(g) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(h) All or a portion of this security is pledged/held as collateral for open derivatives.
(i) Represents investment of security lending cash collateral. (Note 2).
(j) Maturity value of $3,360,820. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $3,427,434.
(k) See Note 3 for aggregate cost for federal tax purposes.

 

Futures contracts               
   Expiration
Date
  Number of
Contracts
   Notional
Amount
   Value/ Net
Unrealized
Appreciation
(Depreciation)
 
Long               
U.S. Treasury Long Bond  3/19/24   154   $18,066,971  $1,173,404 
U.S. Treasury Ultra 10 Year  3/19/24   44    5,215,521   (22,833) 
U.S. Treasury Ultra Bond  3/19/24   257    31,297,374   3,036,220 
U.S. Treasury Note 5 Year  3/28/24   372    39,582,098    881,621 
                $5,068,412 
Short               
U.S. Treasury Note 2 Year  3/28/24   101   $(20,737,947)   $(59,373) 

 

Centrally Cleared Credit Default Swaps - Buy Protection
Reference
Obligation/Index
  Rate Paid by Fund  Payment Frequency   Termination Date   Notional
Amount
  Value   Upfront
Premium
Paid/
(Received)
   Unrealized
Appreciation
(Depreciation)
 
CDX.NA.IG Series 41†  1.000%   Quarterly    12/20/28   USD   112,000,000   $(2,176,496)   $(1,605,965)   $(570,531) 

 

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 3.965%    Annually    6/23/25   USD   51,000,000   $(319,170)   $   $(319,170)
12-Month USD SOFR  Annually   Fixed 3.815%    Annually    6/30/25   USD   49,000,000    (405,508)        (405,508)
12-Month USD SOFR  Annually   Fixed 3.749%    Annually    7/14/25   USD   49,141,000    (444,581)        (444,581)
12-Month USD SOFR  Annually   Fixed 3.618%    Annually    8/07/25   USD   50,000,000    (535,486)        (535,486)
Fixed 3.293%  Annually   12-Month USD SOFR    Annually    6/23/33   USD   11,000,000    141,176        141,176
Fixed 3.223%  Annually   12-Month USD SOFR    Annually    6/30/33   USD   11,440,000    211,405        211,405
Fixed 3.086%  Annually   12-Month USD SOFR    Annually    7/14/33   USD   11,394,000    337,359        337,359